Environmental and Safety Solutions Industry Update │ May 2013 · Harris Williams & Co. Environmental and Safety Solutions │ May 2013 Page | 2 WHAT WE’RE READING Kroger Installs

Environmental and Safety Solutions

Industry Update │ May 2013

Harris Williams & Co. Environmental and Safety Solutions │May 2013

Page | 1

MONTHLY SPOTLIGHT CONTENTS

MONTHLY SPOTLIGHT

WHAT WE’RE READING

RELEVANT HW&CO. TRANSACTIONS

INDUSTRY NEWS UPDATE

PUBLIC MARKETS

PUBLIC COMPARABLES

NOTABLE M&A ACTIVITY

M&A TRANSACTION DETAIL

OUR PRACTICE

Harris Williams & Co. is a leading advisor

to the environmental and safety solutions

M&A market. Our Environmental and

Safety Solutions Effort includes

experience across a broad range of sectors,

including products and services that meet

environmental and safety demands across a

variety of end markets.

E&S Sectors

Building Products

Consumer Products and Services

Energy Efficiency and Renewable

Energy

Engineering, Construction, and

Consulting (ECC)

Remediation, Cleaning, and

Abatement

Safety Equipment

Security and Alarms

Test, Measurement, and Control

Traffic, Automotive, and Emergency

Waste Management and Recycling

Water and Wastewater

CONTACTS

Patrick Hanraty | Managing Director

[email protected]

+1 (267) 675-5915

Bob Baltimore | Managing Director

[email protected]

+1 (804) 915-0129

Brian Lucas | Managing Director

[email protected]

+1 (804) 932-1323

David Allebach | Vice President

[email protected]

+1 (267) 675-5920

Marshall Croft | Vice President

[email protected]

+1 (267) 675-5914

[X].

Rising Tide of EHS Regulation and Enforcement Drives Opportunity and M&A

Environmental, health, and safety (EHS) issues have driven an unprecedented wave of

global regulation in recent years, as governments, businesses, and consumers grapple with

how to balance economic growth and prosperity against important considerations

regarding personal and employee safety, resource constraints, and environmental health.

According to Enhesa, a consultancy, in the last four years alone, annual EHS regulation

around the world has increased 35.9% and major enforcement activity has doubled. While

the fastest growing areas of regulation have encompassed facilities and technical safety,

occupational health, and emergency preparedness (see chart below), growth has been

broad based across EHS sectors and suggests a trend that will continue for the foreseeable

future. Going forward, workplace incidents, such as the West, Texas fertilizer plant and

Bangladeshi clothing factory disasters, and an increasingly sophisticated global workforce

will only intensify the focus on worker health and safety. Meanwhile, natural resource

scarcity and more evidence linking various pollutants to ambient health problems and

climate change will continue to heighten universal awareness of the environmental

consequences of industrial activity.

In the U.S., these global trends have been consistent with significantly greater regulatory

and enforcement activity across the federal EPA and OSHA. Notable regulatory actions

have included, among others, aggressive new standards for vehicle efficiency and

emissions, the creation of a nationwide greenhouse gas (GHG) reporting program, and the

tailoring of permitting under the Clean Air Act for new source GHG emissions. On the

enforcement front, activity has also increased considerably over the past several years, with

EPA enforcement actions requiring a record of more than $200 million in civil penalties in

FY 2012 and OSHA inspections rising 11.7% from 2006 to 2013E, nearly twice the rise in

the U.S. population over the same period. Although sequestration cuts will challenge

federal implementation and enforcement across these agencies in 2013, the upward

trajectory of this activity is expected to continue over the intermediate term.

Global Growth in New EHS Laws

& Regulations (2006 – 2012)

Top Growth Areas for New EHS

Laws & Regulations (2009 – 2012)

Source: Enhesa

790

1,005

1,186

1,3951,493

1,577

1,896

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2006 2007 2008 2009 2010 2011 2012

2006-2012

CAGR: 15.7% Facility & Technical Safety 38%

Occupational Health 34%

Emergency Preparedness 33%

Air Emmissions 26%

HazMat Management 21%

Safety Management 20%

General Environmental 15%

Waste Management 11%

mailto:[email protected]






Page | 2

WHAT WE’RE READING

Kroger Installs System to Recycle Food Waste, Power Facility: Kroger has installed a system at its distribution facility in

Compton, California, to turn organic food waste into clean energy, the Cincinnati Business Courier reports. Food that can’t be

sold or donated will be converted into renewable energy using anaerobic digestion, providing 20 percent of the distribution

center’s energy demand. Read more here.

China’s “Green Fence” Makes Unprecedented Cuts in Recycled Plastic Imports: China’s “Green Fence” crackdown on dirty

scrap materials has reduced imports of plastic waste by 5.5% in the first four months of the year, a significant change for a country

long-used to double-digit increases in recycled materials flowing in. Imports of scrap plastic bound for recycling factories in the

country fell to 2.4 million metric tons from January through April, after the Chinese government in February started implementing

what recycling industry officials say is the toughest crackdown yet on imports of scrap materials. Read more here (registration

required).

SolarCity Raises Biggest Ever Lease Fund from Goldman: Rooftop solar installer SolarCity Corp said Goldman Sachs would

finance more than $500 million of its solar power projects, the largest such deal ever announced. SolarCity has raised similar

funds from banks such as U.S. Bancorp and from corporations including Google Inc. and Honda Motor Co. Ltd. Read more here.

Solid Waste Acquisition Activity Off to Slow Start in 2013: Acquisition activity during the first part of 2013 appears to be

playing out as predicted by some players in the solid waste management industry last year. There’s just not as much going on

these days as in previous years, and that was expected. Read more here (registration required).

Boston Becomes Latest City to Order Building Energy Benchmarking: The Boston ordinance requires the reporting of data,

as well as energy audits for less-efficient buildings, although owners are not required to act on the audit results. It is hoped,

however, that creating transparency around energy use will result in market forces driving a reduction of greenhouse gases as

owners take steps to improve efficiencies and remain competitive among tenants focused on operating costs and sustainable

workplaces. Read more here.

How Will The Sequester Cuts Affect OSHA?: As a result of the sequester, OSHA is directed to cut its $564.8 million budget by

8.2 percent. Safety advocates estimate OSHA will conduct 2,100 fewer inspections this year, an 5.0% decline from 2012. Labor

Secretary Hilda Solis wrote: “OSHA will protect its highest priority activities but still roughly 1,200 fewer programmed

inspections of the most dangerous workplaces will occur. This reduction could lead to an increase in worker fatalities and

injuries.” Read more here.

MONTHLY SPOTLIGHT (CONT.)

Rising Tide of EHS Regulation and Enforcement Drives Opportunity and M&A (cont.)

Both in the U.S. and globally, businesses providing EHS solutions should plan for considerable tailwinds resulting from a more

active regulatory and enforcement environment. At HW&Co., we see robust M&A activity across numerous EHS subverticals –

by our count, over 400 transactions occurred globally from 2008 to YTD 2013 involving targets with meaningful EHS offerings.

And we do not expect the pace to slow down. As strategic buyers position themselves to capitalize on strong fundamentals and

financial sponsors seek to deploy capital, investors will find opportunity across a variety of investment strategies. These strategies

include the creation and growth of strong niche businesses with compelling solutions and end markets, as well as the development

and maturation of large, diversified EHS platforms. Plainly speaking, in a sector that we expect to remain in favor for an extended

period, returns will not come from a one-size-fits-all approach.

As you navigate these various opportunities and challenges, please feel free to contact us to discuss the impact of EHS trends on

your business or our perspectives regarding broader EHS M&A activity in your sector.

http://www.bizjournals.com/columbus/morning_call/2013/05/kroger-installs-system-to-recycle-food.html

http://www.wasterecyclingnews.com/article/20130520/NEWS02/130529995/chinas-green-fence-makes-unprecedented-cuts-in-recycled-plastic?utm_campaign=daily_newsletter&utm_medium=daily_email&utm_source=daily_20130520&utm_content=article3

http://www.foxbusiness.com/news/2013/05/16/solarcity-raises-biggest-ever-lease-fund-from-goldman/

http://www.wasterecyclingnews.com/article/20130515/NEWS01/130519960/solid-waste-acquisition-activity-off-to-slow-start-in-13?utm_campaign=daily_newsletter&utm_medium=daily_email&utm_source=daily_20130515&utm_content=article2

http://www.greenbiz.com/blog/2013/05/13/boston-order-building-energy-benchmarking?page=0,1&mkt_tok=3RkMMJWWfF9wsRoku6TOZKXonjHpfsX56ekvX6G3lMI/0ER3fOvrPUfGjI4ARcpqI+SLDwEYGJlv6SgFSLHEMa5qw7gMXRQ=

http://info.emilcott.com/ehswire-blog/bid/272939/How-Will-The-Sequester-Cuts-Affect-OSHA


Page | 3

RELEVANT HW&CO. ENVIRONMENTAL AND SAFETY TRANSACTIONS

Regulation, legislation, social awareness, and consumer preferences involving environmental, safety, security, and sustainability

issues have created substantial opportunity for companies that provide Environmental and Safety Solutions (E&S). Harris

Williams & Co. combines deep sector knowledge and relationships with the middle market’s best M&A advisory services. We

have an established track record of navigating a complex E&S landscape, offering differentiated strategic advice and superior

execution to clients across the E&S spectrum.

Pine Environmental Services, Inc.

has been acquired by

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



• Cimarron – Manufacturer of customized energy production,

processing, and environmental solutions.

• RECON – Environmental remediation and geotechnical

construction services.

• Hilex Poly – Manufacturer of recycled plastic bags and film

products.

• Pine Environmental Services – Environmental test and

measurement equipment rentals and sales.

• QualaWash – Industrial tank cleaning, maintenance, and repair

services.

• Capula – Independent energy and utility IT solutions provider.

• Flexhead – Provider of flexible fire sprinkler connections.

• APS Energy Services – Provider of energy conservation and

renewable energy solutions in the Southwestern U.S.

• PSSI – Provider of contract cleaning for food processors.

• BI Incorporated – Provider of electronic monitoring devices.

• Soil Safe – Provider of soil treatment and placement services.

• BHC – Provider of fire protection and prevention equipment and

products.

• E-Mon – Provider of energy monitoring products.

• ENTRIX – Provider of environmental consulting services in

water resource management.

• NSSC – Provider of security solutions.

• Clean Earth Holdings – Provider of integrated environmental

services and solutions.


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



has been acquired by has been acquired by

Relevant Transactions



http://www.ameresco.com/

http://www.bi.com/

http://www.thegeogroupinc.com/index.asp

http://www.honeywell.com/

http://www.cardno.com.au/index.html


Page | 4

INDUSTRY NEWS UPDATE

Environmental News Update Safety News Update

Tipping fees up 1% over 2012: Tipping fees at

America's landfills are inching higher, but only enough

to keep pace with inflation, according to a new survey

from Waste & Recycling News. Read more here

(registration required).

Vermont e-waste recycling program successful in

first year: Vermont collected over 4.8 million pounds

of recyclable electronic devices in the first year of a

statewide initiative to divert e-waste from landfills.

Read more here (registration required).

Efficiency bill could be a ‘poison pill’ for LEED

green building standards: Senators Jeanne Shaheen

and Rob Portman reintroduced a bill that would

provide incentives, technical assistance and new

standards for energy efficiency in the private and

public sectors. Read more here.

Committee moves McCarthy’s EPA nomination to

full Senate: In a second attempt to approve the

nomination of Gina McCarthy to head the U.S. EPA,

the Senate Environment and Public Works Committee

approved the nomination along partisan lines, 10-8.

