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Environmental Services
Industry Update │ January 2014
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 1
SUMMARY CONTENTS WHAT WE’RE READING RELEVANT HW&CO. TRANSACTIONS PUBLIC MARKETS PUBLIC COMPARABLES NOTABLE M&A ACTIVITY M&A TRANSACTION DETAIL
OUR PRACTICE Harris Williams & Co. is a leading advisor to the environmental services M&A market. Our Environmental Services (ES) Practice includes experience across a broad range of sectors, including services and products that meet environmental demands for a variety of end markets.
Environmental Services Sectors
• Engineering, Construction, and Consulting (ECC)
• Remediation, Cleaning, and Abatement • Test, Measurement, and Control • 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 (804) 915-0161
M&A│Select Recent Activity
Stock Price % Change TEV / EBITDA P/E
1 Month 12 Month Jan-13 Jul-13 Current 2014E 2015P Current 2014E
Engineering, Construction, and Consulting
Engineering, Construction, and Consulting 1.6% 36.7% 9.0x 10.0x 11.4x 9.2x 8.5x 14.9x 17.8x
Remediation, Cleaning, and Abatement
Products (0.7%) 41.9% 10.9x 12.6x 14.2x 13.5x 11.9x 20.6x 22.7x
Services (0.4%) 20.7% 8.2x 8.8x 9.3x 8.8x 7.6x 39.6x 19.7x
Test, Measurement, and Control
Test and Measurement Products and Technologies 2.7% 30.3% 12.4x 14.3x 15.3x 14.7x 13.5x 24.2x 22.3x
Testing, Inspection, and Certification Services (1.4%) (3.4%) 12.5x 11.9x 13.6x 12.1x 10.8x 29.5x 22.6x
Control Products and Technologies 0.4% 34.1% 10.7x 11.9x 13.9x 13.4x 11.7x 25.8x 22.5x
Waste Management and Recycling
Diversified Waste Management and Recycling 5.3% 20.7% 9.8x 9.3x 10.9x 8.8x 8.2x 23.4x 20.5x
Metals Processing and E-Waste 0.8% 8.5% 8.3x 9.3x 12.0x 8.2x 6.6x 27.7x 16.9x
Recycled Materials 2.6% 23.9% 7.1x 8.2x 8.6x 8.4x 7.2x 21.9x 17.5x
Solid Waste Management and Recycling (5.0%) 7.1% 8.0x 9.1x 8.2x 7.8x 7.5x 27.7x 20.0x
Specialty Waste (1.9%) 9.4% 9.9x 11.4x 10.3x 9.3x 8.2x 30.3x 30.6x
Waste to Energy 1.7% (5.6%) 10.7x 12.1x 10.9x 9.4x 9.5x 49.5x 47.1x
Water and Wastewater
Products and Technologies 0.4% 46.6% 10.4x 11.6x 13.3x 12.8x 11.7x 41.7x 24.3x
Utilities and Services 1.4% 8.7% 9.6x 10.5x 10.4x 9.7x 8.9x 21.1x 20.1x
TEV / LTM EBITDA as of
(1) As of January 23, 2014.
AMEC has entered into a non-binding, $3.2-billion cash and shares agreement to acquire its Switzerland-based rival Foster Wheeler AG. Under the proposed terms, Foster Wheeler’s existing shareholders would own approximately 23% of the combined company, and it is expected that two members of Foster Wheeler’s board would join the board of directors of AMEC as non-executive directors. Read more here. OMERS Private Equity has entered into an agreement to sell Maxxam Analytics International Corporation, an operator of a network of laboratories across Canada that serve the energy, environmental, food and DNA industries, to Bureau Veritas SA for an enterprise value of $609 million. Read more here. Huntington Ingalls Industries acquired The S.M. Stoller Corporation, a leading provider of environmental, nuclear, and technical consulting and engineering services to the Department of Energy, Department of Defense and the private sector. Read more here. Curtis Bay Medical Waste Services, a growing comprehensive medical waste service company, has acquired the Waste Management Healthcare Solutions New England based customer service operation and the turnkey medical waste processing facility assets. Read more here.
Public Markets│Key Trading Statistics1
Harris Williams & Co. Environmental Services Industry Update│January 2014
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WHAT WE’RE READING
EPA Updates Air Pollution Standards for Woodstoves, Heaters. “EPA has proposed standards for the amount of air pollution that can be emitted by new woodstoves and heaters, beginning in 2015. The agency says its proposal would reduce emissions from the next generation of stoves and heaters by an estimated 4,825 tons a year — an 80% reduction over estimated emissions without the rule. The proposal would affect a variety of wood heaters manufactured beginning in 2015 and will not affect heaters and stoves already in use in homes or currently for sale.” Read more here. EPA Issues Carbon Capture Rule. “EPA issued a final rule that the agency says will help create a consistent national framework to ensure the safe and effective deployment of carbon capture and sequestration (CCS) technologies. CCS technologies allow carbon dioxide to be captured at stationary sources — like coal-fired power plants and large industrial operations — and injected underground for long-term storage in a process called geologic sequestration.” Read more here. U.S. Firms Cash in on China’s Air Pollution. “China’s air pollution provides an economic opportunity for U.S. clean-tech companies, Reuters reports. The U.S. Department of Commerce forecasts China’s clean-tech market will triple to $555 billion by 2020. This could be a boon to firms like clean-energy company Fuel Tech, green design engineer WS Atkins and others that are hiring more staff and pursuing Chinese contracts, Reuters says.” Read more here. Western Companies, Suppliers Greening Asia Factories. “In the last five years, Western companies and occasionally their Asian suppliers have begun to build green-certified or environmentally friendly factories in developing countries. The burgeoning certification trend could lead to significant water and energy savings down the line because so many consumer and industrial goods are made in Asia, the New York Times reports. For instance, Intel has cut its global energy bill by $111 million since 2008 after making $59 million worth of sustainability investments in 1,500 worldwide, the newspaper reports.” Read more here. Administration Is Seen as Retreating on Environment in Talks on Pacific Trade. “The Obama administration is retreating from previous demands of strong international environmental protections in order to reach agreement on a sweeping Pacific trade deal that is a pillar of President Obama’s strategic shift to Asia, according to documents obtained by WikiLeaks, environmentalists and people close to the contentious trade talks. The negotiations over the Trans-Pacific Partnership, which would be one of the world’s biggest trade agreements, have exposed deep rifts over environmental policy between the United States and 11 other Pacific Rim nations.” Read more here. EPA Issues Hazardous Waste-Tracking Regs. “On January 15th, the Environmental Protection Agency issued regulations creating a national electronic system to track hazardous waste. The rule is designed to transition the country away from an antiquated paper-based system, saving companies and states hundreds of thousands of hours worth of paperwork and tens of millions of dollars in annual compliance costs. The regulation paves the way for a new e-Manifest system envisioned in legislation approved in 2012. Beyond lowering costs, the rule is meant to help authorities when spills occur.” Read more here. EU to Cut Carbon Emissions 40% by 2030. “Europe will reduce its greenhouse gas emissions by 40 percent below 1990 levels by 2030 as part of a deal reached on January 22nd. The European Commission’s draft 2030 climate and energy package also sets an EU-wide binding target for member states to source at least 27 percent of their energy from renewable sources by the same date.” Read more here. You Can Make Money in the Water Business, Lux Research Says. “The $600 billion water industry boasts a sizable number of profitable large companies, according to Lux Research, which says new entrants are bringing emerging technologies that will disrupt the industry and create new opportunities. A review of 150 companies across the value chain, representing 23 percent of the market, found average operating profit of 12.9 percent, torpedoing claims that it’s impossible to make money in the water business, Making Money in the Water Industry says. Customer-facing sectors in public service and small consumer systems do even better, clocking 14 percent profits.” Read more here.
