human apital management market update march 2018 › wp-content › uploads › 2018 › 0… ·...

MERGERS & ACQUISITIONS • CAPITAL RAISES • FINANCIAL & STRATEGIC ADVISORY

1

Conference Date Location

March 18-21 Tucson, AZ

May 6-9 San Diego, CA

UPCOMING CONFERENCES

HCM NEWS & TRENDS

HUMAN CAPITAL MANAGEMENT MARKET UPDATE – MARCH 2018

The Skills Gap: Convergence of Training and Access to Talent

The skills gap and its effect on the business and labor market in the U.S.has been put in the spotlight as the impact is exacerbated by historicallylow unemployment (4% overall). The IT sector is one areadisproportionately impacted by the skills gap and low unemploymentthat is currently under 2%. IT labor demands remain high (temporaryand full time) fueling continued growth in the IT staffing segmenthowever growth has come at a more tempered pace (4% in 2017) as itremains constrained by the availability of talent. IT staffing executivesare consistently noting a clear trend in the supply & demand imbalanceshifting apart.

To be successful, IT staffing firms will need to become increasinglyoriented around securing talent (vs. job recs) and focusing on morecreative avenues to capture a younger network of candidates with theright skill sets. Growth in the IT staffing sector will be inexplicablylinked to success of post-secondary and professional trainingorganizations to educate and train technology professionals. The vastmajority of Americans will note, however, that schools need to catchup. 93% say schools need to do more to develop employable graduatesand 75% say inadequate education is a top factor responsible for theskills gap1.

Coding Bootcamps looked to be a welcome solution and gained tractionraising significant venture funding though many were not operatingwith a viable model and several, including major providers such as DevBootcamp and The Iron Yard, closed in 2017. Others, however, raisedcapital or were involved in healthy M&A transactions.

Expect to see more creative partnerships between staffing firms andspecialized training / post-secondary schools moving forward. We willlikely see groups experimenting on both ends of the spectrum withsome opting for loose affiliations and others for more intertwinedrelationships. There is a strong case for a heavily integrated model butthe core capabilities of both partners need to be aligned.

It is clear that many are questioning the effectiveness of our four yearinstitutions and their ability to teach the right skill sets to studentslooking to be employable in an increasingly specialized world. Whatmodel fills the void is up in the air but we are certain that studentslooking to increase their social-economic prospects will gravitate tomore specialized schools and vocational programs moving forward. Ourteam at CHILDS is excited to be covering the education and trainingspace as well as the staffing and recruiting world as they become moreintertwined every day.

CHILDSCONNECT CONFERENCE

Our 9th annual conference, CHILDSConnect, willbe on May 10th in Atlanta at The St. Regis Hotelin Buckhead. Last year over 400 owners,executives, and investors interested in middlemarket growth opportunities were inattendance.

Key Note PresentationAmazon: Frenemy or Foe?Presented by Clay Cowen, McKinsey Partner inMarketing Practice, and Steve Stafford, McKinseySenior Advisor.

Highlights• Unique and valuable network opportunities• Five sector updates: Healthcare, HCM,

Industrial Services, IT & Professional Services,and Software

• Middle Market M&A trends• Roundtable discussions

Learn More & Registerwww.childsadvisorypartners.com/childsconnect

1) ASA Staffing Success Magazine: Who’s to blame for the skills gap? January/February 2018

2

CHILDS Advisory Partners

NOTABLE TRANSACTIONS – STAFFING

Vaco is an executive search, consulting, placement and strategic staffing firm that delivers people driven solutions from the C-suite to customer service operations

Planet is a provider of specialized outsourced human capital and niche consulting primarily to the life sciences and diversified energy & engineering markets

Construction Labor Contractors is a provider of temporary staffing, focusing on skilled tradesmen for the commercial construction market

Vettery is a online hiring marketplace that connects top talent with growing companies. BioBridges helps workers find jobs in the pharmaceutical, biotechnology, and medical device industries

Holland Square Group is a provider of health IT consulting and staffing solutions to providers, payers, and suppliers of healthcare technology and services

