Harris WIlliams - Note de Recherche - y en a t Il Dautres

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nvestment 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 authorised andegulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

PACKAGINGINDUSTRY UPDATE │ FEBRUARY 201


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P ACKAGING I NDUSTRY U PDATE

1

CONTENTSWHAT WE’RE READING

ECONOMIC UPDATE KEY THEMES PUBLIC COMPARABLES

PUBLIC MARKETS SELECT M&A ACTIVITY

CONTACTSPatrick McNultyManaging Director [email protected]+1 (804) 932-1339

Darwin OlympiaDirector [email protected]+1 (804) 915-0141

Brad MorrisonVice [email protected]+1 (804) 915-0168

Brandt Carr

[email protected]+1 (804) 887-6018

INTRODUCTION

Harris Williams & Co. is pleased to present our packaging industry update for February 2015. This report provides commentary and analysis on current capitalmarket trends and merger and acquisition dynamics within the global packagingndustry.

We hope you find this edition helpful and encourage you to contact us directly ifyou would like to discuss our perspective on current industry trends or our relevantndustry experience.

PACKAGININDUSTRY UPDATE │ FEBR

OUR PRACTICE

Harris Williams & Co. is a leading advisor to the packaging industry. Our significantexperience covers a broad range of end markets, industries, and business models.

BagsBottles & CansCaps & ClosuresFlexibleLabelsPouchesRigid

FilmsFoilLaminationsPaperboardPlasticsSpecialty Paper

Packaging Types

HARRIS WILLIAMS & CO. DEAL SPOTLIGHT

Most recently, Harris Williams & Co. advised PackagingDynamics, a portfolio company of Kohlberg & Company, onits sale to NOVOLEX, a portfolio company of Wind PointPartners. Packaging Dynamics is a leading manufacturer offlexible packaging solutions and specialty laminations.

a portfolio company of

has been acquired by





Harris Williams & Co. also recently advised Ranpak Corporation (Ranpak), a portfolio company of OdysseyInvestment Partners, on its sale to Rhône Capital. Ranpak is amanufacturer of protective packaging systems.

The firm also advised Hilex Poly, a portfolio company of TPGGrowth, on its sale to Wind Point Partners. Hilex Poly is amanufacturer of plastic bag and film products in NorthAmerica, operating the country’s largest closed-loop plasticbag recycling facility.

Packaging Dynamics

Ranpak Corporation

Hilex Poly

Materials Applications

CosmeticsE-CommerceFood & BeverageHealthcareIndustrialOther

http://www.harriswilliams.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=ZwZlFiTgmGK_kM&tbnid=rNTW0CJe9dqsgM:&ved=0CAUQjRw&url=http://www.brandsoftheworld.com/logo/ranpak-bv&ei=pPg6U--RPOjisATXzIHACw&bvm=bv.63934634,d.dmQ&psig=AFQjCNHlfYcS8SJtzeNhbfk6hExkCvGlQg&ust=1396460041645135http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&docid=ZwZlFiTgmGK_kM&tbnid=rNTW0CJe9dqsgM:&ved=0CAUQjRw&url=http://www.brandsoftheworld.com/logo/ranpak-bv&ei=pPg6U--RPOjisATXzIHACw&bvm=bv.63934634,d.dmQ&psig=AFQjCNHlfYcS8SJtzeNhbfk6hExkCvGlQg&ust=1396460041645135mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.harriswilliams.com/


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W HAT W E ’ RE R EADING

2

2014 A RECORD YEAR FOR PACKAGING M&A DEALS

FROZEN FRUIT SALES SOAR AS SMOOTHIES GET POPULAR

RIGID PACKAGING OUTLOOK REMAINS STRONG

IT’S PLASTIC FOAM PACKAGING, NOT THE FOOD, THAT’S TO GO UNDER A NEW YORK RULE

Plastics News 1/28/2015

Last year’s merger and acquisition activity in the packaging sector reached a record level. Overall deal volume hit$29.9 billion last year, up from $21.7 billion in 2013, $18.4 billion in 2012, and $28.4 billion in 2011. While lots of deals aregetting done, they also are for valuations not seen in several years. The average multiple for packaging transactionswas 7.4 times earnings before interest, taxes, depreciation and amortization in 2014. That multiple was 6.8 just the year

before and 7.0 in 2012.Read the full article here .