Harris Williams & Co. Environmental Services Industry Update│January 2014
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Regulation, legislation, social awareness, and consumer preferences involving environmental and sustainability issues have created substantial opportunity for companies that provide Environmental Services (ES). 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 ES landscape, offering differentiated strategic advice and superior execution to clients across the ES spectrum.
Pine Environmental Services, Inc.
has been acquired by has been acquired by
has been acquired by
has been acquired by has been acquired by
• Enardo – Provider of safety and environmental control solutions for storage tanks and vapor control systems.
• BLR – Provider of online employment, safety, and environmental compliance solutions.
• 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. • APS Energy Services – Provider of energy conservation and
renewable energy solutions in the Southwestern U.S. • PSSI – Provider of contract cleaning for food processors. • Soil Safe – Provider of soil treatment and placement services. • ENTRIX – Provider of environmental consulting services in
water resource management.
has been acquired by has been acquired by
Relevant Transactions
has been acquired by
has been acquired by has been acquired by
has been recapitalized
has been acquired by
RELEVANT HW&CO. ENVIRONMENTAL SERVICES TRANSACTIONS
Harris Williams & Co. Environmental Services Industry Update│January 2014
PUBLIC COMPARABLES TEV/LTM EBITDA (‘09 – ‘14)
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(1) As of January 23, 2014. Source: S&P Capital IQ.
4x
5x
6x
7x
8x
9x
10x
11x
12x
13x
14x
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement Test, Measurement, and Control
Waste Management and Recycling Water and Wastewater S&P 500
5-Year Minimum 5-Year Median 3-Year Median Current 5-Year Maximum
Engineering, Construction, and Consulting 6.7x 8.5x 8.6x 11.4x 11.4xRemediation, Cleaning, and Abatement 5.5x 9.7x 11.3x 13.3x 14.0xTest, Measurement, and Control 6.4x 11.0x 11.7x 13.9x 14.0xWaste Management and Recycling 5.7x 8.1x 8.1x 9.4x 9.7xWater and Wastewater 5.9x 8.9x 9.0x 9.8x 10.0xS&P 500 5.9x 8.5x 8.6x 10.1x 10.3x
Harris Williams & Co. Environmental Services Industry Update│January 2014
PUBLIC COMPARABLES
Page | 5
($ in millions, excluding stock price)
(1) As of January 23, 2014.
Stock PerformanceStock Price Change from 52-Week TEV / EBITDA P/E
TEV Jan-14 Dec-13 Jan-13 Prior Month Prior Year High % of High Jan-13 Jul-13 Current 2014E 2015P Current 2014E
Engineering, Construction, and Consulting1
Engineering, Construction, and ConsultingAbengoa SA $14,108 $4.16 $3.37 $3.11 23.4% 34.0% $4.33 96.2% 11.1x 9.7x 10.0x 8.2x 7.3x 42.9x 20.9xAECOM Technology Corporation 3,630 30.36 29.42 25.28 3.2% 20.1% 35.24 86.2% 7.5x 8.9x 8.0x 7.6x 7.0x 12.9x 12.4xAMEC plc 5,079 17.19 17.60 17.45 (2.3%) (1.5%) 19.90 86.4% 8.9x 9.0x 9.8x 8.7x 7.9x 15.0x 12.3xArcadis NV 3,108 37.09 34.25 25.99 8.3% 42.7% 37.47 99.0% 9.0x 9.4x 11.1x 10.7x 9.7x 21.1x 19.5xCardno Limited 957 5.70 6.04 7.12 (5.6%) (19.9%) 6.64 85.8% 7.8x 7.0x 7.7x 7.5x 6.9x 12.1x 11.8xChicago Bridge & Iron Company N.V. 10,432 82.86 81.68 50.10 1.4% 65.4% 83.41 99.3% 8.2x 11.4x 12.8x 11.4x 9.2x 25.0x 19.9xFomento de Construcciones y Contratas, S.A. 12,709 28.69 21.37 14.43 34.2% 98.9% 28.95 99.1% 12.5x 15.7x 21.9x 11.9x 10.1x NM NMWSP Global Inc. 1,708 29.88 29.88 21.43 (0.0%) 39.4% 30.30 98.6% 11.1x 10.4x 11.7x 10.5x 9.7x 0.0x 