Cirrus Medical Staffing is a provider of travel nurse and allied healthcare professionals to acute care hospitals and outpatient healthcare facilities

has been recapitalized by

November 2017


January 2018

has been acquired by

January 2018

a portfolio company of


October 2017

have been acquired by

February 2018 &September 2017

and


December 2017


3


NOTABLE TRANSACTIONS – HR SERVICES

WorkMarket provides an online platform and marketplace for businesses to manage freelancers, contractors, and consultants

MatrixOneSource is a provider of professional employer organization (PEO) services to small and medium-sized businesses

Staff One HR is a leading regional PEO that specializes in human resources management, benefits administration, workplace safety, payroll processing, and human resource technology solutions

ProService provides a comprehensive suite of HR solutions including strategic HR, payroll, human resource services, health benefits management, workers’ compensation, and 401(k) management

WilsonHCG provides recruitment process outsourcing (RPO), talent consulting, and executive search

Progressive Employer Management Company (PEMCO) is a professional employer organization (PEO) providing payroll administration, workers’ compensation, employee benefits, and human resource solutions


January 2018


January 2018


December 2017



November 2017


October 2017


October 2017


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NOTABLE TRANSACTIONS – EDUCATION & TRAINING

360Training offers online training courses to serve the compliance needs of employees and companies in regulated industries

DSG provides outsourced sales training and enablement services to Fortune 500 and middle market companies in North America and Europe

Hula Partners provides SAP SuccessFactors Human Capital Management (HCM) implementation services

Lewellyn Technology provides electrical safety training and inspection services for Fortune 1000 Companies nationwide

Therapeutic Research Center provides medication training and education solutions for pharmacists, pharmacy technicians, nurses, and other clinicians to reduce medication errors and improve patient care


December 2017


September 2017

has been purchased by

December 2017


November 2017


February 2018

CEB Talent Assessment provides science-based assessment tools, benchmark data, predictive technologies, and consultancy services

February 2018


Talent Assessment

5

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Tem

po

rary

Em

plo

ym

ent


KEY ECONOMIC INDICATORS

CONSUMER CONFIDENCE & UNEMPLOYMENT RATEU.S. GDP GROWTH

TEMPORARY PENETRATIONNON-FARM PAYROLL (1-QUARTER NET CHANGE)

CONSUMER PRICE INDEXU.S. INITIAL JOBLESS CLAIMS

($ in trillions)

(Payrolls in 000s) (Payrolls in 000s)

(Claims in 000s)

Sources: Capital IQ, BLS, CHILDS proprietary database

Temporary Penetration Rate: 2.03% at Dec-17

-10.0%

-5.0%

0.0%

5.0%

10.0%

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

16.5

17.0

17.5

Dec-09 Dec-11 Dec-13 Dec-15 Dec-17

An

nu

al Percen

tage Gro

wth

Rea

l GD

P

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0


Un

emp

loy

men

t Rate

Co

nsu

mer

Co

nfi

den

ce

Consumer Confidence Unemployment Rate

(1,000)

(800)

(600)

(400)

(200)

-

200

400

600

800

1,000


-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%


Yo

Y C

han

ge

-

100

200

300

400

500

600


-40%

-20%

0%

20%

% C

han

ge

6

EV/EBITDA

M&A ACTIVITY AND TRENDS


EV/EBITDA

HCM M&A VALUATIONS

Sources: Capital IQ, Gartner, Forrester, CHILDS proprietary database1) Note: HR Services and Education & Training were not separately tracked prior to Q1-2015

HCM M&A ACTIVITY – QUARTERLY TRENDS1

Deal Count 26 40 35 28 46 50 79 69 105 94 118 100 96 104 106 76

% Δ N/A 54% (13%) (20%) 64% 9% 58% (13%) 52% (10%) 26% (15%) (4%) 8% 2% (28%)

▪ M&A activity in the U.S. for middle market HCM dealsdecreased during Q4 2017 with 76 transactionsannounced

▪ Represents a 28% volume decrease over theprevious quarter and 24% decrease from the sameperiod last year; economic uncertainty and theincrease in overall deal size were attributable forthe decreased volume

▪ HCM transactions in 2017 traded at 8.5xEV/EBITDA, consistent with 8.4x during 2016;slight rise was attributable to the increase in HRStransactions, which trade at higher multiplescompared to traditional staffing