The Wall Street Journal 2/3/2015

Demand for frozen fruits is soaring as smoothies are becoming more popular in the U.S. Dole Packaged Foods, theargest seller of frozen fruit in the U.S., estimates that in 2014 about 60% of frozen fruit purchased went into smoothies,

up from about 21% in 2006. Frozen fruit sales have topped $1 billion annually, up 67% since 2010, according to Nielsen.Cascadian Farm, a line of organic foods from cereal to frozen produce owned by General Mills Inc, is optimistic aboutnew packages that will be made of thicker plastic covered in shiny graphics, some that sit upright on shelves andhave resealable zippers.

Read the full article here .

Packaging News 1/8/2015

One of the key factors behind the packaging industry’s recent growth spurt has been the continued success of rigidplastic manufacturers. The performance of this important industry sub-sector has been driven by a combination ofstrong innovation and a growing number of consumer goods companies switching their products out of other packaging materials and into rigid plastics. Demand for rigid plastics isn’t expected to wane any time soon.According to Smithers Pira, the global rigid plastic packaging industry is forecast to grow during the period 2013 - 2018by 5.2% to $174 billion. Given the bullish projections, it would be no surprise to see similarly high levels of M&A activity.


New York Times 1/7/2015

Nearly two years after Mayor Michael Bloomberg first proposed banishing foam containers in his final State of the Cityaddress, Mayor Bill de Blasio has pledged to complete the deed. Beginning on July 1, food establishments will bebarred from using plastic foam cups or containers, compelling purveyors of curbside cart fare and Chinese takeout,among others, to find alternatives. The sale of packing peanuts within the city limits will also be prohibited, thoughpeanut-laden parcels can still be shipped to New Yorkers from elsewhere. New York will now be the largest city in thecountry, following San Francisco, Seattle and Portland, Oregon, to prohibit the foam containers.


INDUSTRY UPDATE │ FEBR

THE CHIPOTLE EFFECT: WHY AMERICA IS OBSESSED WITH FAST CASUAL FOOD

Washington Post 2/2/2015

The market for fast casual food, which is almost but not quite fast food, has grown by 550% since 1999, more than tenimes the growth seen in the fast food industry over the same period, according to data from market research firm

Euromonitor. Chipotle and Panera, likely the best known purveyors of the category, have seen their sales quadrupleand triple, respectively, during that time. Panera has taken steps to be more environmentally friendly, including aedesign of all of its packaging last year to promote recycling.


PACKAGIN

http://www.harriswilliams.com/http://www.plasticsnews.com/article/20150128/NEWS/150129912/ma-deals-in-packaging-hit-recordhttp://www.wsj.com/articles/frozen-fruit-sales-soar-as-smoothies-get-popular-1423007851http://www.packagingnews.co.uk/features/packaging-in-2015/packaging-2015-spotlight-rigid-plastics/http://www.nytimes.com/2015/01/08/nyregion/for-some-food-purveyors-new-york-city-says-its-the-packaging-thats-to-go.htmlhttp://www.washingtonpost.com/blogs/wonkblog/wp/2015/02/02/the-chipotle-effect-why-america-is-obsessed-with-fast-casual-food/http://www.washingtonpost.com/blogs/wonkblog/wp/2015/02/02/the-chipotle-effect-why-america-is-obsessed-with-fast-casual-food/http://www.nytimes.com/2015/01/08/nyregion/for-some-food-purveyors-new-york-city-says-its-the-packaging-thats-to-go.htmlhttp://www.packagingnews.co.uk/features/packaging-in-2015/packaging-2015-spotlight-rigid-plastics/http://www.wsj.com/articles/frozen-fruit-sales-soar-as-smoothies-get-popular-1423007851http://www.plasticsnews.com/article/20150128/NEWS/150129912/ma-deals-in-packaging-hit-recordhttp://www.harriswilliams.com/


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70

80

90

100

110

120

05 06 07 08 09 10 11 12 13 14 15

U.S. EU-28

(5%)(4%)(3%)(2%)(1%)

0%1%

2%3%

05 06 07 08 09 10 11 12 13 14 15U.S. EU-28

$0

$50

$100

$150

$200

05 06 07 08 09 10 11 12 13 14 15WTI Brent

50

60

70

80

90

100

05 06 07 08 09 10 12 13 14 15

E CONOMIC U PDATE

3

GDP

INDUSTRIAL PRODUCTION INDEX

CONSUMER SENTIMENT

U.S. Industrial production decreased by 0.1% from November toDecember, although the manufacturing sector was notably better than the headline number due to a 7.3% drop in utilities. Capacityutilization decreased 0.3% in December to 79.7%.