22.6xIHS Inc. 9,813 117.11 117.68 101.18 (0.5%) 15.7% 123.95 94.5% 21.1x 22.5x 25.3x 14.1x 12.8x 60.1x 20.3xInterserve plc 1,457 11.19 10.26 7.03 9.0% 59.1% 11.44 97.8% 11.8x 10.7x 15.9x 7.6x 6.8x 5.3x 14.7xJacobs Engineering Group Inc. 7,877 65.73 61.47 46.34 6.9% 41.8% 65.88 99.8% 7.7x 9.4x 10.3x 8.7x 7.8x 20.3x 17.8xLeidos Holdings, Inc. 4,648 46.49 45.94 47.92 1.2% (3.0%) 64.36 72.2% 10.8x 6.7x 6.2x 17.6x 10.4x 10.4x 49.1xStantec Inc. 3,054 62.56 62.12 39.80 0.7% 57.2% 66.03 94.7% 9.3x 10.2x 12.3x 12.2x 11.4x 22.5x 21.6xTetra Tech Inc. 2,017 29.91 27.92 28.48 7.1% 5.0% 31.49 95.0% 8.6x 13.6x 14.7x 8.4x 7.5x NM 16.8xTRC Companies Inc. 193 6.94 7.30 6.09 (4.9%) 14.0% 9.40 73.8% 7.9x 13.4x 21.9x NM NM 6.0x 14.2xUnited Envirotech Ltd. 615 0.83 0.63 0.51 30.5% 62.6% 0.84 99.1% 10.3x 14.5x 15.5x 13.4x 9.2x 24.4x 29.7xURS Corporation 5,740 52.22 51.88 40.90 0.7% 27.7% 55.79 93.6% 6.2x 6.6x 7.0x 6.7x 6.7x 13.0x 12.5xWS Atkins plc 2,084 23.40 22.98 12.27 1.8% 90.7% 24.47 95.6% 6.0x 7.9x 10.5x 9.2x 8.5x 14.8x 17.1x
Median 1.6% 36.7% 95.3% 9.0x 10.0x 11.4x 9.2x 8.5x 14.9x 17.8x
Remediation, Cleaning, and Abatement1
ProductsEcolab Inc. $38,306 $104.15 $104.93 $73.39 (0.7%) 41.9% $108.34 96.1% 12.2x 13.9x 15.4x 15.1x 13.3x 34.7x 29.4xFederal Signal Corp. 985 14.01 14.58 7.80 (3.9%) 79.6% 15.89 88.2% 9.6x 11.2x 12.9x 12.0x 10.5x 6.4x 16.0xSwisher Hygiene Inc. 75 0.57 0.51 1.40 12.8% (59.3%) 1.55 36.8% NM NM NM NM NM NM NM
Median (0.7% ) 41.9% 88.2% 10.9x 12.6x 14.2x 13.5x 11.9x 20.6x 22.7x
ServicesEMCOR Group Inc. $2,912 $43.77 $41.59 $35.46 5.2% 23.4% $43.98 99.5% 6.7x 8.5x 9.9x 9.5x 8.0x 24.1x 19.8xHeritage-Crystal Clean, Inc 313 17.44 20.47 14.78 (14.8%) 18.0% 20.67 84.4% 19.0x 21.6x 25.3x 17.0x 8.6x 204.6x 64.1xNewalta Corporation 1,186 15.35 16.33 16.01 (6.0%) (4.1%) 16.29 94.2% 9.7x 9.0x 8.7x 8.1x 6.8x 25.4x 19.6xRentokil Initial plc 5,512 2.02 1.86 1.40 8.5% 43.8% 2.04 99.0% 5.9x 6.4x 8.2x 7.4x 7.1x 53.9x 14.5x
Median (0.4% ) 20.7% 96.6% 8.2x 8.8x 9.3x 8.8x 7.6x 39.6x 19.7x
TEV / LTM EBITDA as of
Harris Williams & Co. Environmental Services Industry Update│January 2014
PUBLIC COMPARABLES
Page | 6
($ in millions, excluding stock price) Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E TEV Jan-14 Dec-13 Jan-13 Prior Month Prior Year High % of High Jan-13 Jul-13 Current 2014E 2015P Current 2014E
Test, Measurement, and Control1
Test and Measurement Products and TechnologiesBadger Meter Inc. $825 $53.15 $55.00 $49.55 (3.4%) 7.3% $56.36 94.3% 13.7x 15.2x 16.2x 16.7x 14.7x 32.2x 31.0xDanaher Corp. 55,864 77.87 76.79 60.46 1.4% 28.8% 78.64 99.0% 11.1x 11.7x 13.2x 13.4x 12.3x 21.8x 22.8xFLIR Systems, Inc. 4,637 33.44 29.48 23.86 13.4% 40.2% 33.97 98.5% 9.3x 11.7x 12.6x 13.7x 12.2x 21.6x 23.8xHalma plc 4,044 10.23 9.92 7.28 3.1% 40.5% 10.30 99.3% 12.7x 14.6x 16.6x 15.0x 14.2x 26.4x 21.9xHoriba Ltd. 1,312 37.44 33.90 28.42 10.5% 31.8% 38.83 96.4% 5.3x 9.7x 8.8x 8.2x 6.7x 22.0x 21.0xRoper Industries Inc. 16,053 140.04 137.00 117.70 2.2% 19.0% 142.53 98.3% 14.5x 15.2x 16.0x 15.0x 13.7x 27.1x 25.0xTeledyne Technologies Inc. 4,095 93.06 92.63 69.67 0.5% 33.6% 94.48 98.5% 9.8x 10.2x 11.3x 12.2x 10.7x 20.3x 20.0xThermo Fisher Scientific, Inc. 47,133 115.89 109.41 69.80 5.9% 66.0% 116.50 99.5% 12.1x 14.4x 17.3x 17.2x 14.8x 31.9x 21.6xTrimble Navigation Limited 9,494 34.08 34.32 31.45 (0.7%) 8.4% 35.01 97.3% 21.8x 19.6x 22.5x 20.6x 17.5x 46.3x 22.7xWaters Corporation 8,482 104.40 99.60 90.87 4.8% 14.9% 108.89 95.9% 12.8x 14.1x 14.6x 14.3x 13.3x 18.7x 21.1x