Learn more here (registration required).

Are master limited partnerships a Trojan horse for

killing the PTC?: Senators Chris Coons and Lisa

Murkowski introduced the Master Limited Partnerships

Parity Act with a bipartisan group of co-sponsors that

would enable renewable energy and efficiency

companies to take advantage of tax benefits on projects

that fossil fuel companies have historically enjoyed.

Learn more here.

Walmart solar goal – Let a thousand rooftops

bloom: Framing its commitment as a hedge against

possibly much higher conventional energy

prices, Walmart this week reiterated its goal of running

100 percent on renewable energy by 2020. Read more

here.

Storm shelters & safe rooms save lives when

tornados, hurricanes strike: In 2008, the

International Code Council and the National Storm

Shelter Association published a code that provides

requirements for the design and construction of storm

shelters. The 2015 code will require storm shelters in

newly built schools. Read more here.

Security Systems News talks Personal Emergency

Response Systems (PERS) with Christopher Baskin:

Christopher Baskin, President and CEO of American

Two-Way talks trends in PERS at International

Security Conference West. Watch here.

IMS: Boston bombing likely to boost video

surveillance spending: The Boston Marathon

bombing will likely drive increased spending on video

surveillance equipment, a market that had already been

projected to more than double through 2016, according

to IMS Research. Read more here.

Workplace safety – Avoiding the fire next time:

After the Dhaka factory collapse, foreign clothing

firms are under pressure to improve working

conditions at Bangladeshi suppliers or to go elsewhere.

Read more here.

Comcast: ‘We’re not just a cable company

anymore’: Comcast was a leader among telecoms and

cablecos entering the security market, launching

Xfinity Home in 2010. Now it’s on the leading edge of

a new trend of selling home security in retail stores—

opening more than 40 Xfinity Customer Centers

nationwide, with more on the way. Read more here.

WA Sen. Murray introduces Protecting America's

Workers Act: U.S. Senator Patty Murray (D-WA)

reintroduced March 22 the Protecting America’s

Workers Act (PAWA), which amends and updates the

Occupational Safety and Health Act of 1970. Read

more here.

http://www.wasterecyclingnews.com/article/20130528/NEWS01/130529944/tipping-fees-up-1-over-2012?utm_campaign=daily_newsletter&utm_medium=daily_email&utm_source=daily_20130528&utm_content=article3

http://www.wasterecyclingnews.com/article/20130517/NEWS02/130519930/vermont-e-waste-recycling-program-successful-in-first-year

http://www.greentechmedia.com/articles/read/federal-efficiency-bill-could-hold-poison-pill-for-leed-green-building-stan

http://www.wasterecyclingnews.com/article/20130516/NEWS08/130519939/committee-moves-mccarthys-epa-nomination-to-full-senate?utm_campaign=daily_newsletter&utm_medium=daily_email&utm_source=daily_20130517&utm_content=article6

http://www.greentechmedia.com/articles/read/are-master-limited-partnerships-a-trojan-horse-for-the-ptc?utm_source=Daily&utm_medium=Headline&utm_campaign=GTMDaily

http://www.earthtechling.com/2013/04/walmart-solar-goal-at-least-1000-rooftop-systems/

http://ehstoday.com/emergency-management/storm-shelters-safe-rooms-save-lives-when-tornados-hurricanes-strike?NL=OH-05&Issue=OH-05_20130528_OH-05_70&[email protected]&YM_MID=1396781&sfvc4enews=42

http://www.securitysystemsnews.com/videos/ssn-talks-pers-christopher-baskin

http://www.securitysystemsnews.com/article/ims-boston-bombing-likely-boost-video-surveillance-spending

http://www.economist.com/news/business/21577078-after-dhaka-factory-collapse-foreign-clothing-firms-are-under-pressure-improve-working

http://securitysystemsnews.com/article/comcast-we-re-not-just-cable-company-anymore

http://www.grainnet.com/articles/WA_Sen__Murray_Introduces_Protecting_America_s_Workers_Act-131621.html


Page | 5

PUBLIC MARKETS

Key Trading Statistics1

(1) As of May 28, 2013.

Stock Price % Change TEV / EBITDA P/E

1 Month 12 Month May-12 Nov-12 Current 2013E 2014P Current 2013E

Building Products

Building Products 5.4% 81.1% 9.6x 14.0x 13.2x 10.7x 8.8x 31.8x 19.2x

Energy Efficiency and Renewable Energy

Energy Efficiency Products and Services 5.6% 34.2% 8.2x 9.0x 10.4x 9.4x 8.6x 18.2x 15.8x

Renewable Energy Utilities and IPPs (5.5%) 18.3% 9.2x 9.6x 9.5x 8.3x 7.9x 18.5x 15.6x

Wind OEMs 14.0% 109.3% 7.3x 23.8x 23.5x 5.9x 5.6x NM 36.4x

Solar OEMs 42.0% 23.4% 5.9x NM NM NM 10.4x NM NM

Engineering, Construction, and Consulting

ECC 3.4% 30.0% 7.5x 8.2x 9.0x 8.3x 7.4x 16.3x 12.7x

Remediation, Cleaning, and Abatement

Products 5.0% 35.3% 13.3x 10.8x 12.1x 11.3x 10.8x 32.1x 19.9x

Services 0.5% 15.8% 6.4x 8.7x 7.7x 7.3x 6.2x 25.8x 16.4x

Safety Equipment

Aerial Access Equipment Providers 9.2% 55.9% 5.8x 6.6x 8.6x 6.6x 5.9x 23.0x 13.0x

Diversified Safety Distributors 3.6% 22.9% 9.5x 9.6x 10.9x 9.5x 8.7x 20.0x 18.9x

Diversified Safety Manufacturers 4.6% 26.9% 9.5x 9.7x 11.1x 9.7x 9.0x 20.6x 16.7x

Security and Alarms

Fire and Security Services 5.3% 27.1% 6.9x 8.5x 9.0x 7.9x 7.5x 18.7x 16.6x

Products and Systems 7.1% 13.6% 8.3x 9.5x 10.4x 9.7x 8.9x 24.3x 16.5x

Test, Measurement, and Control

Test and Measurement Products and Technologies 3.9% 21.4% 11.0x 11.5x 13.7x 13.0x 11.5x 21.8x 18.4x

Testing, Inspection, and Certification Services (4.1%) 21.7% 11.4x 11.8x 12.1x 10.8x 9.6x 30.5x 22.2x

Control Products and Technologies 7.2% 33.7% 9.5x 10.0x 11.7x 10.7x 9.8x 20.4x 18.2x

Traffic, Automotive, and Emergency

Products 2.3% 31.6% 8.7x 9.0x 8.6x 7.8x 7.9x 16.3x 14.8x

Technology and Systems 7.9% 39.8% 8.7x 7.9x 10.1x 9.0x 8.0x 16.3x 14.2x

Waste Management and Recycling

Diversified Waste Management and Recycling (0.3%) 13.6% 7.4x 7.5x 11.8x 7.6x 7.0x 26.7x 16.4x

Metals Processing and E-Waste 6.8% 11.8% 6.6x 7.0x 8.6x 7.9x 6.3x 16.7x 18.6x

Recycled Materials 4.7% 47.6% 6.3x 6.7x 8.1x 7.5x 6.3x 18.8x 16.8x

Solid Waste Management and Recycling 1.0% 18.7% 6.8x 7.3x 8.4x 8.0x 7.5x 25.2x 20.6x

Specialty Waste 1.4% 3.6% 7.2x 8.8x 9.2x 8.4x 7.7x 30.4x 18.4x

Waste to Energy 6.5% 31.5% 9.4x 10.4x 11.8x 9.7x 9.4x 26.6x 48.4x

Water and Wastewater

Products and Technologies 7.2% 38.7% 9.2x 9.1x 11.2x 10.7x 9.3x 60.1x 18.6x

Utilities and Services 3.3% 16.4% 9.4x 9.0x 10.0x 9.6x 8.8x 22.2x 18.6x

TEV / LTM EBITDA as of


Page | 6

PUBLIC MARKETS

(1) As of May 28, 2013.

Current Valuations Versus Historical Five-Year Average1

(Current TEV/LTM EBITDA multiple as a % of Five-Year Average)

94%

99%

101%

101%

103%

108%

113%

113%

115%

115%

115%

117%

117%

117%

118%

119%

119%

120%

123%

125%

134%

138%

155%

0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

Metals Processing and E-Waste

Remediation, Cleaning, and Abatement Services

Specialty Waste

Water and Wastewater Utilities and Services

Solid Waste Management and Recycling

Traffic, Automotive, and Emergency Technology and Systems

Test and Measurement Products and Technologies

Diversified Safety Distributors

ECC

Remediation, Cleaning, and Abatement Products

Diversified Waste Management and Recycling

Testing, Inspection, and Certification Services

Building Products

Traffic, Automotive, and Emergency Products

Control Products and Technologies

Renewable Energy Utilities and IPPs

Energy Efficiency Products and Services

Aerial Access Equipment Providers

Diversified Safety Manufacturers

Recycled Materials

Security and Alarms Products and Systems

Fire and Security Services

Water and Wastewater Products and Technologies


PUBLIC COMPARABLES

Page | 7

(1) As of May 28, 2013.

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA P/E EBITDA

TEV May-13 Apr-13 Prior Month May-12 Prior Year High % of High May-12 Nov-12 Current 2013E 2014P Current 2013E

Building Products1

Building Products

Advanced Environmental Recycling Technologies, Inc. $77 $0.19 $0.20 (4.0%) $0.07 178.4% $0.25 76.8% NM 17.5x 8.8x NM NM NM 0.0x

Eagle Materials Inc. 4,289 76.83 68.34 12.4% 32.14 139.0% 77.84 98.7% 24.1x 25.5x 31.8x NM NM 63.0x 26.0x

Interface Inc. 1,358 17.23 17.24 (0.1%) 12.68 35.9% 19.96 86.3% 9.5x 10.2x 12.5x 10.9x 8.6x 31.8x 23.3x

Trex Co. Inc. 1,020 56.56 48.61 16.4% 29.03 94.8% 57.52 98.3% 18.8x 38.9x 28.2x 14.2x 11.4x 81.4x 18.6x

Compagnie de Saint-Gobain 33,836 42.51 39.41 7.9% 38.01 11.8% 43.21 98.4% 4.7x 5.9x 5.9x 6.0x 5.5x 22.8x 14.4x

Mohawk Industries Inc. 9,642 116.63 113.36 2.9% 69.66 67.4% 120.70 96.6% 9.6x 10.6x 14.0x 10.5x 9.0x 31.1x 19.8x

Median 5.4% 81.1% 97.5% 9.6x 14.0x 13.2x 10.7x 8.8x 31.8x 19.2x

Energy Efficiency and Renewable Energy1

Energy Efficiency Products and Services

Ameresco, Inc. $571 $8.27 $7.60 8.8% $11.07 (25.3%) $13.03 63.5% 10.6x 11.6x 12.9x 11.5x 9.4x 25.9x 21.0x

Emerson Electric Co. 44,521 57.66 54.44 5.9% 47.28 22.0% 60.08 96.0% 8.3x 8.0x 9.0x 9.0x 8.4x 20.4x 16.2x

Honeywell International Inc. 65,621 79.77 73.90 7.9% 56.75 40.6% 81.24 98.2% 12.9x 12.1x 12.6x 9.4x 8.6x 20.7x 16.0x