EU-28 Industrial production increased by 0.1% from November to December 2014, led by durable consumer goods, intermediate goods, andcapital goods. Meanwhile, non-durable goods fell by 1.4%.

The Consumer Sentiment Index was up 4.6 points in the Januaryreading to 98.2 for the highest level since January 2004. Theexpectations component, up 5.0 points to 91.6, was also at its highestlevel since January 2004 and reflects confidence in the outlook for

jobs and income.

The current conditions component, up 3.5 points to 108.3, was at itshighest level since January 2007. This gain points to ongoingacceleration in consumer activity.

PACKAGININDUSTRY UPDATE │ FEBR

OIL PRICES

Feb$5

Feb-15:$52.99

Global oil prices continued their decline in early 2015 as low demandgrowth for oil in Europe and Asia, combined with increasing supplies inthe United States and the Middle East, have driven prices down to thelowest levels since early 2009.

The impact of the decline in prices could have a widespread effecton the global packaging industry. First, lower gas prices could boostdiscretionary spending from global consumers as they save money atthe pump. Additionally, falling prices could reduce input prices for many plastic packaging providers, potentially resulting in higher profits for those who can capture additional margins.

U.S. Real GDP increased by 0.6% in Q4 2014 (annual rate of 2.6%) led bystrong exports and personal consumption.

Even factoring in a dismal first quarter, full-year GDP in 2014 grew2.4%, the best annual performance since 2010, and at an annual rateof 4% over the last nine months.

EU-28 Seasonally adjusted GDP in the EU-28 for Q4 2014 rose by 0.4% in Q42014, with 1.3% annualized growth.

Jan-15:98.2

Q4-140.4%

Q4-10.6%

Dec-1106

Dec-1101

Oil Prices(Price per Barrel)

Consumer Sentiment Index

Industrial Production Index

GDP(Quarter-Over-Quarter Growth)

http://www.harriswilliams.com/http://www.harriswilliams.com/


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K EY T HEMES

4

INPUT PRICES

ENVIRONMENTAL & SUSTAINABILITY

ROBUST E-COMMERCE GROWTH

PACKAGININDUSTRY UPDATE │FEBRUARY 2

With raw material costs often representing more than 50% of COGS,packaging companies must aggressively manage input costs.

The packaging industry relies heavily on petrochemical feedstock,

causing significant input price volatility that is influenced by oil andnatural gas prices, as well as supply/demand dynamics domesticallyand abroad.

A two-year streak of steady resin price increases has ended, as resinprices have been on a downward trajectory recently along with theprice of oil.

Many experts expect the decline in oil, natural gas, and resin prices tocontinue as oversupply persists along with continued tepid demand.

Pulp and paper is another critical raw material for the industry and onethat has experienced less price volatility over the past three years.

Key Material Price Trends(Indexed)

Sustainability and recycling initiatives have become the new norm inthe industry, and we expect these trends to continue with a focus oneco-friendly products.

Companies are developing new ways to incorporate post-consumer,recycled material as feedstock for making new products.

Corporate responsibility and the eco-friendly angle sit well with today’sconsumers.

Recycling materials can reduce input costs and increase efficiency,without compromising performance.

Companies continue to find more ways to go green across substratesand applications.

Green Packaging Demand($ in billions)

Rapid growth in e-commerce will boost demand for protectivepackaging solutions and lead to continued steady growth.

The e-commerce market is projected to grow ~16% annually through2017, substantially faster than overall retail sales.

An increasing number of online orders per shopping experience andrising average order value are driving the industry growth trends.