Median 2.7% 30.3% 98.4% 12.4x 14.3x 15.3x 14.7x 13.5x 24.2x 22.3x
Testing, Inspection, and Certification ServicesBureau Veritas SA $13,932 $27.40 $28.63 $29.16 (4.3%) (6.0%) $34.45 79.5% 15.8x 15.1x 14.6x 13.4x 12.4x 29.5x 22.0xIntertek Group plc 8,809 47.84 50.26 48.57 (4.8%) (1.5%) 57.73 82.9% 13.8x 13.9x 14.4x 12.6x 11.6x 26.6x 21.0xSGS SA 17,635 2,207.58 2,232.49 2,330.14 (1.1%) (5.3%) 2,694.85 81.9% 15.0x 14.6x 14.4x 12.5x 11.5x 26.6x 23.2xALS Limited 3,743 7.72 7.86 11.85 (1.8%) (34.9%) 10.94 70.6% 10.6x 9.1x 11.1x 11.7x 10.2x 16.2x 17.2xEurofins Scientific SA 4,536 265.68 259.79 177.24 2.3% 49.9% 279.79 95.0% 13.3x 14.4x 18.1x 16.2x 13.5x 44.9x 34.1xSAI Global Limited 880 3.29 3.42 4.67 (3.6%) (29.5%) 4.09 80.6% 11.8x 9.9x 9.4x 9.4x 8.6x NM 17.0xMistras Group, Inc. 765 24.12 20.55 22.20 17.4% 8.6% 25.23 95.6% 10.6x 9.2x 12.5x 9.7x 8.7x 53.5x 25.1xFurmanite Corporation 490 12.17 10.82 5.45 12.5% 123.3% 12.70 95.8% 9.6x 9.8x 12.8x 11.8x 9.3x 37.0x 26.2x
Median (1.4% ) (3.4% ) 82.4% 12.5x 11.9x 13.6x 12.1x 10.8x 29.5x 22.6x
Control Products and TechnologiesCalgon Carbon Corporation $1,149 $20.70 $20.56 $15.92 0.7% 30.0% $21.30 97.2% 12.0x 12.2x 11.7x 11.8x 10.0x 25.9x 25.2xCECO Environmental Corp. 498 16.40 17.18 11.11 (4.5%) 47.6% 19.42 84.4% 8.2x 11.4x 24.3x 19.4x 10.7x 44.1x 17.7xCLARCOR Inc. 2,734 58.34 63.63 49.00 (8.3%) 19.1% 65.08 89.6% 10.6x 12.0x 13.0x 11.2x 10.2x 24.9x 21.8xFlowserve Corp. 11,757 77.12 76.53 51.74 0.8% 49.0% 78.89 97.8% 11.1x 11.8x 14.3x 13.5x 12.3x 23.0x 22.5xFranklin Electric Co., Inc. 2,144 43.31 45.14 32.29 (4.1%) 34.1% 46.11 93.9% 11.2x 12.8x 13.8x 13.7x 11.7x 25.8x 25.2xIDEX Corporation 6,342 73.44 73.12 49.18 0.4% 49.3% 74.53 98.5% 10.4x 11.6x 13.5x 13.4x 12.3x 88.6x 24.0xJohnson Matthey plc 12,660 55.80 52.94 37.11 5.4% 50.4% 56.33 99.1% 10.0x 11.9x 13.9x 12.8x 11.9x 22.6x 20.7xL'Air Liquide SA 51,377 133.95 137.08 124.49 (2.3%) 7.6% 143.28 93.5% 9.6x 10.0x 10.5x 9.6x 9.0x 19.5x 18.8xPall Corporation 9,011 83.50 85.21 67.52 (2.0%) 23.7% 85.58 97.6% 12.4x 12.0x 15.7x 14.5x 13.1x 30.4x 24.5xPentair Ltd. 17,924 77.60 76.55 52.93 1.4% 46.6% 77.97 99.5% 41.6x 27.2x 20.9x 14.5x 12.9x 150.9x 24.3xRockwell Automation Inc. 16,060 119.23 117.10 89.41 1.8% 33.4% 119.71 99.6% 10.7x 10.9x 14.0x 11.9x 10.9x 22.2x 19.2x
Median 0.4% 34.1% 97.6% 10.7x 11.9x 13.9x 13.4x 11.7x 25.8x 22.5x
TEV / LTM EBITDA as of
(1) As of January 23, 2014.
Harris Williams & Co. Environmental Services Industry Update│January 2014
PUBLIC COMPARABLES
Page | 7
($ in millions, excluding stock price) Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E TEV Jan-14 Dec-13 Jan-13 Prior Month Prior Year High % of High Jan-13 Jul-13 Current 2014E 2015P Current 2014E
Waste Management and Recycling1
Diversified Waste Management and RecyclingFomento de Construcciones y Contratas, S.A. $12,709 $28.69 $21.37 $14.43 34.2% 98.9% $28.95 99.1% 12.5x 15.7x 21.9x 11.9x 10.1x NM NMALBA SE 905 83.39 84.08 83.09 (0.8%) 0.4% 87.99 94.8% 20.5x 35.8x 36.4x NM NM 23.4x 0.0xSéché Environnement SA 697 45.84 37.96 39.78 20.8% 15.2% 48.66 94.2% 7.3x 8.3x 9.1x 6.2x 5.9x NM 17.7xPennon Group Plc 7,895 11.22 10.66 10.69 5.3% 5.0% 11.99 93.6% 11.7x 11.8x 12.1x 11.6x 10.9x 59.0x 17.2xWaste Connections Inc. 7,165 41.50 43.49 34.75 (4.6%) 19.4% 46.49 89.3% 9.8x 12.4x 11.3x 10.9x 10.0x 28.2x 23.3xSuez Environnement Company SA 23,034 18.93 17.81 12.79 6.3% 47.9% 19.07 99.3% 6.6x 6.4x 7.5x 6.7x 6.5x 22.8x 21.5xShanks Group plc 1,295 1.93 1.79 1.53 7.8% 26.4% 1.99 97.1% 9.8x 9.3x 10.9x 8.7x 8.2x NM 21.4xTranspacific Industries Group Ltd. 2,712 1.01 1.03 0.83 (2.4%) 20.7% 1.04 96.4% 7.0x 6.8x 7.4x 7.9x 7.7x NM 24.2xWaste Management, Inc. 30,471 43.12 44.92 35.50 (4.0%) 21.5% 46.38 93.0% 8.0x 8.9x 9.0x 8.8x 8.3x 21.8x 19.7x