Ingersoll-Rand Plc 19,749 57.71 53.98 6.9% 42.16 36.9% 58.92 97.9% 8.1x 8.9x 10.4x 9.7x 8.9x 16.9x 16.0x

Schneider Electric S.A. 48,942 78.89 75.26 4.8% 54.60 44.5% 81.07 97.3% 7.1x 9.0x 9.4x 9.3x 8.5x 18.2x 14.6x

Siemens Aktiengesellschaft 105,353 106.67 102.65 3.9% 85.42 24.9% 113.23 94.2% 6.8x 7.9x 9.2x 9.0x 7.3x 14.6x 14.6x

United Technologies Corp. 107,906 95.97 91.15 5.3% 73.02 31.4% 98.18 97.7% 7.6x 10.5x 10.7x 9.9x 9.1x 17.7x 15.6x

EnerNOC, Inc. 299 15.01 17.44 (13.9%) 6.14 144.5% 19.08 78.7% 49.2x NM NM 4.2x 3.3x NM 11.8x

Median 5.6% 34.2% 96.6% 8.2x 9.0x 10.4x 9.4x 8.6x 18.2x 15.8x

Renewable Energy Utilities and IPPs

Portland General Electric Company $3,960 $31.13 $31.55 (1.3%) $25.20 23.5% $32.91 94.6% 7.8x 7.1x 8.0x 7.3x 6.8x 16.7x 16.2x

Xcel Energy Inc. 25,545 29.37 31.22 (5.9%) 27.80 5.6% 31.79 92.4% 8.6x 8.2x 8.6x 8.8x 8.2x 15.0x 15.5x

National Grid plc 81,972 12.63 12.51 1.0% 10.64 18.7% 12.79 98.8% 9.3x 9.6x 10.0x 10.0x 9.6x 13.5x 15.3x

NRG Energy, Inc. 24,124 26.17 27.92 (6.3%) 15.64 67.3% 28.67 91.3% 9.2x 10.2x 15.2x 8.9x 8.3x 15.7x 31.8x

EDP Renováveis 9,871 5.39 5.02 7.4% 3.87 39.1% 5.71 94.4% 9.1x 9.5x 9.1x 7.8x 7.0x 24.3x 22.1x

Calpine Corp. 19,492 20.71 21.82 (5.1%) 16.91 22.5% 22.16 93.5% 11.6x 12.2x 16.6x 10.7x 9.8x 117.4x 40.4x

NextEra Energy, Inc. 60,669 77.02 80.54 (4.4%) 65.33 17.9% 82.65 93.2% 9.3x 10.4x 11.9x 10.5x 9.7x 21.1x 15.7x

Exelon Corporation 46,935 32.04 37.33 (14.2%) 36.90 (13.2%) 39.82 80.5% 7.7x 6.3x 6.4x 7.6x 7.6x 28.7x 13.9x

Public Service Enterprise Group Inc. 25,058 34.02 36.12 (5.8%) 30.47 11.7% 37.00 91.9% 5.9x 6.1x 7.3x 7.2x 6.9x 15.7x 14.1x

AGL Energy Limited 10,141 13.78 16.32 (15.6%) 14.69 (6.2%) 15.99 86.1% 10.8x 16.1x 10.7x 7.8x 7.3x 20.4x 12.9x

Median (5.5% ) 18.3% 92.8% 9.2x 9.6x 9.5x 8.3x 7.9x 18.5x 15.6x

Wind OEMs

Vestas Wind Systems A/S $4,149 $14.33 $8.36 71.3% $6.32 126.8% $14.73 97.3% 46.6x 23.8x 9.1x 7.4x 5.7x NM NM

Suzlon Energy Limited 2,626 0.24 0.26 (7.5%) 0.38 (36.7%) 0.48 49.4% 7.3x 29.2x NM NM 7.0x NM NM

Nordex SE 359 7.77 7.07 9.9% 4.05 91.8% 8.54 91.0% NM NM 37.8x 4.4x 3.5x NM 50.1x

Gamesa Corporación Tecnológica S.A. 1,990 4.52 3.82 18.1% 1.92 135.8% 4.54 99.5% 2.0x 14.4x NM 5.9x 5.6x NM 22.7x

Median 14.0% 109.3% 94.1% 7.3x 23.8x 23.5x 5.9x 5.6x NM 36.4x

Solar OEMs

SunPower Corporation $2,626 $19.63 $13.25 48.2% $5.27 272.5% $23.76 82.6% NM 38.7x 48.8x 10.4x 8.7x NM 26.5x

Suntech Power Holdings Co. Ltd. 1,981 1.02 0.71 43.7% 1.78 (42.7%) 2.14 47.7% NM NM NM NM NM NM NM

SolarWorld AG 1,059 1.04 0.92 13.0% 1.93 (46.0%) 2.42 43.1% 7.0x NM NM NM 12.6x NM NM

Yingli Green Energy Holding Co. Ltd. 2,993 3.45 2.39 44.4% 2.62 31.7% 4.83 71.4% NM NM NM NM 18.6x NM NM

Canadian Solar Inc. 1,466 9.39 5.38 74.5% 3.14 199.0% 10.65 88.2% 32.3x NM NM NM NM NM NM

Renewable Energy Corporation ASA 1,163 0.36 0.27 33.7% 0.41 (12.2%) 0.51 71.7% 4.8x NM NM 16.3x 7.7x NM NM

Trina Solar Limited 1,104 6.79 4.84 40.3% 5.90 15.1% 8.47 80.2% NM NM NM NM 12.1x NM NM

First Solar, Inc. 4,038 51.11 44.08 16.0% 14.33 256.7% 59.00 86.6% 3.1x 4.4x 5.1x 5.8x 6.2x 10.9x 12.2x

Median 42.0% 23.4% 76.0% 5.9x NM NM NM 10.4x NM NM


($ in millions, excluding stock price)


PUBLIC COMPARABLES

Page | 8

(1) As of May 28, 2013.

Stock Performance

Stock Price Change from 52-Week TEV / EBITDA P/E


Engineering, Construction, and Consulting1

ECC

Abengoa SA $11,874 $2.67 $2.58 3.4% $12.76 (79.1%) $20.67 12.9% 11.5x 8.8x 7.7x 6.8x 6.1x 8.7x 11.3x

AECOM Technology Corporation 3,900 30.85 28.32 8.9% 16.69 84.8% 33.09 93.2% 6.1x 6.6x 8.7x 7.9x 7.0x NM 12.4x

AMEC plc 4,595 15.94 15.63 2.0% 15.60 2.2% 17.67 90.2% 8.6x 8.9x 8.6x 8.3x 7.4x 16.1x 12.2x

Arcadis NV 2,530 28.26 27.33 3.4% 21.40 32.1% 28.80 98.1% 8.8x 9.9x 9.9x 8.8x 8.1x 18.0x 14.4x

Cardno Limited 884 5.18 6.70 (22.6%) 7.18 (27.8%) 8.32 62.3% 9.4x 7.2x 6.3x 6.7x 6.4x 9.6x 9.7x

Chicago Bridge & Iron Company N.V. 8,402 63.74 53.28 19.6% 37.12 71.7% 64.91 98.2% 6.9x 6.6x 14.3x 9.3x 7.8x 23.0x 15.0x

Fomento de Construcciones y Contratas, S.A. 10,829 10.09 10.29 (1.9%) 13.20 (23.5%) 15.42 65.5% 7.4x 9.4x 12.6x 8.1x 7.6x NM NM

GENIVAR Inc. 1,400 24.09 24.24 (0.6%) 23.86 1.0% 24.24 99.4% 8.6x 10.9x 11.2x 8.3x 7.5x 22.3x 16.2x

IHS Inc. 7,626 104.81 96.49 8.6% 102.02 2.7% 118.93 88.1% 26.4x 21.4x 21.6x 13.7x 12.0x 43.9x 24.0x

Interserve plc 916 7.34 7.39 (0.7%) 4.46 64.8% 7.79 94.3% 5.2x 16.7x 11.2x 5.2x 4.7x 3.8x 10.3x

Jacobs Engineering Group Inc. 6,709 56.44 51.65 9.3% 36.96 52.7% 56.53 99.8% 6.5x 6.9x 8.9x 8.6x 7.7x 17.9x 16.6x

SAIC, Inc. 5,766 15.21 14.65 3.8% 10.62 43.2% 15.60 97.5% 7.1x 5.9x 6.4x 7.0x 6.8x 9.9x 12.7x

Stantec Inc. 2,225 42.85 42.03 1.9% 29.48 45.3% 43.99 97.4% 8.0x 9.0x 9.8x 9.3x 8.5x 16.5x 15.4x

Tetra Tech Inc. 1,939 28.22 25.75 9.6% 25.20 12.0% 31.49 89.6% 7.6x 7.6x 9.0x 8.3x 7.2x 16.6x 16.9x

TRC Companies Inc. 169 5.91 5.95 (0.7%) 5.85 1.0% 8.54 69.2% 6.8x 6.9x 7.8x NM NM 10.1x 10.5x

United Envirotech Ltd. 576 0.79 0.63 24.9% 0.26 200.6% 0.79 99.5% 10.6x 10.1x 17.0x 14.0x 10.7x 23.1x 24.8x

URS Corporation 5,671 48.67 43.45 12.0% 36.76 32.4% 49.45 98.4% 5.0x 6.2x 6.7x 6.4x 6.1x 12.0x 11.2x

WS Atkins plc 1,196 13.25 14.01 (5.4%) 10.36 27.9% 14.30 92.7% 4.6x 5.7x 6.4x 6.0x 5.8x 7.7x 11.1x

Median 3.4% 30.0% 93.8% 7.5x 8.2x 9.0x 8.3x 7.4x 16.3x 12.7x

Remediation, Cleaning, and Abatement1

Products

Ecolab Inc. $31,252 $87.06 $82.94 5.0% $64.35 35.3% $89.47 97.3% 16.6x 13.4x 13.7x 12.3x 10.8x 32.2x 24.8x

Federal Signal Corp. 712 9.03 7.62 18.5% 4.88 85.0% 9.19 98.3% 10.1x 8.2x 10.6x 10.3x 8.0x 32.0x 15.1x

Swisher Hygiene Inc. 154 1.10 1.37 (19.7%) 1.93 (43.0%) 2.70 40.7% NM NM NM NM 28.8x NM NM

Median 5.0% 35.3% 97.3% 13.3x 10.8x 12.1x 11.3x 10.8x 32.1x 19.9x

Services

EMCOR Group Inc. $2,366 $40.29 $38.04 5.9% $28.00 43.9% $42.69 94.4% 5.7x 6.3x 7.7x 7.3x 6.2x 18.3x 17.1x

EnergySolutions, Inc 942 4.14 4.12 0.5% 3.42 21.1% 4.15 99.8% NM 45.0x 4.6x 6.2x NM NM 14.8x

Heritage-Crystal Clean, Inc 256 15.25 15.24 0.1% 18.36 (16.9%) 20.89 73.0% 40.4x 20.0x 22.4x 14.9x 6.7x 176.1x 53.7x

Newalta Corporation 1,137 13.93 13.24 5.2% 13.73 1.4% 15.79 88.2% 7.2x 8.7x 8.8x 7.5x 6.1x 14.3x 16.4x

Rentokil Initial plc 4,132 1.41 1.50 (5.7%) 1.22 15.8% 1.58 89.3% 5.4x 5.9x 5.8x 5.9x 5.7x 33.2x 11.2x