As a higher percentage of goods are purchased online and shippeddirectly to consumers, packaging providers will need to adapt to theevolving implications and role packaging plays in consumer marketing.

Global E-Commerce Sales Projections($ in billions)

$1,505$1,771

$2,053

$2,357

$0

$500

$1,000

$1,500

$2,000

$2,500

2014 2015 2016 2017

$8.3 $9.0$10.8

$12.5$14

$0

$4

$8

$12

$16

$20

19 98 20 03 20 08 20 13 20 18

0%

50%

100%

150%

200%

Crude Oil Nat Gas PulpPET LDPE HD



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P UBLIC C OMPARABLES

5

of February 17, 2015 ($ in millions, except per share amounts)


1) Free cash flow conversion defined as EBITDA less capital expenditures divided by EBITDA.

Stock Performance 3 Year Free CashCurrent % of Revenue 2014 Price / Earnings TEV / EBITDA Flow Net Debt /

Pric e LTM High M kt Cap TEV CAGR Revenue EBITDA Margin 2015E 2016P LTM 2015E 2016P Conversion 1 EB

d / Specialtymited $14.22 100.0% $12,743 $15,767 (3.9%) $11,631 $1,403 12.1% 18.0x 17.2x 13.0x 11.0x 10.6x 78.5% 2.2xr Corporation 46.65 99.4% 9,762 13,853 12.3% 7,747 1,115 14.4% 21.8x 19.0x 12.5x 11.9x 11.1x 86.1% 3.7xroducts Co. 46.95 97.9% 4,754 5,846 3.5% 4,977 614 12.3% 17.6x 15.9x 9.4x 8.7x 8.2x 72.4% 1.8mpany, Inc. 47.11 99.2% 4,705 6,005 (6.5%) 4,464 599 13.4% 18.3x 17.0x 10.2x 9.9x 9.6x 68.5% 2.2xup, Inc. 65.25 95.0% 4,224 4,665 3.8% 2,618 460 17.6% 22.8x 20.3x 10.2x 10.4x 9.8x 66.9% 1.0xstics Group, Inc. 34.77 98.1% 4,131 7,906 3.0% 5,053 827 16.4% 20.3x 16.7x 11.2x 9.0x 8.7x 71.4% 4.5xi Oyj 25.19 97.9% 2,974 3,344 5.3% 2,326 331 14.2% 16.9x 15.4x 11.3x 9.2x 8.5x 50.7% 0.9x. 41.67 73.7% 2,074 3,266 1.5% 4,257 468 11.0% 17.0x NA 6.9x 7.3x NA 58.7% 2.4td. 36.53 96.1% 1,913 1,811 6.4% 786 149 18.9% 19.7x 17.9x 13.9x 9.8x 8.5x 65.5% NM

Median 97.9% 3.5% 14.2% 18.3x 17.1x 11.2x 9.8x 9.1x 68.5% 2.2x

Mean 95.3% 2.8% 14.5% 19.2x 17.4x 11.0x 9.7x 9.4x 68.7% 2.3x

nnison Corporation $53.99 99.4% $4,919 $5,841 2.9% $6,354 $691 10.9% 16.4x 14.4x 8.4x 8.2x 7.7x 78.8% 1.3xstries Inc. 130.06 96.4% 3,608 4,003 26.7% 2,581 422 16.3% 18.3x 16.6x 10.6x 9.4x 8.8x 69.8% 1.2xor Corp. 64.14 96.7% 1,065 1,505 27.3% 797 141 17.8% 19.0x 15.6x 10.3x 9.5x 8.5x 79.6% 3.1x