▪ Buyers are actively seeking high quality growthopportunities to serve as standalone platforms, orto fold into existing platforms where significantsynergistic opportunities exist

▪ Valuations for publicly traded HCM companies continueto steadily increase

▪ HCM companies have maintained stable growth,slightly outpacing the S&P benchmark

▪ HCM companies continue to have multiple attractive exitoptions

▪ Strategics continue to look for acquisitions tosupplement organic growth and diversify productofferings

▪ Private Equity funds have raised unprecedentedfunds as of late, resulting in large amounts of drypowder needing to be invested

HCM PUBLIC MARKET VALUATIONS

7.3x 7.2x

8.0x 7.5x

8.4x 8.5x

–

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2012 2013 2014 2015 2016 2017

26 40 35 28 31 30

48 42 52

36 41 51

40 43 44

23

5 -

7 11

19

18 22

14 24 20 19

22 10 20

24 16

34

40

55 35 32 41 43

31

-

20

40

60

80

100

120

140

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17

Dea

l Vo

lum

e

Staffing HR Services Education & Training

10.2x

13.5x

9.5x

12.0x

10.0x

13.7x

9.9x

12.2x

9.5x

13.8x

9.3x

12.2x

10.8x

14.5x

9.9x

12.5x

–

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Staffing HR Services Education &Training

S&P 500

Q1-17 Q2-17 Q3-17 Q4-17

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Market Data Operating Statistics EV as a Multiple of: Growth

Stock Price LTM LTM CY2017 16 - '17

Company Name 2/26/18 Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA GrowthAverage

Adtalem Global Education Inc. $47.85 98.6% $2,884.3 $2,844.4 $1,809.3 $319.2 17.6% 1.57x 8.9x 2.01x 10.6x 9.4% (2.1%)

American Public Education, Inc. 26.20 95.6% 426.2 260.0 299.8 54.1 18.0% 0.87x 4.8x 0.85x 5.2x (5.7%) (4.3%)

Bridgepoint Education, Inc. 7.10 44.8% 192.8 5.7 478.4 27.2 5.7% 0.01x * 0.2x * NM * NM * (9.5%) (9.2%)

Capella Education Company 79.55 80.2% 924.7 757.3 439.7 69.4 15.8% 1.72x 10.9x 1.70x 8.4x 2.9% 1.6%

Franklin Covey Co. 26.65 85.4% 369.3 410.6 193.4 6.2 3.2% 2.12x 66.5x * 1.71x 0.0x * (4.0%) (2.6%)

GP Strategies Corporation 22.75 72.8% 381.8 422.3 505.0 35.9 7.1% 0.84x 11.8x 0.76x 8.6x 4.3% 0.7%

Grand Canyon Education, Inc. 101.20 98.5% 4,870.3 4,694.1 974.1 337.0 34.6% 4.82x * 13.9x 4.14x * 11.7x 11.5% 12.1%

John Wiley & Sons, Inc. 65.50 95.8% 3,719.4 4,209.5 1,751.8 315.3 18.0% 2.40x 13.4x 2.37x 10.3x 2.6% (1.4%)

K12 Inc. 15.32 72.3% 634.5 472.8 884.3 36.7 4.2% 0.53x 12.9x 0.00x * 0.0x * (0.1%) (1.9%)

Lincoln Educational Services Corporation 1.55 41.4% 38.3 47.8 178.4 4.2 2.4% 0.27x 11.3x 0.18x * 9.7x 40.6% (18.1%)

Pearson plc 9.96 92.4% 7,715.3 8,702.0 6,099.9 927.2 15.2% 1.32x 6.6x 1.43x 8.2x 14.0% (0.2%)

Scholastic Corporation 37.55 80.6% 1,310.4 933.9 1,623.3 102.4 6.3% 0.58x 9.1x 0.54x 6.5x (9.2%) 3.5%

Strayer Education, Inc. 92.08 91.4% 985.4 834.9 455.4 77.5 17.0% 1.83x 10.8x 1.75x 9.3x 3.7% 0.1%

Mean 80.7% $1,207.1 $177.9 12.7% 1.28x 10.4x 1.46x 8.8x 4.7% (1.7%)

Median 85.4% $505.0 $69.4 15.2% 1.32x 10.9x 1.70x 8.9x 2.9% (1.4%)

% of 52

Week HighMarket Cap.