Median 0.5% 15.8% 89.3% 6.4x 8.7x 7.7x 7.3x 6.2x 25.8x 16.4x




PUBLIC COMPARABLES

Page | 9

Stock Performance



Safety Equipment1

Aerial Access Equipment Providers

Ashtead Group plc $6,637 $10.02 $9.37 7.0% $3.63 176.1% $10.16 98.7% 5.2x 6.4x 8.6x 8.3x 7.4x 26.6x 22.0x

H&E Equipment Services Inc. 1,537 22.54 19.59 15.1% 16.04 40.5% 22.69 99.3% 14.1x 13.9x 14.7x 6.3x 5.7x 26.5x 17.5x

Lavendon Group plc 570 2.52 2.69 (6.5%) 1.63 54.5% 2.82 89.2% 3.7x 4.3x 4.6x 4.6x 4.4x 17.5x 12.2x

Oshkosh Corporation 3,934 39.00 39.88 (2.2%) 20.85 87.1% 42.66 91.4% 5.1x 6.6x 7.2x 6.6x 6.5x 12.8x 12.0x

Palfinger AG 1,514 34.10 30.16 13.1% 22.57 51.1% 34.10 100.0% 8.9x 9.2x 13.5x 10.4x 9.0x 23.0x 17.9x

Ramirent Oyj 1,273 9.19 9.85 (6.7%) 7.66 20.0% 11.36 80.9% 4.4x 4.1x 4.5x 4.7x 4.5x 11.5x 12.1x

Terex Corp. 5,473 34.59 28.92 19.6% 16.93 104.3% 36.78 94.1% 10.0x 7.5x 9.7x 7.2x 5.9x 38.0x 13.0x

UniFirst Corp. 1,940 99.58 90.93 9.5% 57.60 72.9% 100.07 99.5% 5.8x 6.3x 8.4x 7.7x 7.2x 18.6x 16.7x

United Rentals, Inc. 12,404 57.17 52.37 9.2% 36.66 55.9% 59.74 95.7% 17.0x 13.3x 11.3x 5.4x 4.9x 71.2x 11.9x

Median 9.2% 55.9% 95.7% 5.8x 6.6x 8.6x 6.6x 5.9x 23.0x 13.0x

Diversified Safety Distributors

DXP Enterprises, Inc. $1,054 $59.21 $67.59 (12.4%) $47.71 24.1% $76.91 77.0% 10.8x 9.2x 9.3x 8.4x 7.3x 17.2x 15.2x

Airgas, Inc. 10,216 103.98 96.70 7.5% 87.77 18.5% 104.40 99.6% 10.4x 10.3x 11.4x 10.3x 9.2x 23.9x 19.9x

W.W. Grainger, Inc. 18,228 259.84 245.24 6.0% 193.90 34.0% 269.17 96.5% 11.2x 10.9x 13.5x 11.7x 10.5x 26.3x 21.6x

WESCO International Inc. 4,829 74.16 69.80 6.2% 60.97 21.6% 79.20 93.6% 8.6x 8.5x 11.4x 8.8x 7.9x 16.4x 13.1x

Cintas Corporation 6,598 45.17 44.64 1.2% 37.31 21.1% 46.27 97.6% 8.5x 8.5x 9.0x 8.7x 8.2x 18.7x 17.8x

Wesfarmers Limited 48,745 39.72 44.17 (10.1%) 28.19 40.9% 42.64 93.2% 8.1x 9.9x 10.5x 10.8x 9.8x 21.3x 20.9x

Median 3.6% 22.9% 95.1% 9.5x 9.6x 10.9x 9.5x 8.7x 20.0x 18.9x

Diversified Safety Manufacturers

3M Company $79,025 $111.59 $103.79 7.5% $84.78 31.6% $112.38 99.3% 8.1x 8.4x 10.1x 9.7x 9.0x 17.6x 16.4x

Ansell Ltd. 2,342 16.48 16.40 0.5% 14.12 16.7% 16.85 97.8% 11.1x 11.8x 13.2x 12.5x 10.9x 18.7x 16.7x

Dragerwerk AG & Co. KGaA 2,077 127.14 120.67 5.4% 104.01 22.2% 132.08 96.3% 4.7x 5.0x 5.8x 5.4x 4.9x 13.2x 12.4x

Halma plc 3,112 7.95 7.65 3.9% 6.02 31.9% 8.16 97.3% 11.1x 12.5x 14.1x 13.6x 12.6x 20.6x 20.0x

Herman Miller Inc. 1,684 28.17 24.98 12.8% 18.36 53.4% 28.36 99.3% 6.1x 7.1x 11.0x 9.7x 8.0x 29.0x 19.6x

Brady Corp. 1,979 33.44 32.68 2.3% 27.38 22.1% 36.45 91.7% 6.4x 7.7x 10.2x 9.8x 8.4x NM 16.6x

Latchways plc 164 15.88 16.38 (3.1%) 16.39 (3.1%) 16.78 94.6% 9.5x 10.6x 10.9x 9.6x 8.9x 19.2x 15.5x

Honeywell International Inc. 65,621 79.77 73.90 7.9% 56.75 40.6% 81.24 98.2% 12.9x 12.1x 12.6x 9.4x 8.6x 20.7x 16.0x

Kimberly-Clark Corporation 46,407 104.53 103.12 1.4% 79.46 31.6% 106.54 98.1% 9.4x 10.0x 11.1x 11.0x 10.5x 22.7x 18.1x

Mine Safety Appliances Co. 2,090 50.35 47.68 5.6% 41.88 20.2% 51.07 98.6% 10.7x 9.5x 12.9x 11.3x 10.0x 22.0x 19.0x

Median 4.6% 26.9% 97.9% 9.5x 9.7x 11.1x 9.7x 9.0x 20.6x 16.7x


(1) As of May 28, 2013.



PUBLIC COMPARABLES

Page | 10

Stock Performance



Security and Alarms1

Fire and Security Services

Ascent Capital Group, Inc. $1,930 $74.31 $66.18 12.3% $52.78 40.8% $75.66 98.2% 7.2x 7.6x 8.3x 7.1x 6.6x NM 132.0x

G4S Botswana Limited 50 0.64 0.69 (8.4%) 0.77 (17.0%) 0.70 90.6% NM NM NM NM NM 54.5x 0.0x

Interserve plc 916 7.34 7.39 (0.7%) 4.46 64.8% 7.79 94.3% 5.2x 16.7x 11.2x 5.2x 4.7x 3.8x 10.3x

Secom Co. Ltd. 10,385 50.97 55.75 (8.6%) 44.21 15.3% 56.45 90.3% 5.5x 5.9x 6.4x 6.6x 6.3x 17.9x 16.6x

Securitas AB 4,923 9.28 9.47 (2.0%) 7.47 24.2% 9.82 94.4% 6.5x 7.0x 7.9x 7.7x 7.4x 18.2x 12.3x

Sohgo Security Services Co. Ltd. 1,108 16.41 15.37 6.8% 12.62 30.0% 19.69 83.3% 2.0x 2.0x 4.3x 4.2x 3.9x 19.7x 16.4x

The ADT Corporation 12,067 42.32 43.91 (3.6%) 0.00 NM 50.37 84.0% 0.0x 9.3x 8.8x 7.1x 6.7x 24.3x 24.1x

The Brink's Company 1,647 27.12 26.46 2.5% 23.23 16.7% 30.75 88.2% 4.2x 4.8x 5.6x 5.2x 4.6x 15.0x 15.8x

Tyco International Ltd. 16,952 34.50 31.42 9.8% 54.60 (36.8%) 58.12 59.4% NM 10.7x 14.0x 10.7x 9.6x NM 18.7x

Ansell Ltd. $2,342 $16.48 $16.40 0.5% $14.12 16.7% $16.85 97.8% 11.1x 11.8x 13.2x 12.5x 10.9x 18.7x 16.7x

Cintas Corporation 6,598 45.17 44.64 1.2% 37.31 21.1% 46.27 97.6% 8.5x 8.5x 9.0x 8.7x 8.2x 18.7x 17.8x

Eaton Corporation plc 41,620 68.67 58.65 17.1% 43.30 58.6% 69.92 98.2% 7.9x 9.0x 18.0x 11.7x 10.4x 20.6x 15.7x

EMCOR Group Inc. 2,366 40.29 38.04 5.9% 28.00 43.9% 42.69 94.4% 5.7x 6.3x 7.7x 7.3x 6.2x 18.3x 17.1x

Federal Signal Corp. 712 9.03 7.62 18.5% 4.88 85.0% 9.19 98.3% 10.1x 8.2x 10.6x 10.3x 8.0x 32.0x 15.1x

Kratos Defense & Security Solutions, Inc. 934 5.97 5.17 15.5% 5.40 10.6% 6.19 96.4% 8.5x 8.4x 8.9x 8.2x 7.7x NM 17.0x

Mueller Water Products, Inc. 1,764 7.61 5.81 31.0% 3.51 116.8% 7.75 98.2% 10.2x 10.7x 12.5x 11.2x 9.3x 96.2x 40.8x

Oshkosh Corporation 3,934 39.00 39.88 (2.2%) 20.85 87.1% 42.66 91.4% 5.1x 6.6x 7.2x 6.6x 6.5x 12.8x 12.0x



Median 5.3% 27.1% 94.4% 6.9x 8.5x 9.0x 7.9x 7.5x 18.7x 16.6x

Products and Systems

Checkpoint Systems Inc. $500 $12.61 $11.05 14.1% $7.61 65.7% $13.95 90.4% 6.0x 9.5x 10.3x NM NM NM 18.0x

Diebold, Incorporated 2,156 32.10 30.02 6.9% 37.41 (14.2%) 38.49 83.4% 8.4x 7.6x 11.7x 8.6x 7.9x 88.3x 17.0x

Fortune Brands Home & Security, Inc. 7,209 43.26 36.76 17.7% 22.60 91.4% 44.04 98.2% 17.7x 17.3x 22.4x 15.9x 12.6x 51.0x 32.0x

Gunnebo AB 274 4.21 4.16 1.4% 3.88 8.5% 4.89 86.2% 4.6x 3.6x 5.1x 5.3x 4.1x 250.9x 15.6x

Identive Group, Inc. 58 0.82 1.04 (21.1%) 1.38 (40.5%) 1.60 51.3% NM NM NM 19.4x 6.3x NM NM

Ingersoll-Rand Plc 19,749 57.71 53.98 6.9% 42.16 36.9% 58.92 97.9% 8.1x 8.9x 10.4x 9.7x 8.9x 16.9x 16.0x

Kaba Holding AG 1,444 382.35 384.02 (0.4%) 355.86 7.4% 423.15 90.4% 8.6x 9.6x 9.0x 9.5x 8.9x 16.8x 16.3x

Kratos Defense & Security Solutions, Inc. 934 5.97 5.17 15.5% 5.40 10.6% 6.19 96.4% 8.5x 8.4x 8.9x 8.2x 7.7x NM 17.0x

Safran SA 23,458 53.10 49.14 8.0% 33.83 57.0% 53.30 99.6% 7.1x 8.1x 9.3x 7.6x 6.8x 13.2x 16.5x

Stanley Black & Decker, Inc. 17,270 79.87 74.40 7.4% 68.53 16.5% 83.26 95.9% 10.2x 10.5x 10.7x 9.9x 9.1x 30.8x 14.4x



Median 7.1% 13.6% 93.2% 8.3x 9.5x 10.4x 9.7x 8.9x 24.3x 16.5x


(1) As of May 28, 2013.