Median 5.3% 20.7% 94.8% 9.8x 9.3x 10.9x 8.8x 8.2x 23.4x 20.5x
Metals Processing and E-WasteCommercial Metals Company $3,302 $20.41 $19.82 $16.62 3.0% 22.8% $21.20 96.3% 7.7x 8.4x 9.9x 7.7x 6.2x 41.5x 16.9xAurubis AG 3,304 61.72 58.97 73.86 4.7% (16.4%) 78.38 78.8% 4.7x NM NM 6.5x 5.6x NM 13.8xDowa Holdings Co., Ltd. 3,958 9.53 9.74 6.93 (2.2%) 37.6% 10.06 94.8% 7.1x 9.2x 8.4x 8.3x 7.7x 13.9x 14.4xMetalico Inc. 233 2.37 1.79 2.00 32.4% 18.5% 2.68 88.4% 10.5x 14.8x 14.2x 11.1x 7.6x NM NMSchnitzer Steel Industries, Inc. 1,150 29.84 31.00 30.32 (3.7%) (1.6%) 33.32 89.6% 8.9x 9.4x 14.3x 9.4x 7.0x NM 50.0xSims Metal Management Limited 2,052 9.41 9.55 9.70 (1.4%) (3.0%) 10.02 93.9% 17.6x NM NM 8.2x 6.1x NM 19.8x
Median 0.8% 8.5% 91.7% 8.3x 9.3x 12.0x 8.2x 6.6x 27.7x 16.9x
Recycled MaterialsMondi plc $10,995 $16.64 $16.42 $11.43 1.4% 45.6% $18.60 89.5% 6.6x 7.4x 8.6x 7.4x 7.2x 21.9x 13.2xResolute Forest Products Inc. 2,022 17.72 15.63 13.96 13.4% 26.9% 18.37 96.5% 4.2x 5.0x 5.5x 5.8x 4.9x NM 16.4xClearwater Paper Corporation 1,641 51.10 51.73 45.37 (1.2%) 12.6% 53.91 94.8% 6.8x 8.0x 8.6x 8.4x 5.7x 26.4x 31.1xLKQ Corp. 9,611 27.93 33.36 22.68 (16.3%) 23.1% 34.32 81.4% 15.6x 16.1x 16.3x 15.3x 11.9x 28.5x 25.9xColas SA 7,424 179.02 164.08 158.17 9.1% 13.2% 179.02 100.0% 6.2x 5.0x 7.8x NM NM 14.8x 0.0xEagle Materials Inc. 4,342 78.06 74.65 64.41 4.6% 21.2% 79.91 97.7% 25.8x 23.1x 22.4x 15.0x 10.5x 40.6x 29.2xSonoco Products Co. 5,183 42.74 41.19 31.24 3.8% 36.8% 43.75 97.7% 7.3x 8.5x 9.0x 8.8x 8.2x 21.3x 18.6xRock-Tenn Company 9,924 99.82 104.12 80.03 (4.1%) 24.7% 126.05 79.2% 7.7x 8.5x 7.0x 6.1x 5.7x 10.0x 11.9x
Median 2.6% 23.9% 95.6% 7.1x 8.2x 8.6x 8.4x 7.2x 21.9x 17.5x
Solid Waste Management and RecyclingRepublic Services, Inc. $18,557 $32.25 $33.69 $30.87 (4.3%) 4.5% $35.61 90.6% 8.0x 9.1x 8.2x 7.8x 7.5x 24.4x 16.9xProgressive Waste Solutions Ltd. 4,194 23.53 24.78 21.97 (5.0%) 7.1% 25.90 90.9% 7.6x 7.8x 7.9x 7.9x 7.8x 31.0x 23.1xCasella Waste Systems Inc. 719 5.28 5.64 4.38 (6.4%) 20.5% 6.20 85.2% 8.4x 9.2x 8.6x 7.3x 6.9x NM NM
Median (5.0% ) 7.1% 90.6% 8.0x 9.1x 8.2x 7.8x 7.5x 27.7x 20.0x
Specialty WasteClean Harbors, Inc. $4,601 $57.00 $59.21 $56.50 (3.7%) 0.9% $64.12 88.9% 9.9x 11.4x 10.3x 8.7x 7.4x 26.0x 28.9xStericycle, Inc. 11,649 120.09 115.54 94.91 3.9% 26.5% 121.61 98.8% 16.6x 18.8x 18.5x 18.1x 16.4x 34.6x 32.2xUS Ecology, Inc. 815 37.07 37.07 23.57 0.0% 57.3% 39.77 93.2% 8.2x 9.4x 12.3x 11.5x 11.6x 23.6x 20.9xHeritage-Crystal Clean, Inc 313 17.44 20.47 14.78 (14.8%) 18.0% 20.67 84.4% 19.0x 21.6x 25.3x 17.0x 8.6x 204.6x 64.1xNewalta Corporation 1,186 15.35 16.33 16.01 (6.0%) (4.1%) 16.29 94.2% 9.7x 9.0x 8.7x 8.1x 6.8x 25.4x 19.6xPerma-Fix Environmental Services Inc. 59 3.67 3.09 4.20 18.8% (12.6%) 5.25 69.9% NM NM NM NM NM NM NMVeolia Environnement S.A. 24,360 16.53 15.87 12.11 4.2% 36.5% 18.91 87.4% 8.1x 6.8x 6.8x 9.3x 8.2x 84.0x 71.4xNuverra Environmental Solutions, Inc. 920 15.20 16.54 39.90 (8.1%) (61.9%) 44.20 34.4% 26.3x 16.6x 10.2x 8.1x 6.6x NM NM
Median (1.9% ) 9.4% 88.2% 9.9x 11.4x 10.3x 9.3x 8.2x 30.3x 30.6x
Waste to EnergyCovanta Holding Corporation $4,562 $18.05 $17.75 $19.13 1.7% (5.6%) $21.89 82.5% 10.7x 12.1x 10.9x 9.4x 9.5x 49.5x 47.1x
Median 1.7% (5.6% ) 82.5% 10.7x 12.1x 10.9x 9.4x 9.5x 49.5x 47.1x
TEV / LTM EBITDA as of
(1) As of January 23, 2014.
