powerpoint presentationa report q4 2016 hyde park capital ... 12/15/16 capsugel, inc. lonza group...

Healthcare M&A Report

Q4 2016

HYDE PARK CAPITAL

Member FINRA/SIPC

Investment Banking | Mergers & Acquisitions | Capital Raising

Hyde Park Capital Advisors, LLC 701 N. Franklin Street

Tampa, FL 33602 Tel: 813-383-0202

www.hydeparkcapital.com

John Hill Senior Managing Director [email protected] (813) 383-0205 John McDonald Senior Managing Director [email protected] (813) 383-0206 Keith Hodgdon Managing Director [email protected] (813) 383-0208 Jami Gold Vice President [email protected] (813) 383-0203 Greg Bosl Vice President [email protected] (813) 597-2649 Jeffrey Hendricks Vice President [email protected] (678) 523-3073 Kenneth Burnside Business Development Officer [email protected] (864) 905-9633

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Jan-16 Apr-16 Jul-16 Oct-16 Jan-17

S&P 500 Nasdaq S&P Global Healthcare Index

Public Market Performance (LTM)

Select Public Offerings – Healthcare (Q4 2016)

Public Company Market Performance by Sector

Source: S&P Capital IQ

Capital Markets Overview – Healthcare

Major market indices including the S&P 500 and Nasdaq posted positive results adding 11.2% and 9.8% respectively, while the S&P Global Healthcare Index fell 6.0% throughout 2016.

The table to the right highlights select public offerings completed in the Healthcare industry during Q4 2016. iRhythm Technologies, Inc. (NasdaqGM: IRTC) which provides wearable biosensors, completed the largest IPO during the quarter, raising $107 million from investors.

From a valuation perspective, the Healthcare Equipment & Supplies and Healthcare Technology sectors continued to trade at strong multiples of revenue at 4.0x and 3.3x, respectively.

Commentary

(6.0)%

9.8%

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising

11.2%

2

($ in millions)

Offer Date Issuer Industry Sector IPO / Secondary Offering Size

11/17/16 Abbott Laboratories Healthcare Equipment Secondary $3,225

10/27/16 Centene Corp. Managed Healthcare Secondary $1,200

12/15/16 UnitedHealth Group, Inc. Managed Healthcare Secondary $749

12/06/16 Zimmer Biomet Holdings, Inc. Healthcare Equipment Secondary $537

12/01/16 Becton, Dickinson and Co. Healthcare Equipment Secondary $530

11/10/16 PRA Health Sciences, Inc. Pharmaceuticals Secondary $416

10/19/16 iRhythm Technologies, Inc. Healthcare Equipment IPO $107

10/25/16 Ra Pharmaceuticals, Inc. Pharmaceuticals IPO $92

11/10/16 K2M Group Holdings, Inc. Healthcare Equipment Secondary $83

10/05/16 Obalon Therapeutics, Inc. Healthcare Equipment IPO $75

Industry Sector 3 Months 12 months Revenue EBITDA

Healthcare Facilities (5.5%) (3.7%) 1.0x 8.2x

Healthcare Services 0.8% 5.1% 1.8x 9.9x

Managed Healthcare 12.3% 18.6% 0.4x 7.5x

Healthcare Technology (18.3%) (19.1%) 3.3x 14.6x

Healthcare Equipment & Supplies (3.3%) 20.0% 4.0x 16.1x

Healthcare Distribution (8.4%) (20.3%) 0.3x 9.4x

Median

Change in Stock Price Enterprise Value / LTM

Deal Size Volume Value Volume Value Volume Value

Less than $100M 249 $9.1 204 $7.2 (18%) (21%)

$100 - $499M 99 $22.9 86 $19.8 (13%) (13%)

$500 - $999M 22 $16.0 30 $20.3 36% 27%

Total Middle Market 370 $48.0 320 $47.3 (14%) (1%)

% of Middle Market

Less than $100M 67% 19% 64% 15%

$100 - $499M 27% 48% 27% 42%

$500 - $999M 6% 33% 9% 43%

Total Middle Market 100% 100% 100% 100%

2015 2016 % Change

264 268

320

280

188

303

341

302

360370

320

0

100

200

300

400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

As detailed in the charts below, Healthcare Middle Market M&A transaction volume and value decreased during 2016 compared to 2015.