PUBLIC COMPARABLES

Page | 11

Stock Performance



Test, Measurement, and Control1

Test and Measurement Products and Technologies

Badger Meter Inc. $703 $44.75 $43.89 2.0% $36.69 22.0% $54.28 82.4% 13.5x 14.2x 13.7x 13.0x 11.6x 25.8x 24.9x

Danaher Corp. 45,745 62.59 59.94 4.4% 52.76 18.6% 64.39 97.2% 10.9x 9.5x 11.2x 11.0x 10.1x 18.0x 18.2x

FLIR Systems, Inc. 3,503 24.67 23.75 3.9% 21.31 15.8% 27.16 90.8% 7.3x 7.7x 9.5x 9.0x 8.5x 16.3x 14.7x

Halma plc 3,112 7.95 7.65 3.9% 6.02 31.9% 8.16 97.3% 11.1x 12.5x 14.1x 13.6x 12.6x 20.6x 20.0x

Horiba Ltd. 1,259 35.12 35.89 (2.1%) 32.36 8.5% 39.62 88.6% 4.7x 4.5x 8.4x 7.1x 6.5x 23.0x 18.0x

Roper Industries Inc. 13,995 126.33 123.31 2.4% 100.34 25.9% 127.42 99.1% 12.5x 14.5x 14.8x 13.1x 11.5x 25.2x 21.1x

Teledyne Technologies Inc. 3,636 78.46 74.82 4.9% 59.84 31.1% 79.04 99.3% 8.5x 10.0x 10.7x 10.6x 9.6x 17.7x 16.8x

Thermo Fisher Scientific, Inc. 37,796 88.28 81.13 8.8% 51.68 70.8% 88.92 99.3% 10.1x 11.3x 14.3x 13.7x 12.0x 24.4x 16.3x

Trimble Navigation Limited 7,978 28.09 28.21 (0.4%) 23.83 17.9% 32.03 87.7% 20.1x 20.0x 20.2x 17.2x 16.0x 38.2x 18.6x

Waters Corp. 8,150 99.27 92.30 7.6% 82.10 20.9% 99.66 99.6% 11.9x 11.8x 13.8x 13.2x 12.2x 17.7x 18.8x

Median 3.9% 21.4% 97.3% 11.0x 11.5x 13.7x 13.0x 11.5x 21.8x 18.4x

Testing, Inspection, and Certification Services

Bureau Veritas SA $14,418 $116.55 $120.82 (3.5%) $85.34 36.6% $130.73 89.2% 12.9x 16.2x 15.3x 13.9x 12.7x 34.1x 22.7x

Intertek Group plc 8,754 48.88 51.34 (4.8%) 40.93 19.4% 52.83 92.5% 13.0x 14.0x 13.5x 13.0x 11.6x 30.4x 21.7x

SGS SA 17,765 2,275.60 2,389.12 (4.8%) 1,836.38 23.9% 2,514.75 90.5% 12.3x 14.9x 14.5x 12.7x 11.2x 30.6x 23.3x

ALS Limited 3,511 9.03 10.03 (10.0%) 10.99 (17.9%) 12.00 75.3% 10.5x 8.8x 8.5x 9.8x 9.1x 0.0x 15.6x

Eurofins Scientific SA 3,314 194.81 212.47 (8.3%) 111.55 74.6% 218.75 89.1% 8.8x 12.5x 14.6x 11.6x 10.0x 36.3x 23.9x

SAI Global Limited 968 3.64 3.62 0.6% 4.56 (20.2%) 4.79 76.1% 10.8x 11.1x 9.6x 9.9x 9.0x 19.9x 17.1x

Mistras Group, Inc. 694 21.66 18.79 15.3% 22.99 (5.8%) 26.98 80.3% 12.0x 10.1x 10.7x 9.3x 7.4x 27.1x 25.4x

Furmanite Corporation 284 7.10 6.27 13.2% 4.44 59.9% 7.27 97.7% 6.4x 8.6x 10.6x 7.6x 6.6x 64.7x 16.4x

Median (4.1% ) 21.7% 89.1% 11.4x 11.8x 12.1x 10.8x 9.6x 30.5x 22.2x

Control Products and Technologies

Calgon Carbon Corporation $1,028 $18.08 $17.07 5.9% $13.52 33.7% $18.71 96.6% 9.5x 10.9x 13.0x 10.5x 9.0x 40.5x 21.3x

CECO Environmental Corp. 213 12.27 11.42 7.4% 7.15 71.6% 14.32 85.7% 6.2x 7.2x 11.4x 8.1x 7.0x 19.1x 13.4x

CLARCOR Inc. 2,571 54.85 50.45 8.7% 49.40 11.0% 55.84 98.2% 10.9x 10.0x 12.0x 11.5x 10.5x 22.6x 21.0x

Flowserve Corp. 8,972 169.22 157.73 7.3% 105.93 59.7% 173.29 97.7% 8.4x 10.3x 11.7x 10.5x 9.5x 19.1x 16.5x

Franklin Electric Co., Inc. 1,731 33.89 31.61 7.2% 25.16 34.7% 34.71 97.6% 10.0x 10.7x 11.8x 10.9x 9.8x 21.6x 18.9x

IDEX Corporation 5,019 55.18 51.26 7.6% 40.10 37.6% 57.38 96.2% 9.2x 9.1x 11.2x 10.7x 10.0x 97.8x 18.6x

Johnson Matthey plc 9,257 39.96 37.95 5.3% 35.65 12.1% 40.62 98.4% 9.1x 9.7x 10.4x 11.2x 10.7x 17.6x 18.2x

L'Air Liquide SA 47,369 126.18 124.08 1.7% 108.31 16.5% 128.68 98.1% 8.6x 9.8x 9.6x 9.1x 8.4x 19.0x 17.9x

Pall Corporation 7,795 71.48 65.65 8.9% 56.95 25.5% 73.19 97.7% 12.4x 11.9x 12.8x 13.1x 11.8x 26.2x 23.1x

Pentair Ltd. 14,286 57.70 53.80 7.2% 41.60 38.7% 58.59 98.5% 12.9x 26.5x 32.0x 11.7x 10.3x NM 17.8x

Rockwell Automation Inc. 12,176 88.54 84.87 4.3% 75.33 17.5% 91.99 96.2% 9.7x 9.2x 10.7x 9.9x 9.3x 17.4x 15.9x

Median 7.2% 33.7% 97.7% 9.5x 10.0x 11.7x 10.7x 9.8x 20.4x 18.2x


(1) As of May 28, 2013.



PUBLIC COMPARABLES

Page | 12

Stock Performance



Traffic, Automotive, and Emergency1

Products

Brady Corp. $1,979 $33.44 $32.68 2.3% $27.38 22.1% $36.45 91.7% 6.4x 7.7x 10.2x 9.8x 8.4x NM 16.6x

Valmont Industries, Inc. 4,202 152.58 143.33 6.5% 116.36 31.1% 164.93 92.5% 8.7x 9.0x 8.6x 7.8x 7.2x 15.8x 14.2x

Kimberly-Clark Corporation 46,407 104.53 103.12 1.4% 79.46 31.6% 106.54 98.1% 9.4x 10.0x 11.1x 11.0x 10.5x 22.7x 18.1x

Trinity Industries Inc. 5,939 41.59 41.19 1.0% 25.21 65.0% 45.67 91.1% 7.9x 7.7x 7.5x 6.6x 6.1x 12.2x 10.3x

Lindsay Corporation 886 81.18 76.26 6.5% 56.64 43.3% 94.90 85.5% 9.0x 11.0x 8.4x 7.6x 7.9x 16.9x 14.8x

Median 2.3% 31.6% 91.7% 8.7x 9.0x 8.6x 7.8x 7.9x 16.3x 14.8x

Technology and Systems

Federal Signal Corp. $712 $9.03 $7.62 18.5% $4.88 85.0% $9.19 98.3% 10.1x 8.2x 10.6x 10.3x 8.0x 32.0x 15.1x

FLIR Systems, Inc. 3,503 24.67 23.75 3.9% 21.31 15.8% 27.16 90.8% 7.3x 7.7x 9.5x 9.0x 8.5x 16.3x 14.7x

TRW Automotive Holdings Corp. 8,344 63.35 58.70 7.9% 39.01 62.4% 63.80 99.3% 3.4x 4.1x 5.4x 5.0x 4.6x 8.4x 9.7x

Iteris, Inc. 37 1.70 1.65 3.0% 1.45 17.2% 1.91 89.0% 10.3x 10.5x 12.4x NM NM 62.5x 0.0x

Jenoptik AG 796 12.28 11.22 9.5% 6.89 78.1% 12.31 99.7% 4.7x 6.5x 8.3x 7.7x 7.0x 12.1x 14.2x

Kapsch TrafficCom AG 690 51.79 47.98 7.9% 78.87 (34.3%) 83.11 62.3% 13.7x 40.5x 40.7x 28.3x 8.2x NM NM

Median 7.9% 39.8% 94.5% 8.7x 7.9x 10.1x 9.0x 8.0x 16.3x 14.2x


(1) As of May 28, 2013.



PUBLIC COMPARABLES

Page | 13

(1) As of May 28, 2013.

Stock Performance



Waste Management and Recycling1

Diversified Waste Management and Recycling

Fomento de Construcciones y Contratas, S.A. $10,829 $10.09 $10.29 (1.9%) $13.20 (23.5%) $15.42 65.5% 7.4x 9.4x 12.6x 8.1x 7.6x NM NM

INTERSEROH SE 859 81.71 80.78 1.2% 71.94 13.6% 87.22 93.7% 16.9x 20.7x 20.3x NM NM 19.1x 0.0x

Séché Environnement SA 617 38.47 38.62 (0.4%) 28.83 33.5% 46.17 83.3% 4.4x 6.0x 7.4x 5.5x 5.2x NM 12.7x

Pennon Group Plc 7,167 10.56 10.59 (0.3%) 11.44 (7.7%) 11.99 88.0% 11.1x 11.3x 11.8x 11.1x 10.3x 94.8x 17.0x

Waste Connections Inc. 7,080 39.99 37.30 7.2% 31.30 27.8% 41.02 97.5% 9.6x 9.7x 12.7x 10.6x 9.6x 29.1x 22.5x

Suez Environnement Company SA 19,124 13.13 13.81 (4.9%) 11.31 16.2% 14.61 89.9% 6.5x 6.5x 6.4x 5.9x 5.6x 22.8x 15.9x

Shanks Group plc 982 1.30 1.20 8.5% 1.31 (0.9%) 1.48 87.8% 5.2x 6.7x 23.2x 7.1x 6.4x NM 15.2x

Transpacific Industries Group Ltd. 2,591 0.85 1.00 (15.0%) 0.78 9.7% 1.06 80.8% 6.1x 6.6x 6.5x 6.3x 6.0x 38.9x 18.0x

Waste Management, Inc. 29,888 42.45 40.19 5.6% 32.96 28.8% 43.00 98.7% 7.6x 7.5x 9.0x 8.7x 8.3x 24.3x 19.6x

Median (0.3% ) 13.6% 88.0% 7.4x 7.5x 11.8x 7.6x 7.0x 26.7x 16.4x

Metals Processing and E-Waste

Commercial Metals Company $2,950 $15.64 $14.43 8.4% $11.97 30.7% $17.47 89.5% 6.7x 6.9x 8.4x 8.2x 6.5x 16.6x 18.6x

Aurubis AG 3,051 61.53 62.89 (2.2%) 49.26 24.9% 74.36 82.7% 3.0x 3.2x 6.2x 5.4x 4.9x 6.0x 10.8x