Harris Williams & Co. Environmental Services Industry Update│January 2014
PUBLIC COMPARABLES
Page | 8
($ in millions, excluding stock price) Stock Performance
Stock Price Change from 52-Week TEV / EBITDA P/E TEV Jan-14 Dec-13 Jan-13 Prior Month Prior Year High % of High Jan-13 Jul-13 Current 2014E 2015P Current 2014E
Water and Wastewater1
Products and TechnologiesIDEX Corporation $6,342 $73.44 $73.12 $49.18 0.4% 49.3% $74.53 98.5% 10.4x 11.6x 13.5x 13.4x 12.3x 88.6x 24.0xMueller Water Products, Inc. 1,936 9.18 9.33 6.17 (1.6%) 48.8% 9.44 97.2% 11.8x 11.8x 12.4x 9.9x 8.2x 41.7x 29.1xPentair Ltd. 17,924 77.60 76.55 52.93 1.4% 46.6% 77.97 99.5% 41.6x 27.2x 20.9x 14.5x 12.9x 150.9x 24.3xWatts Water Technologies, Inc. 2,196 59.91 61.90 44.32 (3.2%) 35.2% 62.66 95.6% 9.5x 10.7x 11.9x 11.7x 10.0x 30.0x 26.5xXylem Inc. 7,555 36.57 34.33 27.90 6.5% 31.1% 37.05 98.7% 9.5x 10.7x 13.3x 12.8x 11.7x 29.3x 19.2x
Median 0.4% 46.6% 98.5% 10.4x 11.6x 13.3x 12.8x 11.7x 41.7x 24.3x
Utilities and ServicesAegion Corporation $1,123 $22.22 $20.39 $23.28 9.0% (4.6%) $26.10 85.2% 9.7x 10.7x 10.8x 9.7x 7.2x 17.2x 17.3xAmerican States Water Company 1,379 27.64 29.49 25.52 (6.3%) 8.3% 33.09 83.5% 8.3x 9.4x 8.7x 8.9x 8.7x 17.6x 19.0xAmerican Water Works Company, Inc. 13,066 41.53 42.04 38.34 (1.2%) 8.3% 45.09 92.1% 9.4x 10.2x 10.0x 9.7x 9.1x 20.4x 18.9xAqua America Inc. 5,782 23.53 23.90 21.59 (1.5%) 9.0% 28.12 83.7% 12.4x 14.5x 13.4x 12.8x 11.9x 18.5x 20.7xCalifornia Water Service Group 1,514 22.48 23.21 19.35 (3.1%) 16.2% 23.43 96.0% 8.9x 9.8x 9.9x 9.5x 8.1x 21.8x 24.7xKurita Water Industries Ltd. 1,833 22.18 20.36 20.27 8.9% 9.4% 22.38 99.1% 3.5x 5.6x 5.7x 6.4x 5.7x 26.0x 27.7xPennon Group Plc 7,895 11.22 10.66 10.69 5.3% 5.0% 11.99 93.6% 11.7x 11.8x 12.1x 11.6x 10.9x 59.0x 17.2xSevern Trent Plc 13,633 27.05 27.62 25.40 (2.0%) 6.5% 36.18 74.8% 10.2x 11.8x 11.0x 9.9x 9.7x 8.6x 19.5xSuez Environnement Company SA 23,034 18.93 17.81 12.79 6.3% 47.9% 19.07 99.3% 6.6x 6.4x 7.5x 6.7x 6.5x 22.8x 21.5xThe York Water Company 351 20.90 21.79 18.17 (4.1%) 15.0% 22.00 95.0% 12.4x 13.8x 13.3x 13.0x 11.4x 28.7x 28.0xUnited Utilities Group PLC 17,480 11.31 10.89 11.36 3.9% (0.4%) 13.07 86.5% 11.7x 11.5x 11.2x 10.6x 10.2x 7.0x 16.3xVeolia Environnement S.A. 24,360 16.53 15.87 12.11 4.2% 36.5% 18.91 87.4% 8.1x 6.8x 6.8x 9.3x 8.2x 84.0x 71.4x
Median 1.4% 8.7% 89.8% 9.6x 10.5x 10.4x 9.7x 8.9x 21.1x 20.1x
TEV / LTM EBITDA as of
(1) As of January 23, 2014.
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 9
NOTABLE M&A ACTIVITY
Stantec acquired Williamsburg Environmental Group, an environmental consulting and engineering firm that specializes in services in ecology, environmental restoration, water resources, and regulatory support services. Read more here.
TRC acquired Energy Services, Inc. a subsidiary of EMCOR Group Inc. that provides engineering consulting services to utilities to support their energy programs in California. Read more here.
Engineering, Construction,
and Consulting
Remediation, Cleaning, and
Abatement
Test, Measurement, and Control
Waste Management and Recycling
Water and Wastewater
Google Inc. acquired Nest Labs Inc., a closely held maker of "smart" thermostats and smoke alarms for homes, for $3.2 billion. Read more here.
Exova, the global testing, calibration and advisory services provider, acquired Catalyst Environmental Limited, the leading stack emissions testing specialist in the UK and Ireland. Read more here.
GFL Environmental Inc. acquired The Garbage Company Inc., a solid waste management company based in Calgary, Alberta, giving GFL its first solid waste operation in Western Canada. Read more here.
Advanced Disposal acquired DC Disposal Inc., a trash hauling company, and the assets of Sherman Sanitation, a provider of waste collection and recycling collection services. Read more here.
Used cooking oil recycler Olleco acquired Midlands-based Bioco Recycling, an operator of commercial food waste collections from its regional offices in Coventry, Sheffield, Manchester, Derby, Oxford and Grantham. Read more here.
Bert Adams Disposal acquired the Broome County, N.Y., hauling operation of Waste Management Inc. Read more here.
Sweco has sold all shares in the Russian subsidiary Sweco Lenvodokanalproekt, a provider of water and environmental consulting services to BiotechProgress. Read more here.
California American Water acquired the assets of Dunnigan Water Works in Yolo County. The move will add about 253 new water and wastewater connections to California American Water’s customer base in the Sacramento area. Read more here.
Graco acquired QED Environmental Systems, a leading manufacturer of fluid management solutions for the growing environmental monitoring and remediation markets. Read more here.
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 10
M&A TRANSACTION DETAIL
Middle Market Envir. Services M&A Volume by Category for 2008 to YTD 20141,2
(# of transactions)
Annual Middle Market Envir. Services M&A Volume1,2
(# of transactions) Quarterly Middle Market Envir. Services M&A Volume1,2 (# of transactions)
Middle Market Envir. Services M&A Volume by Category for 2008 to YTD 20141,2
(% of total volume)
Middle Market Envir. Services M&A Volume by Category for the Last Twelve Months1,2
(% of total volume)
(1) As of January 23, 2014. (2) Includes only closed transactions with enterprise values between $50 million and $1.5 billion.