Median 96.7% 26.7% 16.3% 18.3x 15.6x 10.3x 9.4x 8.5x 78.8% 1.3x

Mean 97.5% 18.9% 15.0% 17.9x 15.5x 9.8x 9.0x 8.3x 76.1% 1.9x

Paperboardnal Paper Company $56.98 99.0% $24,138 $33,828 0.2% $26,168 $4,201 16.1% 14.9x 13.0x 9.1x 7.9x 7.6x 65.1% 2.3xn Company 70.30 99.6% 9,836 12,625 22.2% 9,978 1,564 15.7% 16.4x 15.8x 8.1x 7.8x 7.8x 63.8% 1.8stvaco Corporation 54.06 99.6% 9,041 11,725 2.7% 5,604 975 17.4% 24.8x 22.1x 12.6x 11.2x 10.6x 62.8% 2.6xg Corporation of America 82.22 99.1% 8,089 10,316 31.4% 5,917 1,151 19.5% 16.4x 14.7x 9.5x 8.5x 8.0x 78.2% 1.9ack aging Holding Company 15.44 95.7% 5,050 6,942 0.3% 4,240 711 16.8% 20.4x 17.6x 10.0x 9.1x 8.5x 71.0% 2.7xPaper and Packaging Corporation 33.01 95.9% 3,169 4,187 36.7% 2,314 455 19.6% 15.6x 14.1x 9.6x 8.5x 8.0x 68.6% 2.2lter Co. 25.04 79.2% 1,064 1,420 4.0% 1,811 182 10.1% 14.1x 11.4x 8.2x 7.3x 6.4x 40.6% 2.0

Median 99.0% 4.0% 16.8% 16.4x 14.7x 9.5x 8.5x 8.0x 65.1% 2.2x

Mean 95.4% 13.9% 16.4% 17.5x 15.5x 9.6x 8.6x 8.1x 64.3% 2.2x

oration $74.39 99.2% $10,194 $13,172 (0.5%) $8,512 $1,216 14.3% 19.2x 17.3x 11.0x 11.0x 10.5x 67.4% 2.4xc 5.48 90.9% 5,891 7,753 (3.2%) 3,838 869 22.6% 16.0x 15.1x 8.6x 9.4x 9.1x 61.8% 1.4linois, Inc. 26.04 74.0% 4,276 7,341 (2.5%) 6,820 1,257 18.4% 10.7x 9.4x 6.4x 6.3x 6.0x 65.7% 2.3ldings Inc. 57.27 99.4% 3,620 4,996 3.5% 3,887 536 13.8% 17.3x 16.0x 9.5x 9.4x 9.0x 73.4% 2.6

Median 95.0% (1.5%) 16.4% 16.6x 15.5x 9.0x 9.4x 9.1x 66.6% 2.4x

Mean 90.9% (0.7%) 17.3% 15.8x 14.5x 8.9x 9.0x 8.7x 67.1% 2.2x

Median 97.9% 3.5% 16.1% 17.6x 15.9x 10.0x 9.2x 8.5x 68.5% 2.2x

Mean 94.8% 7.7% 15.6% 17.9x 16.0x 10.0x 9.2x 8.7x 68.1% 2.2x


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15.2%

17.4%

16.5%

15.1%

Rigid

Paper and Paperboard

Labels

Diversified / Specialty

9.0x

8.6x

9.0x

9.7x

Rigid


Labels

Diversified / Special ty

(0.7%)13.9%

18.9%

2.8%

Rigid


Labels

Diversified / Special ty

67.1%

64.3%

76.1%

68.7%

Rigid


Labels


2.2x

2.2x

1.9x

2.3x

Rigid


Labels


4.2%

18.7%

22.5%

6.0%

Rigid


Labels


x

x

x

xx

x

x

x

x

Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15

Diversified / Specialty Labels Paper and Paperboard Rigid

P UBLIC M ARKETS

6

NET DEBT / LTM EBITDA

3-YEAR EBITDA CAGR (2011 – 2014)

AVERAGE EBITDA MARGIN (2015E) FREE CASH FLOW CONVERSION (2015E)

TOTAL ENTERPRISE VALUE / 2015E EBITDA

3-YEAR REVENUE CAGR (2011 – 2014)


PUBLIC COMPARABLES (30-DAY ROLLING AVERAGE OF MEDIAN TEV / LTM EBITDA)

Median

Current 3-Year 5-Year

Diversified / Specialty 11.2x 8 .8x 7 .8x

Labels 10.2x 8.6x 7.9x

Paper and Paperboard 9.5x 8.8x 7.2x

Rigid 9.0x 8.4x 7.9x

Total Packaging 10.0x 8.8x 7.5x


8/10PAGE |

S ELECT M&A A CTIVITY

7


ate Target Target Business Description Acquirer

2015 MeadWestvacoCorporation

MeadWestvaco Corporation provides packaging solutions tohealthcare, beauty and personal care, food, bev erage, home andgarden, tobacco, and agricultural industries w orldwide.