Dowa Holdings Co., Ltd. 3,570 8.43 7.17 17.7% 5.74 47.0% 9.14 92.3% 6.6x 6.4x 8.0x 7.6x 7.2x 16.8x 15.0x

Metalico Inc. 198 1.59 1.51 5.3% 2.62 (39.3%) 2.90 54.8% 6.9x 9.9x 12.0x 7.5x 5.8x NM NM

Schnitzer Steel Industries, Inc. 1,083 26.77 23.83 12.3% 27.13 (1.3%) 33.03 81.0% 5.3x 7.1x 8.8x 8.4x 6.3x 41.2x 26.6x

Sims Metal Management Limited 2,154 9.30 9.90 (6.0%) 11.09 (16.1%) 10.99 84.6% 10.0x 12.6x 16.6x 10.4x 6.3x NM 38.0x

Median 6.8% 11.8% 83.7% 6.6x 7.0x 8.6x 7.9x 6.3x 16.7x 18.6x

Recycled Materials

Mondi plc $9,323 $13.82 $13.33 3.7% $7.94 74.1% $14.14 97.7% 4.8x 6.4x 8.1x 6.9x 6.6x 22.5x 12.9x

Resolute Forest Products Inc. 1,837 15.88 14.33 10.8% 11.48 38.3% 17.54 90.5% 3.2x 3.5x 4.6x 5.2x 4.5x NM 20.1x

Clearwater Paper Corporation 1,641 47.74 45.43 5.1% 31.07 53.7% 53.01 90.1% 6.3x 6.3x 7.6x 7.9x 5.8x 18.8x 18.2x

LKQ Corp. 8,532 25.16 23.00 9.4% 17.77 41.6% 25.89 97.2% 13.7x 15.3x 16.6x 13.8x 11.7x 28.6x 23.3x

Colas SA 4,787 139.16 149.61 (7.0%) 136.33 2.1% 164.06 84.8% 4.9x 6.1x 4.8x NM NM 11.9x 0.0x

Eagle Materials Inc. 4,289 76.83 68.34 12.4% 32.14 139.0% 77.84 98.7% 24.1x 25.5x 31.8x NM NM 63.0x 26.0x

Sonoco Products Co. 4,552 35.44 34.37 3.1% 30.78 15.1% 35.93 98.6% 7.5x 7.1x 8.1x 7.8x 7.4x 18.1x 15.4x

Rock-Tenn Company 10,266 100.33 96.16 4.3% 52.27 91.9% 104.09 96.4% 6.4x 7.0x 8.7x 7.3x 6.0x 13.2x 15.4x

Median 4.7% 47.6% 96.8% 6.3x 6.7x 8.1x 7.5x 6.3x 18.8x 16.8x

Solid Waste Management and Recycling

Republic Services, Inc. $19,446 $34.65 $34.31 1.0% $26.81 29.2% $35.28 98.2% 6.8x 7.3x 8.4x 8.1x 7.7x 22.9x 18.1x

Progressive Waste Solutions Ltd. 4,293 23.38 21.74 7.5% 19.70 18.7% 23.59 99.1% 6.7x 7.0x 8.0x 8.0x 7.5x 27.4x 23.0x

Casella Waste Systems Inc. 657 4.09 4.15 (1.4%) 5.34 (23.4%) 5.88 69.6% 6.9x 8.6x 8.7x 7.5x 6.7x NM NM

Median 1.0% 18.7% 98.2% 6.8x 7.3x 8.4x 8.0x 7.5x 25.2x 20.6x

Specialty Waste

Clean Harbors, Inc. $4,736 $58.85 $56.99 3.3% $63.19 (6.9%) $64.40 91.4% 9.8x 8.8x 12.9x 7.8x 7.0x 30.4x 21.7x

Stericycle, Inc. 10,860 111.08 108.58 2.3% 86.31 28.7% 113.11 98.2% 16.5x 16.9x 18.5x 16.7x 15.0x 34.9x 30.2x

US Ecology, Inc. 564 28.67 26.36 8.8% 17.13 67.4% 29.97 95.7% 6.7x 7.6x 9.2x 8.9x 8.1x 19.9x 18.4x

Heritage-Crystal Clean, Inc 256 15.25 15.24 0.1% 18.36 (16.9%) 20.89 73.0% 40.4x 20.0x 22.4x 14.9x 6.7x 176.1x 53.7x

Newalta Corporation 1,137 13.93 13.24 5.2% 13.73 1.4% 15.79 88.2% 7.2x 8.7x 8.8x 7.5x 6.1x 14.3x 16.4x

Perma-Fix Environmental Services Inc. 51 0.65 0.78 (16.7%) 1.22 (46.7%) 1.27 51.2% 5.8x NM NM NM 8.5x NM NM

EnergySolutions, Inc 942 4.14 4.12 0.5% 3.42 21.1% 4.15 99.8% NM 45.0x 4.6x 6.2x NM NM 14.8x

Veolia Environnement S.A. 23,362 12.58 13.20 (4.7%) 11.90 5.8% 14.28 88.1% 7.1x 8.1x 6.4x 8.4x 7.7x NM 17.8x

Median 1.4% 3.6% 89.8% 7.2x 8.8x 9.2x 8.4x 7.7x 30.4x 18.4x

Waste to Energy

Covanta Holding Corporation $4,906 $20.77 $19.51 6.5% $15.79 31.5% $21.30 97.5% 9.4x 10.4x 11.8x 9.7x 9.4x 26.6x 48.4x

Median 6.5% 31.5% 97.5% 9.4x 10.4x 11.8x 9.7x 9.4x 26.6x 48.4x




PUBLIC COMPARABLES

Page | 14

Stock Performance



Water and Wastewater1

Products and Technologies

IDEX Corporation $5,019 $55.18 $51.26 7.6% $40.10 37.6% $57.38 96.2% 9.2x 9.1x 11.2x 10.7x 10.0x 97.8x 18.6x

Mueller Water Products, Inc. 1,764 7.61 5.81 31.0% 3.51 116.8% 7.75 98.2% 10.2x 10.7x 12.5x 11.2x 9.3x 96.2x 40.8x

Pentair Ltd. 14,286 57.70 53.80 7.2% 41.60 38.7% 58.59 98.5% 12.9x 26.5x 32.0x 11.7x 10.3x NM 17.8x

Watts Water Technologies, Inc. 1,821 47.81 45.86 4.3% 33.08 44.5% 50.04 95.5% 7.2x 8.5x 9.9x 9.3x 8.2x 24.0x 19.8x

Xylem Inc. 6,029 28.06 27.71 1.3% 25.65 9.4% 29.49 95.2% 9.0x 9.0x 10.0x 9.7x 8.7x 19.1x 15.3x

Median 7.2% 38.7% 96.2% 9.2x 9.1x 11.2x 10.7x 9.3x 60.1x 18.6x

Utilities and Services

Aegion Corporation $1,042 $23.38 $21.07 11.0% $16.50 41.7% $26.10 89.6% 8.2x 8.2x 10.1x 7.6x 6.4x 19.0x 14.3x

American States Water Company 1,358 54.71 55.14 (0.8%) 36.54 49.7% 57.80 94.7% 7.2x 7.8x 8.6x 8.8x 8.5x 18.4x 19.2x

American Water Works Company, Inc. 13,025 41.60 41.16 1.1% 34.06 22.1% 43.09 96.5% 9.8x 9.3x 9.9x 9.7x 9.2x 19.4x 18.7x

Aqua America Inc. 6,193 32.45 31.41 3.3% 23.02 41.0% 33.28 97.5% 12.3x 12.2x 13.9x 13.4x 12.7x 22.9x 22.9x

California Water Service Group 1,414 20.27 19.63 3.3% 17.61 15.1% 21.22 95.5% 8.9x 8.8x 9.5x 9.4x 8.0x 18.3x 23.7x

Kurita Water Industries Ltd. 1,833 21.60 20.44 5.7% 21.62 (0.1%) 22.83 94.6% 3.4x 3.3x 4.8x 4.9x 4.7x 23.9x 18.6x

Pennon Group Plc 7,167 10.56 10.59 (0.3%) 11.44 (7.7%) 11.99 88.0% 11.1x 11.3x 11.8x 11.1x 10.3x 94.8x 17.0x

Severn Trent plc 13,682 31.06 28.00 10.9% 26.36 17.9% 32.66 95.1% 10.1x 10.2x 11.1x 11.1x 10.8x 22.2x 23.5x

Suez Environnement Company SA 19,124 13.13 13.81 (4.9%) 11.31 16.2% 14.61 89.9% 6.5x 6.5x 6.4x 5.9x 5.6x 22.8x 15.9x

The York Water Company 331 19.14 18.35 4.3% 17.21 11.2% 19.24 99.5% 12.3x 12.1x 12.6x 12.1x 11.4x 25.9x 23.8x

United Utilities Group PLC 17,063 11.84 11.35 4.4% 10.15 16.7% 12.28 96.4% 10.9x 11.2x 12.2x 11.3x 10.9x 19.1x 18.6x

Veolia Environnement S.A. 23,362 12.58 13.20 (4.7%) 11.90 5.8% 14.28 88.1% 7.1x 8.1x 6.4x 8.4x 7.7x NM 17.8x

Median 3.3% 16.4% 94.9% 9.4x 9.0x 10.0x 9.6x 8.8x 22.2x 18.6x


(1) As of May 28, 2013.



Page | 15

NOTABLE M&A ACTIVITY

Environmental M&A Highlights Safety M&A Highlights

Waste Management is in talks with four or five

potential suitors for non-core medical waste assets. The

potential buyers are interested private equity and

venture capital backed groups. Source: mergermarket.

Nuverra Environmental Solutions has acquired Ideal

Oilfield Disposal. The acquisition provides further

geographic expansion for Nuverra’s oilfield waste

landfill services. Read more here.

Environmental Solutions Group, a subsidiary of

Dover Corporation, has expanded its product offering

with the acquisition of The Curotto-Can Co.,

manufacturer of an automated carry can that mounts to

commercial front loaders. Read more here.

Aquatech announced that it has completed the

purchase of Fluid Recovery Services, a network of

mobile facilities that delivers environmentally

compliant and economically viable water management

services. Read more here.

Alarm.com has announced the acquisition of

EnergyHub, an industry leader for demand response

and energy efficiency products for energy utilities,

service providers, and end users. Read more here.

MyEnergy, a provider of consumer energy

consumption monitoring, has been acquired by Nest

Labs. The acquisition will enable Nest Labs to provide

cost effective data sharing to its energy customers.

Read more here.

Siemens has started sending materials on its water

technologies business to prospective suitors. Source:

mergermarket.

Toshiba Lighting & Technology acquired GreenStar

Products, a provider of energy efficient, long lasting,

LED lights for road and canopy applications. Read

more here.

NorthStar Alarm Services announced that is has

completed a recapitalization led by Beekman

Investment Partners. NorthStar is experiencing rapid

growth, and is currently one of the top 40 largest

security alarm companies in the U.S. Read more here.

Universal Protection Service acquired Sky Security

Services, a provider of security services to condos,

gated communities, apartments, hotels and resorts.

Read more here.

TorchStone Global has merged with Page Group to

firm TorchStone Page. The newly combined company

designs and provides comprehensive security services

to governments, corporations, NGOs and individuals.

Read more here.

Dupont and OCP Group announced a joint venture to

form African Consulting JV. The new company will

provide consulting and training services to improve the

safety, operational, and environmental performance of

companies. Read more here.

Canna Security America, a provider of security

systems, received a round of funding from ArcView

Investor Network. Read more here.