0
10
20
30
40
50
60
70
2008 2009 2010 2011 2012 2013 YTD 20140
5
10
15
20
25
30
35
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
63
90
92
58
113
0 20 40 60 80 100 120
Water and Wastewater
Waste Management and Recycling
Test, Measurement, and Control
Remediation, Cleaning, and Abatement
Engineering, Construction, and Consulting
27%
14%
22%
22%
15%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
30%
8%
11%
29%
22%
Engineering, Construction, and Consulting Remediation, Cleaning, and Abatement
Test, Measurement, and Control Waste Management and Recycling
Water and Wastewater
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 11
M&A TRANSACTION DETAIL1
(1) As of January 23, 2014.
ClosedDate Target Business Description Acquirer/Seller
Pending Shenzhen City Li Sai Industrial Development Limited
Shenzhen City Li Sai Industrial Development Limited offers treatment of domestic wastewater, pollution, noise; and engineering design of environmental pollution controls.
Greenspring (Nanjing) Recycling Resources Investment Co., Ltd. / -
Pending Sullivan International Group, Inc. Sullivan International Group, Inc. provides applied science, environmental, and technology services to commercial and government clients.
EQM Technologies & Energy, Inc. / -
Pending National Training Institute LLC National Training Institute LLC provides health, safety, and environment (HSE) training services to businesses in Oman and internationally.
Babcock International Group plc / Renaissance Services SAOG
Pending Longyan Xindongyang Environmental Protection and Purification
Longyan Xindongyang Environmental Protection and Purification provides waste incineration power generation, harmless disposal and purification of waste landfill.
A Consortium of Financial Buyers / -
Pending Associated Water Pty Ltd Associated Water Pty Ltd. provides water desalination facilities and water management services to the coal seam gas industry in Australia.
Clean TeQ Holdings Limited / Nippon Gas Co., Ltd.
Pending Foster Wheeler AG Foster Wheeler AG, through its subsidiaries, operates in engineering and construction, as well as power generating equipment businesses worldwide.
AMEC plc / A Consortium of Financial Buyers
Pending Nest Labs, Inc. Nest Labs, Inc. manufactures and distributes thermostats. Google Inc. / A Consortium of Financial Buyers
Pending UEM India Private Limited UEM India Private Limited designs and constructs industrial and municipal water and wastewater treatment plants.
Toshiba Corporation / India Value Fund Advisors Private Ltd
Pending Lan-Tian Environmental Engineering Co., Ltd. Lan-Tian Environmental Engineering Co., Ltd. offers environmental research and development, system assembly, design, and commissioning services.
Xuzhou Combustion Control Technology Co., Ltd / -
Pending Dunnigan Water Works Dunnigan Water Works, a water utility, operates water and wastewater facilities in Yolo County, California.
California-American Water Company / -
Pending HanKore Environment Tech Group Limited HanKore Environment Tech Group Limited constructs and operates wastewater treatment plants for the provision of wastewater treatment services.
China Everbright Water Investments Limited / A Consortium of Financial Buyers
Pending Hangzhou Tianchuang Environmental Technology Co.,LTD.
Hangzhou Tianchuang Environmental Technology engages in producing and servicing medical water treatment equipment and wastewater systems.
Qianjiang Water Resources Development Co., Ltd. / -
Pending Trust Sibkomplektmontazhnaladka JSC Trust Sibkomplektmontazhnaladka JSC offers construction and engineering services for oil and gas companies and contracting of infrastructural facilities.
Unknown / HYDROMASHSERVICE ltd
Pending Guangzhou Lvyou Industrial Waste Recycle And Treatment Co Ltd
Guangzhou Lvyou Industrial Waste Recycle And Treatment Co Ltd engages in recycling of industrial waste.
Dongjiang Environmental Company Limited / -
Pending Universtar Science & Technology (Shenzhen) Co., Ltd.
Universtar Science & Technology (Shenzhen) Co., Ltd. develops environmental monitoring products and environmental pollution treatment technologies.
Jiangsu Skyray Instrument Co., Ltd. / -
Pending Confident Echo Holdings Limited Confident Echo Holdings Limited, along with its subsidiaries, offers environmental technology engineering and construction services.
HongKong Xiangeqing Food Investment Co., Limited / Sunrise (China) Technology Group
Pending Maxxam Analytics International Corporation Maxxam Analytics International Corporation provides analytical services and solutions. Bureau Veritas SA / OMERS Private Equity
Pending Jilin Environment Energy Exchange Co., Ltd. Jilin Environment Energy Exchange Co., Ltd. provides environmental consulting and energy trading services.
Jilin Zixin Pharmaceutical Industrial Co.,Ltd / Jilin Changchun Property Rights Exchange
Pending AquaTower Pty Limited AquaTower Pty Limited owns and operates water treatment plants and is based in Victoria, Australia.
A Consortium of Financial Buyers / CK Life Sciences Int'l., (Holdings) Inc.; Gotak Limited
Pending Williamsburg Environmental Group, Inc. Williamsburg Environmental Group, Inc. provides environmental consulting and engineering services for public and private sectors in the United States.
Stantec Inc. / -
1/23/2014 Waste Management Inc., Rubber Wheel Division
The Rubber Wheel Division of Waste Management, Inc. includes 97 rubber wheel trailers and four trucks.
Dinverno Group LLC / Waste Management, Inc.
1/20/2014 Culver Enterprises, Inc. Culver Enterprises, Inc. provides medical waste collection and disposal services. Curtis Bay Medical Waste Services LLC / -
1/17/2014 The Dumpster Company Certain assets of The Dumpster Company including 600 residential customers. Advanced Disposal Services, Inc. / -
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 12
M&A TRANSACTION DETAIL1
1/17/2014 Sound Global Ltd Sound Global Ltd., an investment holding company, provides water and wastewater treatment solutions in the People’s Republic of China.
Management / A Consortium of Financial Buyers
1/14/2014 Sweco Lenvodokanalproekt Sweco Lenvodokanalproekt offers water and environmental consulting services. ZAO Biotechprogress SRPC / Sweco AB
1/13/2014 Waste Management Healthcare Solutions Waste Management Healthcare Solutions offers disposal services for medical, solid, hazardous, and pharmaceutical waste.
Curtis Bay Medical Waste Services LLC / -
1/9/2014 Edwards Group Limited Edwards Group Limited, an industrial technology company, manufactures and sells vacuum products and abatement systems.