Rock-Tenn Company(Merger)

2014 Charter NEX Films Inc. Charter NEX Films Inc. engages in engineering, extruding, andmanufacturing monolayer, coextruded, and barrier blown films forpackaging applications.

Pamplona CapitalManagement LLP

2014 Constantia Flexibles GroupGmbH

Constantia Flexibles Group GmbH manufactures and sells various flexiblepackaging products in Europe, North and South America, Africa,Australia, Asia, and Oceania.

Wendel

2014 Tri-Delta Plastics, Inc. Tri-Delta Plastics, Inc. designs, engineers, manufactures, and sells plasticcomponents to the packaging industry.

Pretium Packaging, LLC

2014 SIG Combibloc Group AG SIG Combibloc Group AG manufactures and supplies carton packagingand filling machines for bev erage and food manufacturers w orldwide.

Onex Corporation

2014 Clondalkin Group HoldingsB.V., Specialist PackagingDivision

Clondalkin Group Holdings B.V., Specialist Packaging Div ision offersspecialty secondary packaging solutions for the pharmaceutical,health, and personal care industries.

Essentra plc

2014 Packaging DynamicsCorporation

Packaging Dynamics Corporation manufactures a broad portfolio offlexible, paper-based food packaging products, as well as a range ofspecialty laminated foil-paper products.

NOVOLEX

2014 Pro Mach, Inc. Pro Mach, Inc. designs, manufactures, and sells packaging andprocessing products and solutions for a variety of end markets in theU.S. and internationally.

AEA Investors LP

2014 Berlin Packaging, LLC Berlin Packaging, LLC manufactures, imports, and distributes plastic,glass, and metal containers and closures.

Oak Hill Capital Partners

2014 Ranpak Corporation Ranpak Corporation produces and supplies paper packaging materialsand systems, offering a range of packaging solutions for void fill,cushioning, blocking and bracing, and w rapping applications.

Rhone Capital, L.L.C.

2014 SPG Holdings LLC SPG Holdings LLC manufactures and markets specialty paper productsfor the restaurant and foodservice distribution industries.

Georgia-Pacific ConsumerProducts LP

2014 Duro Bag ManufacturingCompany

Duro Bag Manufacturing Company manufactures and distributes paperbags in North America.

NOVOLEX

014 Graphic Packaging, Bags

and Kraft Paper

Graphic Packaging International, Inc., Bags and Kraft Paper Business

produces and distributes kraft paper and bags.

Mondi Limited

014 Pretium Packaging, LLC Pretium Packaging, LLC designs, manufactures, and sells rigid plasticbottles and containers for food, personal care, healthcare, andpharmaceutical end markets in the United States and Canada.

Genstar Capital, LLC

2014 Pregis Corporation Pregis Corporation engages in the manufacture, marketing, and supplyof protectiv e and specialty packaging solutions.

Olympus Partners

014 NewPage Holdings Inc. NewPage Holdings Inc. produces and sells printing and specialty papersin North America.

Verso Paper Corp.


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Energy& Power

IndustrialsHealthcare& Life Sciences

Transportation& Logistics

Aerospace, Defense& Government

Services

BusinessServices

Building Products& Materials

Technology,Media & Telecom

SpecialtyDistribution

Consumer

PAGE |

H ARRIS W ILLIAMS & C O . O FFICE L OCATIONS

UNITED STATES EUROPE

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Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit form our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For morenformation, visit our website at www.harriswilliams.com/industries.

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H ARRIS W ILLIAMS & C O .

BUILDING PRODUCTS & MATERIAINDUSTRY UPDATE | JANUARY 20

Bloomberg

Bureau of Economic Analysis

Capital IQ

Federal Reserve Economic Data

www.eMarketer.com

Eurostat

Freedonia

New York Times

Packaging News

Plastics News

The Wall Street Journal

University of Michigan

U.S. Census Bureau

Washington Post

Harris Williams & Co. ( www.harriswilliams.com ) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide.The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. providesell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

nvestment 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 authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC andHarris Williams & Co. Ltd conduct business.

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