BRK Brands, a subsidiary of Jarden Corporation,

acquired Sprue Aegis, a manufacturer of home

security products. Read more here.

Honeywell enters agreement to acquire RAE Systems,

a provider of rapidly-deployable intelligent gas and

radiation detection systems that enable real-time safety

and security threat detection. Read more here.

AMT Warranty, an AmTrust Financial Services

company, acquired CPP North America, a provider of

identity protection products and services, for $40

million. Read more here.

http://www.marketwatch.com/story/nuverra-environmental-solutions-inc-announces-acquisition-of-landfill-site-in-north-dakota-2013-05-20

http://www.mswmanagement.com/MSW/Articles/ESG_Announces_Acquisition_of_The_CurottoCan_Compan_21601.aspx

http://www.bizjournals.com/pittsburgh/news/2013/05/13/aquatech-acquires-fluid-recovery.html

http://www.greentechmedia.com/articles/read/alarm.com-acquires-energyhub

http://cleantechnica.com/2013/05/09/nest-labs-acquires-myenergy/

http://www.energymanagertoday.com/toshiba-buys-led-maker-greenstar-091540/

http://online.wsj.com/article/PR-CO-20130516-912975.html

http://www.prnewswire.com/news-releases/universal-protection-service-acquires-sky-security-services-and-expands-to-hawaii-and-nevada-207773771.html

http://www.businesswire.com/news/home/20130509005881/en/TorchStone-Global-LLC-Page-Group-Limited-form

http://www.prnewswire.com/news-releases/dupont-and-ocp-announce-a-joint-venture-on-safety-and-sustainability-206665941.html

http://www.securitysystemsnews.com/article/canna-security-looks-grow-1m-investment

http://www.reuters.com/finance/stocks/JAH.N/key-developments/article/2744303

http://www.raesystems.com/press-room/press-releases/201304/rae-systems-vector-capital-portfolio-company-enters-agreement-be-acquired-by-honeywell

http://www.reuters.com/finance/stocks/CPPG.L/key-developments/article/2735303


Page | 16


Environmental and Safety M&A Volume by Category for 2007 to YTD 20131,2

(# of transactions)

Annual Environmental and Safety M&A Volume1,2

(# of transactions)

Quarterly Environmental and Safety M&A Volume2

(# of transactions)

Environmental and Safety M&A Volume

by Category for 2007 to YTD 20131,2

(% of total volume)

Environmental and Safety M&A Volume

by Category for the Last Twelve Months1,2

(% of total volume)

(1) As of May 28, 2013.

(2) Includes only closed transactions.

0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011 2012 2013 YTD

0

25

50

75

100

125

150

175

200

225

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

326

547

263

420

392

558

329

463

587

254

131

0 100 200 300 400 500 600 700

Water & Wastewater

Waste Management & Recycling

Traffic, Automotive, & Emergency

Test, Measurement, & Control

Security & Alarms

Safety Equipment

Remediation, Cleaning, & Abatement

Engineering, Construction, & Consulting

Energy Efficiency & Renewable Energy

Consumer Products & Services

Building Products

3%6%

14%

11%

8%

13%9%

10%

6%

13%

7%

Building Products Consumer Products & Services

Energy Efficiency & Renewable Energy Engineering, Construction, & Consulting

Remediation, Cleaning, & Abatement Safety Equipment

Security & Alarms Test, Measurement, & Control

Traffic, Automotive, & Emergency Waste Management & Recycling

Water & Wastewater

2% 4%

16%

12%

8%

13%8%

8%

6%

11%

12%

Building Products Consumer Products & Services

Energy Efficiency & Renewable Energy Engineering, Construction, & Consulting

Remediation, Cleaning, & Abatement Safety Equipment

Security & Alarms Test, Measurement, & Control

Traffic, Automotive, & Emergency Waste Management & Recycling

Water & Wastewater


Page | 17


Closed

Date Target Business Description Acquirer/Seller

Pending Cool Clear Water Group Pty Ltd. Cool Clear Water Group Pty Ltd. engages in the design, supply, installation, maintenance,

repair, and replacement of water filtration systems for commercial and home.

Waterlogic Plc / Banksia Capital; Banksia

Capital Fund I

Pending H2O Innovation India Ltd. H2O Innovation India Ltd. supplies water treatment systems and equipments for industrial

customers located in Gujarat and Maharashtra.

Visan Holdings & Financial Services Pvt Ltd /

H2O Innovation Inc.

Pending Prairie Rose Wind Project LLC Prairie Rose Wind Project LLC owns and operates a 200 megawatt (MW) wind farm. Enel Green Power North America, Inc. /

General Electric Capital Corporation

Pending Xatori, Inc. Xatori, Inc. develops software for electric vehicles. Recargo, Inc. / -

Pending Ideal Oilfield Disposal, LLC Ideal Oilfield Disposal, LLC owns greenfield oilfield disposal landfill site. Nuverra Environmental Solutions, Inc. / -

Pending Renewable Energy Systems Ltd., Dunmaglass

Wind Farm Project Near Loch Mhor

Renewable Energy Systems Ltd., Dunmaglass Wind Farm Project Near Loch Mhor

comprises wind farm project consisting 33 turbines that generates wind energy.

SSE plc / Renewable Energy Systems Ltd.

Pending BASF Industrial Water Management France

SAS

BASF Industrial Water Management France SAS provides water treatment chemicals and

filtration technology for the industrial and municipal waste water treatment.

Degrémont SAS / BASF SE

Pending Lux International AG Lux International AG, a direct sales company, offers vacuum cleaning and steam cleaning

systems, air purification systems, water purifiers, and ironing stations.

Aquamall Water Solutions Ltd. / -

Pending Severn Trent plc Severn Trent Plc engages in the treatment and provision of water; and removal of waste

water.

Unknown / -

Pending Mvelaserve Ltd. Mvelaserve Limited, through its subsidiaries, engages in providing outsourced business

support services, including commissioning of drinking water treatment plants.

Management / New Bond Capital Limited

Pending Golden Horse CO., Ltd. Golden Horse CO., Ltd. engages in the thermal power generation business. Shenhua Guoneng Group Co., Ltd. / -

Pending Phillips 66, Immingham power plant Phillips 66, Immingham power plant comprises a power plant that produces power with

water and gas.

Vitol Holding B.V. / Phillips 66

Pending Florida Chemical Company, Inc. Florida Chemical Company, Inc. manufactures and supplies citrus oils and a custom

surfactant to address specific environmental and product performance requirements.

Flotek Industries Inc. / -

Pending Datong plc DATONG plc engages in the design, manufacture, and supply of covert intelligence

gathering solutions for the international defense and law enforcement markets.

Unknown / A Consortium of Financial Buyers

Pending Phenix Optical Security Industry (Shanghai)

Co., LTD

Phenix Optical Security Industry (Shanghai) Co., LTD. designs, manufactures, and sells

CCTV lens, lens modules, and other lens of security products.

Phenix Optical Company Limited / -

Pending Japan Industrial Testing Co.,Ltd. Japan Industrial Testing Co., Ltd. engages in the provision of testing, measuring, and

annealing services in Japan.

Management / Valiant Partners Co. Ltd.

Pending Mr. Rooter Plumbing Olympia and Mr. Rooter

Plumbing Tacoma

3 Degrees of Separation, Inc., a consulting and instrument development company,

develops gas chromatography products.

Management / -

Pending Shandong Tiancan Environmental Science and

Technology Co., Ltd.

Shandong Tiancan Environmental Science and Technology Co., Ltd. offers environmental

consulting services.

Beijing Jingyuntong Technology Co., Ltd / -

Pending Interlift Sales Pte Ltd Interlift Sales Pte Ltd. engages in the manufacture of material handling equipment and

systems.

TEE International Limited / -

Pending Xuzhoushi Anbang Automatic Equipment Co.

Ltd.

Xuzhoushi Anbang Automatic Equipment Co. Ltd. provides energy savings and energy

efficiency services.

Creative Energy Solutions Holdings Limited / -

Pending Birdsall Services Group, Inc. Birdsall Services Group, Inc. operates as an engineering and environmental consulting

company for property owners in the private and public sectors.

Partner Assessment Corporation / -

Pending Medini Iskandar Malaysia Sdn Bhd Medini Iskandar Malaysia Sdn Bhd constructs sewage treatment plants, water supply

reservoir, suction tank, pump house, and retention pond.

Mitsui & Co. Ltd. / -

Pending Dale Service Corporation Dale Service Corporation provides wastewater collection and treatment services. Virginia-American Water Company / -

Pending Los Gatos Research, Inc. Los Gatos Research, Inc. develops, tests, and manufactures laser-based measurement

strategies for on-destructive analyses of gases, liquids, and solids.

ABB Ltd. / -

Pending Simard-Beaudry Construction Inc. Simard-Beaudry Construction Inc. provides general contracting, construction management,

design, and project financing services, and builds water purification systems.

Management / -

Pending Auhua Clean Energy Plc Auhua Clean Energy Plc provides split-unit solar energy water heating systems for

individual households and commercial and public buildings.

Byte Power Group Limited / -

Pending Armacell GmbH Armacell GmbH manufactures engineered foams and flexible technical insulation materials. Charterhouse Capital Partners LLP /

Investcorp Bank BSC, Private Equity

Pending Fletcher Building Ltd. Fletcher Building Limited provides building products, construction materials, and services

worldwide.

Washington Securities Pty Ltd / -

Pending Sprue Aegis PLC Sprue Aegis plc, together with its subsidiaries, engages in the design, manufacture, and

marketing of home safety products in the United Kingdom and Europe.

BRK Brands Europe Limited / Amati Global

Investors Ltd.; Amati VCT plc


Page | 18


Closed


Pending Telular Corporation Telular Corporation develops and distributes products and services that utilize wireless

networks to provide data connectivity among people and machines used in alarms.

Avista Capital Holdings, L.P.; Avista Capital

Partners III, L.P. / A Consortium of Financial

BuyersPending 1-800 NY BULBS Limited 1-800 NY BULBS Limited distributes and sells LED light bulbs, LED lighting products,

and halogen light bulbs.

ForceField Energy Inc. / -

Pending May Gurney Integrated Services plc May Gurney Integrated Services plc provides infrastructure support services in the UK

including street lighting, kerbside recycling, street cleansing.

Kier Group plc / A Consortium of Financial

Buyers

Pending Synagro Technologies, Inc. Synagro Technologies, Inc. provides waste capture and conversion services to municipal

and industrial water and wastewater facilities in the United States.

EQT Partners AB; EQT Infrastructure II Fund

/ The Carlyle Group LP; Carlyle Infrastructure

Fund, L.P.Pending Akzo Nobel NV, Purate Business Akzo Nobel NV, Purate Business comprises a business unit which produces chlorine

dioxide for use in water treatment applications.

Ecolab Inc. / Akzo Nobel NV

5/24/2013 Ecosphere Energy Services Inc. Ecosphere Energy Services Inc. which develops and markets water filtration systems to the

oil and gas exploration industry using the ozonix process.

Fidelity National Financial, Inc. / Ecosphere

Technologies, Inc.

5/24/2013 EnergySolutions, Inc EnergySolutions, Inc. engages in the provision of nuclear services to government and

commercial customers in the United States, the United Kingdom, and internationally.

Rockwell Holdco, Inc. / ValueAct Capital,

LLC; Samana Capital, L.P

5/24/2013 Iberdrola Renovables France SAS Iberdrola Renovables France SAS owns and operates 32 wind parks with total power of

321.4 megawatts.