Atlas Copco AB / A Consortium of Financial Buyers
1/7/2014 Niagara Conservation Corporation, Energy and Water Conservation Products Division
Manufactures products that reduce electricity and water bills for utilities and government customers.
AM Conservation Group, Inc. / Niagara Conservation Corporation
1/7/2014 VION Ingredients Nederland (Holding) B.V. VION Ingredients Nederland (Holding) B.V. produces and markets proteins, fats, plasmas, and gelatins.
Darling International Inc. / VION N.V.
1/6/2014 The Garbage Company Inc. The Garbage Company Inc. provides waste management services. GFL Environmental Corporation / -
1/6/2014 Catalyst Environmental Limited (nka:Exova Catalyst)
Exova Catalyst operates as a stack emissions testing contracting company. Exova Group Limited / -
1/3/2014 UT Quality Inc. UT Quality Inc. provides non-destructive testing and inspection services. RAE Energy UK Limited / -
1/3/2014 DC Disposal, Inc. and Sherman Sanitation Services LLC
DC Disposal, Inc. operates as a trash hauling company. Advanced Disposal Services, Inc. / -
1/3/2014 Valerus Field Solutions Valerus Field Solutions provides integrated oil and gas surface facility solutions, including engineering services.
Kentz Corporation Ltd / Valerus Compression Services, LP
1/2/2014 The S.M. Stoller Corporation The S.M. Stoller Corporation provides environmental remediation, waste management, infrastructure, ecological, and health and safety support services.
Huntington Ingalls Industries, Inc. / Capital Partners, Inc.
12/31/2013 The IMC Group Ltd., ShockLog Impact And Environmental Recorders
ShockLog Impact And Environmental Recorders offers monitoring equipment for transformer, oil and gas, wind turbine and other industries.
ShockWatch, Inc. / The IMC Group Ltd.
12/31/2013 The Harris Waste Management Group, Inc. The Harris Waste Management Group, Inc. manufactures ferrous processing equipment for waste, scrap, and recycling industries.
Avis Industrial Corporation / FKI Industries Inc.
12/31/2013 Q.E.D. Environmental Systems, Inc. Q.E.D. Environmental Systems, Inc. manufactures and sells environmental monitoring and remediation equipment.
Graco Inc. / TestAmerica Laboratories, Inc.
12/31/2013 Inland Industrial Services Group, LLC Inland Industrial Services Group, LLC provides environmental and industrial cleaning services in the Midwest and North Eastern United States.
Aquilex Holdings LLC / Strength Capital Partners
12/31/2013 Shanks Group plc, 11 facilities in England and Scotland
Shanks Group plc, 11 facilities in England and Scotland comprises solid waste collection business which collects, sorts, and processes commercial and industrial waste.
Biffa Group Limited / Shanks Group plc
12/31/2013 North Mohave Valley Corporation North Mohave Valley Corporation provides water service to approximately 2,000 customer connections in the Bullhead City area.
EPCOR Water (USA) Inc. / -
12/24/2013 Architectural Testing, Inc. Architectural Testing, Inc. provides architectural testing, product certification, quality assurance, forensic investigation, and building code compliance.
Intertek Group plc (LSE:ITRK) / Wafra Partners LLC
12/24/2013 Covanta Harrisburg, Inc. Covanta Harrisburg, Inc. owns and operates an energy-from-waste facility which process 800 tons per day of solid waste.
Lancaster County Solid Waste Management Authority / The Harrisburg Authority
12/23/2013 Advanced Disposal., Two Transfer Stations in Northern New Jersey
Two Transfer Stations in Northern New Jersey of Advanced Disposal. Covanta Holding Corporation / Advanced Disposal Services, Inc.
12/23/2013 Salcon Jiangsu (HK) Limited Salcon Jiangsu (HK) Limited supplies, constructs, manages, installs, and maintains water supply system.
Beijing Enterprises Water Group Limited / Salcon Bhd
12/23/2013 Salcon Darco Environmental Pte. Ltd. Salcon Darco Environmental Pte. Ltd. operates and manages water treatment plants. Beijing Enterprises Water Group Limited / Salcon Bhd
ClosedDate Target Business Description Acquirer/Seller
(1) As of January 23, 2014.
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 13
Boston Phone: +1 (617) 482-7501
Cleveland Phone: +1 (216) 689-2400
Minneapolis Phone: +1 (612) 359-2700
Philadelphia Phone: +1 (267) 675-5900
Richmond Phone: +1 (804) 648-0072
San Francisco Phone: +1 (415) 288-4260
London Phone: +44 (0)20 7518 8900
Frankfurt Phone: +49 069 3650638 00
HW&CO. OFFICE LOCATIONS
M&A TRANSACTION DETAIL1
(1) As of January 23, 2014.
ClosedDate Target Business Description Acquirer/Seller
12/19/2013 Pure Point Water Systems Inc. Pure Point Water Systems Inc. provides bottleless water filtration and purification systems. Quench USA, Inc. / -
12/18/2013 Nelson & Small, Inc., Heating and Energy Division
Heating and Energy Division of Nelson & Small, Inc. comprises the heat and water heating products and alternative energy systems distribution business of Nelson & Small, Inc.
Webber Supply, Inc. / Nelson & Small, Inc.
12/18/2013 HD Electric Company HD Electric Company designs and manufactures electrical test, measurement, and safety products.
Greenlee Textron, Inc. / -
12/17/2013 Armacell GmbH Armacell GmbH manufactures engineered foams and flexible technical insulation materials. Charterhouse Capital Partners LLP / Investcorp Bank BSC, Private Equity
12/16/2013 Bioco Recycling Bioco Recycling provides waste management services for the food industry. Olleco / -
12/16/2013 Waste Management, Inc., Hauling Operations in Broome County
Hauling Operations in Broome County provide waste hauling services. Bert Adams Disposal / Waste Management, Inc.
12/16/2013 Air Filtration Business Air Filtration Business manufactures and distributes gas turbine filtration equipment, industrial air filtration equipment, and membranes.
CLARCOR Inc. / A Consortium of Financial Buyers
12/13/2013 Balfour Beatty WorkPlace Limited Balfour Beatty WorkPlace Limited operates as a facilities management and business services outsourcing company serving private and public sectors in the United Kingdom.
GDF Suez Energie Services SA / Balfour Beatty plc
Harris Williams & Co. Environmental Services Industry Update│January 2014
Page | 14
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