Enterprise

Value

3 Year

Rev CAGR




Adecco Group AG $81.22 95.1% $13,830.7 $15,150.2 $27,741.4 $1,443.1 5.2% 0.53x 10.1x 0.50x 9.4x 18.4% 5.8%

AMN Healthcare Services, Inc. 56.15 96.1% 2,676.0 2,980.7 1,988.5 244.7 12.3% 1.50x 12.2x 1.50x 10.2x 4.8% 24.3%

Cross Country Healthcare, Inc. 13.01 80.6% 474.6 559.8 941.4 45.6 4.8% 0.59x 12.3x 0.61x 12.3x 6.1% 17.2%

Kelly Services, Inc. 29.67 95.9% 1,137.9 1,115.6 5,374.4 108.4 2.0% 0.21x * 10.0x 0.19x 7.9x 1.0% (1.1%)

Kforce Inc. 28.35 98.0% 708.0 826.7 1,357.9 76.2 5.6% 0.61x 10.9x 0.56x 8.3x 2.6% 3.7%

ManpowerGroup Inc. 121.87 89.0% 8,063.1 8,404.3 21,034.3 872.6 4.1% 0.40x 9.6x 0.35x 7.9x 6.4% 0.4%

On Assignment, Inc. 78.46 99.4% 4,081.1 4,619.6 2,625.9 282.7 10.8% 1.76x 16.3x 1.26x 10.7x 7.6% 15.0%

Randstad Holding NV 72.46 98.9% 13,248.7 14,884.3 27,945.2 1,248.0 4.5% 0.52x 11.6x 0.48x 9.2x 28.6% 10.5%

TrueBlue, Inc. 28.15 95.4% 1,034.3 1,122.0 2,508.8 126.2 5.0% 0.45x 8.9x 0.43x 8.1x (7.8%) 4.9%

Mean 94.3% $10,168.6 $494.2 6.0% 0.79x 11.3x 0.65x 9.3x 7.5% 9.0%

Median 95.9% $2,625.9 $244.7 5.0% 0.56x 10.9x 0.50x 9.2x 6.1% 5.8%

% of 52


Enterprise

Value

3 Year

Rev CAGR




Automatic Data Processing, Inc. $117.90 94.1% $52,261.5 $52,487.3 $12,789.8 $2,725.3 21.3% 4.10x * 19.3x 3.57x 16.3x 5.7% 6.5%

Barrett Business Services, Inc. 70.14 96.9% 512.0 480.1 896.8 31.8 3.5% 0.54x 15.1x 0.45x 10.5x NM 14.0%

Capita plc 2.46 24.4% 1,636.6 4,821.1 6,338.6 872.7 13.8% 0.71x 5.1x 0.85x 8.1x (3.7%) 5.6%

Insperity, Inc. 66.85 99.2% 2,773.2 2,521.4 3,300.2 144.0 4.4% 0.76x 17.5x 0.61x 11.2x 11.6% 11.9%

Marsh & McLennan Companies, Inc. 84.69 97.9% 42,990.5 47,355.5 14,024.0 3,337.0 23.8% 3.38x 14.2x 3.01x 12.0x 4.4% 2.7%

Paychex, Inc. 66.83 91.4% 24,004.4 23,799.2 3,237.7 1,415.6 43.7% 7.35x * 16.8x 6.42x * 14.6x 5.3% 7.1%

TriNet Group, Inc. 41.92 92.6% 2,912.8 3,081.0 3,238.5 239.1 7.4% 0.95x 12.9x 3.82x 11.1x (73.7%) 16.1%

Willis Towers Watson Public Limited Company 161.21 97.7% 21,299.4 24,955.4 8,116.0 1,886.0 23.2% 3.07x 13.2x 2.83x 10.9x 2.2% 29.2%