GE, EDF Energies Nouvelles, MEAG

MUNICH ERGO Asset Management /

Iberdrola SA5/23/2013 Powerline EHV, 10% of Southern Energy and

33% of Innovative Electronic

Powerline EHV provides extra high voltage safety training. PowerSecure International, Inc. / -

5/22/2013 Makani Power, Inc. Makani Power, Inc. develops and markets wind energy extraction technologies. Google Inc. / -

5/21/2013 Atlas Paper Mills, LLC Atlas Paper Mills, LLC manufactures recycled paper products in the United States. Peak Rock Capital / Palm Beach Capital

5/20/2013 NorthStar Alarm Services, LLC NorthStar Alarm Services, LLC distributes home security systems and provides alarm

installation and monitoring services across the United States.

The Beekman Group, LLC /

5/17/2013 EnergySolutions EU, Ltd., Sources and Waste

Business in United Kingdom

Sources and Waste Business in United Kingdom of EnergySolutions EU, Ltd. provides

safe disposal and recycling of industrial, scientific and medical radiation sources.

Eckert & Ziegler Strahlen & Medizintechnik

AG / EnergySolutions EU, Ltd.

5/17/2013 Wanless Enviro Services, Smart Skip and

Jones Enviro Services

Wanless Enviro Services Pty Ltd offers waste management, disposal, and recycling

services.

Tox Free Solutions Ltd. / -

5/16/2013 Cirque Energy, LLC Cirque Energy, LLC provides development, design, financing, construction, and operation

of landfill operations, renewable energy, and generation power projects.

Green Energy Renewable Solutions, Inc. / -

5/16/2013 Sky Security Services Inc. Sky Security Services Inc. provides security services to condominiums, gated

communities, apartments, hotels and resorts.

Universal Protection Service, Inc. / -

5/15/2013 Energy Park Sutton Bridge Limited Energy Park Sutton Bridge Limited generates biomass electricity. Pacific Green Technologies Inc. / Pacific

Green Group Limited

5/15/2013 Applied Communication Sciences Applied Communication Sciences provides communications research, consulting, and

engineering services in the areas of cyber security.

The SI Organization, Inc. / -

5/13/2013 Eve Trakway Ltd. Eve Trakway Ltd. provides temporary access systems and related services to customers in

Europe.

Management / LDC Ltd.

5/13/2013 Fluid Recovery Services LLC Fluid Recovery Services LLC operates a network of central, satellite, and mobile facilities

which deliver water management services.

Aquatech International Corporation / -

5/13/2013 Five Regulated Water and Wastewater

Systems

TES-Envirocorp Pte. Ltd. provides environmental engineering services. Navis Capital Partners / -

5/10/2013 Galliford Try plc Galliford Try plc operates as a house building and construction company that undertakes

infrastructure projects focusing on data centers, and energy from waste.

Galliford Try Employee Benefit Share Trust / -

5/10/2013 EnergyHub, Inc. EnergyHub, Inc. provides home energy management solutions that users to access,

control, and automate in-home energy consumption.

Alarm.com, Inc. / A Consortium of Financial

Buyers

5/10/2013 eircom Phonewatch Limited eircom Phonewatch Limited provides monitored security solutions for households and

businesses in Ireland.

Sector Alarm Holding AS / eircom Group plc

5/9/2013 Forkardt International FORKARDT INTERNATIONAL manufactures and supplies workholding equipment. Hardinge Holdings GmbH.; Hardinge GmbH /

ITW Workholding, Inc.

5/9/2013 South Staffordshire Plc South Staffordshire Plc provides regulated water supply services and non-regulated

services to water and other infrastructure sectors.

Kohlberg Kravis Roberts & Co. / Alinda

Capital Partners LLC; Alinda Infrastructure

Fund I, L.P.5/9/2013 Protección y Seguridad del Noroeste S.L. Protección y Seguridad del Noroeste S.L. offers security services in Spain. Segur Ibérica, S.A. / -

5/9/2013 Central Investigation and Security Services

Limited

Central Investigation and Security Services Limited provides security and safety services in

India.

OCS Group Limited / -

5/8/2013 E.ON SE E.ON SE operates as a power and gas company, through coal, natural gas, water, wind,

solar, and bio energy.

Unknown / Statkraft AS


Page | 19


Closed


5/7/2013 MyEnergy, Inc. MyEnergy, Inc. operates MyEnergy.com, a residential energy efficiency platform for

customers and various institutions.

Nest Labs, Inc. / Point Judith Capital; Capital-

E NV; Clean Energy Venture Group

5/7/2013 SWEDE GLASS UNITED AB SWEDE GLASS UNITED AB recycles sheet glass. Reiling Glas Recycling GmbH & Co. KG / -

5/6/2013 ENGER Engenharia S.A. ENGER Engenharia S.A. provides engineering consulting services, including environmental

supervision and monitoring.

SGS SA / -

5/3/2013 Croma Security Solutions Group PLC Croma Security Solutions Group PLC provides various security services in the United

Kingdom.

Management / -

5/3/2013 K.M. Ng & Associates, Inc. K.M. Ng & Associates, Inc. provides engineering services, as well as construction

administration and project management services, including flood control projects.

Merrick & Company, Inc. / -

5/3/2013 CPP North America, LLC CPP North America, LLC provides assistance products and services, including fraud

protection, and identity theft protection.

Amt Warranty Corp. / CPP Group Plc

5/3/2013 SpanoGroup NV SpanoGroup NV produces particleboards, MDF and melamine faced boards, and laminate

flooring products.

Mohawk Industries Inc. / Sofinim NV

5/2/2013 Butler National Services, Inc, Waste Water

Monitoring Business

Waste Water Monitoring Business of Butler National Services, Inc provides wastewater

monitoring services for wastewater remote pumping stations.

Beadle Enterprises LLC / Butler National

Services, Inc.

5/2/2013 First Order Red Limited First Order Red Limited provides asbestos solutions and services in Nottinghamshire,

Staffordshire, Derbyshire, Leicestershire, Yorkshire, the East Midlands, and beyond.

Santia Asbestos Management Ltd. / -

5/2/2013 Protection Plus Security Corporation Protection Plus Security Corporation provides personal protection services. Universal Protection Service, Inc. / -

5/2/2013 Canna Security America Inc. Canna Security America Inc. is engaged in designing, installing, monitoring, and managing

security systems.

ArcView Investor Network / -

5/2/2013 Caraustar Industries, Inc. Caraustar Industries, Inc. manufactures and markets recycled paperboard and converted

paperboard products to customers in various industries in North America.

H.I.G. Capital, LLC / Wayzata Investment

Partners LLC

5/1/2013 Jeminex Pty. Ltd., Three Businesses Three businesses from Jeminex Pty. Ltd. include three industrial and safety businesses that

sell PPE.

Bunzl plc / Jeminex Pty. Ltd.

5/1/2013 COIT Cleaning and Restoration of

Sacramento

COIT Cleaning and Restoration of Sacramento provides cleaning and disaster restoration

services including carpet, upholstery, and drapery cleaning services.

COIT Services, Inc. / -

5/1/2013 Kraft & Bauer Brandschutzsysteme GmbH Kraft & Bauer Brandschutzsysteme GmbH manufacturers extinguishing and fire protection

systems.

Invision Private Equity AG / -

5/1/2013 EMO Energy Solutions, LLC (nka:Lilker EMO

Energy Solutions)

Lilker EMO Energy Solutions operates as an energy efficiency and sustainable design

consulting company.

Lilker Associates Consulting Engineers, P.C. /

-

5/1/2013 GreenStar Products, Inc. GreenStar Products, Inc. designs, manufactures, and distributes light emitting diode (LED)

lighting systems to municipalities and commercial businesses around the world.

Toshiba Lighting & Technology Corporation /

-

4/30/2013 Food Industry Technical Ltd Food Industry Technical Ltd. provides kitchen energy management control solutions,

including gas safety and smoke sensors.

FF&P Private Equity Limited / -

4/30/2013 Atelier Dreiseitl GmbH Atelier Dreiseitl GmbH, an integrated design studio, engages in landscape architecture and

urban planning, including environmentally aware storm water management.

Ramboll Group A/S / -

4/30/2013 CheckVideo CheckVideo operates as a cloud-based video intelligence service. Kastle Systems International, LLC / -

4/29/2013 BluFlow Technologies, Inc. BluFlow Technologies, Inc. develops waste water treatment system for formulating,

producing and deploying customizable absorbent nano particles.

Acqua Innovations, Inc. / Ceres Ventures Inc.

4/29/2013 BP Recycling Systems GmbH BP Recycling Systems GmbH manufactures birquetting and pelletizing machines. PALLMANN Industries Inc. / -

4/28/2013 Checkpoint Systems Canada, ULC, Security

Systems Integration Business

Checkpoint Systems Canada, ULC, Security Systems Integration Business provides

security systems integration services.

Platinum Equity, LLC / Checkpoint Systems

Canada ULC

4/26/2013 IT Efficient Limited IT Efficient Limited engages in retrieving, recycling, and re-marketing information and

communication technology (ICT) assets for large corporate clients in the United Kingdom,

EMEA, APAC, and the Americas.

Restore PLC / -

4/25/2013 Global EcoPower Société Anonyme Energeo Environnement provides waste water treatment services. Private Investors / Athanor Equities SICAR-

SCA

4/25/2013 Midwest Sales, Inc Midwest Sales, Inc. distributes insulation products and offers asbestos removal supplies,

lead abatement supplies, and PPE.

Distribution International, Inc. / -

4/25/2013 Upchurch Waterworks LLC Upchurch Waterworks LLC provides water treatment and purification equipment. Culligan of Fenton / -

4/25/2013 Recyclebank Recyclebank provides a rewards system for recycling. Greenredeem / RecycleRewards, Inc.

4/24/2013 EcoMom, Inc. EcoMom, Inc. operates as an online retailer of healthy and eco-conscious products for

kids, moms, and families.

Green Cupboards, Inc. / -


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Closed


4/24/2013 Advanced Underwater Surveys Limited

(nka:ADUS DeepOcean Limited)

ADUS DeepOcean Limited is engaged in providing high-resolution multibeam sonar

surveying and visualization.

DeepOcean UK / -

4/24/2013 Yokoyama Co., Ltd. Yokoyama Co., Ltd. engages in metal recycling and regeneration business. Shintokyo Group Co., Ltd. / Keiyo Recycling

Co., Ltd

4/24/2013 County Waste of Virginia LLC County Waste of Virginia, a regional solid waste management company. Clairvest Group Inc.; Clairvest Equity Partners

IV, L.P. / -

4/24/2013 RIG Construction, Inc. RIG Construction, Inc. operates as a pool company in Mesa, Arizona and offers consumer

solar solutions.

WindPower Innovations, Inc. / -


Page | 21

SOURCES AND DISCLOSURES

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has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition

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Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd,

which is authorized and regulated by the Financial Conduct Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC

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their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of

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Copyright © 2013 Harris Williams & Co., all rights reserved.

SOURCES

1. Enhesa.

2. Biz Journals.

3. GreenBiz Group Inc.

4. EHS Today.

5. Fox Business.

6. Emilcott Associates Inc.

7. Greentech Media, Inc.

8. Waste & Recycling News.

9. Earth Techling.

10. Security Systems News.

11. The Economist.

12. Grain Net.

13. S&P Capital IQ.

14. The Mergermarket Group.

15. The Wall Street Journal.

16. MSW Management.

17. Clean Technica.

18. Energy Manager Today.

19. PR Newswire.

20. Business Wire.

21. Reuters.

22. RAE Systems, Inc.

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