Mean 86.8% $6,492.7 $1,331.5 17.6% 1.57x 14.3x 2.16x 11.8x (6.9%) 11.6%

Median 95.5% $4,819.4 $1,144.2 17.5% 0.86x 14.6x 2.83x 11.1x 4.4% 9.5%

% of 52


Enterprise

Value

3 Year

Rev CAGR


HUMAN CAPITAL MANAGEMENT PUBLIC TRADING STATISTICS

Source: Capital IQ* Denotes figure excluded from mean/median calculation

STAFFING/RECRUITING

HUMAN RESOURCE SERVICES

(USD in millions, except for stock price)


EDUCATION & TRAINING


8


STOCK MARKET FUNDAMENTALS

Staffing: ADEN, AMN, ASGN, CCRN, KELLY.A, KFRC, MAN, RAND, RHI, TBIHR Services: ADP, BBSI, CPI, MMC, NSP, PAYX, TNET, WLTWEducation & Training: APEI, ATGE, BPI, CPLA, FC, GPX, JW.A, LINC, LOPE, LRN, PSON, SCHL, STRA

HCM SECTOR INDICES VS. S&P 500

VALUATION TREND DATA (EV/EBITDA)

77.9%

97.1%

57.2%

100.4%

12.8X

13.9X

10.4X

11.6X

50

100

150

200

250

Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18

Staffing HR Services Education & Training S&P 500

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18

Staffing HR Services Education & Training S&P 500

9


FIRM OVERVIEW

MERGERS & ACQUISITIONS

CAPITAL RAISESFINANCIAL &

STRATEGIC ADVISORY

CHILDS ADVISORY PARTNERS’ SERVICES

• 45 professionals across four offices in the U.S. with headquarters in Atlanta

• 83 total transactions closed since the beginning of 2014 with 50 in the HCM space

• Over 450 transactions completed in the middle market (Enterprise Value less than $1.0 billion)

• 60% financial / 40% strategic buyer mix

• Market-leading close rate

QUICK FACTS

• 2016 U.S. Boutique Investment Bank of the Year

• 2016 Ranked #1 by 451 Group for IT Services transactions in the U.S.

• 2014 Cross-Border Transaction of the Year Finalist

• 2014 Professional Services Transaction of the Year Finalist

• 2013 Strategic Acquisition of the Year Winner

• 2013 U.S. Boutique Investment Bank of the Year Finalist

ACCOLADES

CORE COVERAGE

STAFFING

HR SERVICES

EDUCATION & TRAININGSoftware

IT & Professional Services

Technology

Services

Industrial Services

Technology HealthcareBusiness Services

Human Capital Management

10


TEAM’S EXTENSIVE EXPERIENCE IN HUMAN CAPITAL MANAGEMENT

Sell-side advisor to Accountable Healthcare Staffing on its recapitalization with Mitsui & Co.▪ Provider of healthcare staffing services to hospitals and other healthcare facilities

Sell-side advisor to Lannick on its sale to Vaco▪ Professional staffing and recruitment firm specializing in finance & accounting and

technology sectors

Sell-side advisor to AIM Consulting on its sale to Addison Group▪ Offers a wide array of IT consulting services, including software testing, application

development and management, ERP, supply chain management, and CRM

Sell-side advisor to Trinity Healthcare Staffing Group on its sale to Travel Nurse Across America▪ Healthcare staffing firm specializing in travel nurse staffing and workforce management

services

Sell-side advisor to Travel Nurse Across America on its recapitalization with Gridiron Capital▪ Travel nursing agency providing recruiting, training, testing, and monitoring of nurses for

hospitals in the U.S.

Sell-side advisor to HMS Consulting Group on its sale to HCTec▪ Develops workforce management solutions for the healthcare industry

Sell-side advisor to Veritaaq on its sale to Manpower▪ Provides comprehensive IT consulting services throughout Canada

Sell-side advisor to Advanced Medical on its recapitalization with Clearview Capital▪ Occupational, physical, and speech therapy staffing solutions

Sell-side advisor to Accretive Solutions on its sale to RPG, a subsidiary of Resources Connection▪ Professional services firm providing outsourcing, consulting, and search to a wide variety

of organizations from start-ups to the Fortune 500

Sell-side advisor to Next Source on its recapitalization with H.I.G. Capital▪ Provider of managed workforce solutions for human capital management

Sell-side advisor to Vaco on its recapitalization with Olympus Partners▪ Staffing services firm placing individuals in accounting, finance, technology, healthcare IT

and administrative positions

Sell-side advisor to 24 Seven on its recapitalization with Morgan Stanley Global Private Equity▪ Provider of talent recruitment services around the world

Sell-side advisor to Hire Dynamics on its recapitalization with MSouth Equity Partners▪ Staffing and professional recruitment services focused on C/LI, office, and contact center

industry verticals

Sell-side advisor to DSG on its recapitalization with Stone-Goff Partners▪ Tech-enabled professional services firm that provides sales enablement content, tools, and

training to corporate customers

Sell-side advisor to ScribeAmerica on its recapitalization with Chicago Growth Partners▪ Offers medical scribe education, training, and managed services to hospitals

Buy-side advisor to FFL Partners on its recapitalization of Crisis Prevention Institute (CPI) ▪ International training organization that specializes in the safe management of disruptive

and assaultive behavior

11


CHILDS’ HCM TEAM

CHILDS Advisory Partners | 3550 Lenox Road, Suite 1200 Three Alliance Center | Atlanta, GA 30326 | 404.461.4600 | www.childsadvisorypartners.com

CHILDS OFFERS THE SENIOR LEVEL ATTENTION AND ADVISORY FOCUS OF A BOUTIQUE FIRM

COUPLED WITH BANKERS WITH BULGE BRACKET EXPERIENCE

▪ Former SunTrust Robinson Humphrey investment banker focused on executing mergers and acquisitions and capital raising transactions in the Business Services sector

▪ Alan has executed transactions representing over $3 billion in value

▪ Graduated summa cum laude, Phi Beta Kappa with BA in Economics from Knox College

Alan BuglerManaging [email protected]

▪ Founded and led Robinson-Humphrey’s Business Services practice since 1992

▪ Cooper has executed well over 100 Professional Services transactions

▪ MBA from the Darden School of Business at the University of Virginia

Cooper MillsManaging [email protected]

▪ Executive at MPS Group, a Fortune 1000 company, and Volt Information Sciences

▪ Dave has sourced and executed over 50 transactions in Professional Services

▪ Dave maintains close relationships strategic and private equity buyers

Dave PhillipsManaging [email protected]

▪ Prior sell-side M&A experience, focused on business services with Piper Jaffray and TM Capital

▪ MBA from Terry College of Business at the University of Georgia and JD from the University of Georgia School of Law

Ryan SugrueVice President [email protected]

▪ Prior corporate finance and restructuring experience at FTI Consulting

▪ Ten years of restructuring and investment banking experience

▪ Graduated summa cum laude with a B.S. in Economics from Vanderbilt University

Steve [email protected]

▪ Prior experience executing M&A transactions for FMI Capital Advisors

▪ Over seven years of investment banking experience

▪ Graduated with a B.S. in Business Administration from Washington and Lee University

Robert WombleVice [email protected]

▪ Prior M&A experience performing buy-side financial due diligence as a Manager at PwC

▪ MBA from Emory University; BBA and MAcc from the University of Georgia

Alex [email protected]

▪ Prior investment banking and capital markets experience at Wells Fargo Securities and Goldman Sachs

▪ Graduated with a B.A. from Duke University

Kenny [email protected]

▪ Prior M&A experience with Prairie Capital Advisors

▪ Undergraduate from Richard Ivey School of Business at the University of Western Ontario

Josh [email protected]

▪ Former Managing Director for Blackstone Advisory Partners, the M&A advisory arm of Blackstone

▪ 20 years of investment banking experience

▪ Jason has executed over $40 billion of M&A transactions

▪ MBA from Harvard Business School

Jason WallaceManaging [email protected]

▪ Healthcare investment banking with UBS, Piper Jaffray, and Duncan-Williams

▪ 12 years focused predominantly on healthcare services M&A and Capital Markets transactions

▪ MBA from Columbia Business School and JD from University of Georgia School of Law

Ross DeDeynManaging [email protected]

▪ Former CEO of Impact Innovations, an IT Services firm, and former Robinson Humphrey Investment Banker

▪ Over 20 years of experience as an investment banker and owner/operator

▪ Jim has personally led over 100 M&A and financing transactions

▪ MBA from Harvard Business School

Jim ChildsChief Executive [email protected]

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