Middle Market Healthcare deal volume fell 14% throughout 2016 to

320 completed transactions, down from 370 during the prior year period. Despite the drop in deal volume, the total value of completed transactions fell only 1% to $47.3 billion.

Although Middle Market Healthcare M&A activity declined throughout the year, completed deal volume and deal value increased for transactions valued between $500 million and $1 billion, rising 36% and 27%, respectively.

Commentary

U.S. Middle Market M&A Activity – Annual Trends: VOLUME U.S. Middle Market M&A Activity – Annual Trends: VALUE

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($ i

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Annual Middle Market M&A Activity – Healthcare

3

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M

($ in billions)

Middle Market M&A Transactions by Deal Size – Healthcare

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$32.4

$46.0

$33.8

$22.2

$43.7

$49.7

$43.0

$35.2

$49.8 $48.0 $47.3

$0

$10

$20

$30

$40

$50

$60

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

113

9793 96

74

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10399

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71 74

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Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2'16 Q3'16 Q4'16

Quarterly Middle Market M&A Activity – Healthcare

U.S. Middle Market M&A Activity – Quarterly Trends: VALUE U.S. Middle Market M&A Activity – Quarterly Trends: VOLUME

Middle Market M&A Transactions by Deal Size – Healthcare

($ in billions)

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Commentary

Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

As detailed in the table on the right, Middle Market M&A activity in the Healthcare industry fell during Q4 2016 to 65 closed transactions, a 34% decrease from the 99 transactions closed in Q4 2015.

The total value of completed Middle Market Healthcare deals fell 28% to $8.6 billion in Q4 2016, down from $11.9 billion in the prior year period largely because of a decline in transactions valued between $100 million and $499 million.

Transactions valued between $500 million and $1 billion were a bright spot during Q4 2016 as deal volume in this size range increased 75% and completed deal value rose 86%.

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Less than $100M $100 - $499M $500 - $1,000M Less than $100M $100 - $499M $500 - $1,000M


Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

$0

$5

$10

$15

$20

Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2'16 Q3'16 Q4'16

$13.8

$9.1 $8.7

$10.4

$12.0$12.1

$16.7

$15.2

$11.9

$17.0

$11.9$11.6

$8.6

Deal Size Volume Value Volume Value Volume Value

Less than $100M 65 $2.5 46 $1.5 (29%) (40%)

$100 - $499M 30 $6.9 12 $2.5 (60%) (64%)

$500 - $999M 4 $2.5 7 $4.6 75% 86%

Total Middle Market 99 $11.9 65 $8.6 (34%) (28%)

% of Middle Market

Less than $100M 66% 21% 71% 17%

$100 - $499M 30% 58% 18% 29%

$500 - $999M 4% 21% 11% 54%

Total Middle Market 100% 100% 100% 100%

Q4 2015 Q4 2016 % Change

Recent M&A Activity – Healthcare

Select Announced M&A Transactions (Q4 2016)

5

Source: S&P Capital IQ.


Announced Date Target Buyer Industry

Enterprise

Value ($mm)

EV /

Revenue

EV /

EBITDA

12/22/16 Apollo Medical Holdings, Inc. Network Medical Management, Inc. Healthcare Services NA NA NA

12/20/16 LifeCell Corp. Allergan plc Pharmaceuticals $2,900.0 NA NA

12/20/16 Encore Vision, Inc. Novartis AG Pharmaceuticals NA NA NA

12/19/16 Epic Health Services, Inc. Bain Capital Private Equity, LP Healthcare Services NA NA NA

12/15/16 Capsugel, Inc. Lonza Group Ltd. Pharmaceuticals $5,500.0 5.5x 16.0x

12/09/16 First Choice Medical Supply, LLC Medical Specialties Distributors, LLC Healthcare Distributors NA NA NA

12/07/16 MedPlast, Inc. JLL Partners & Water Street Healthcare Partners Healthcare Supplies NA NA NA

12/02/16 Vascular Solutions, Inc. Teleflex, Inc. Healthcare Supplies $992.0 6.2x 45.8x

12/01/16 Edge Systems, LLC DW Healthcare Partners & Linden, LLC Healthcare Equipment NA NA NA

11/30/16 Comfort Medical, LLC Coloplast A/S Healthcare Distributors $160.0 NA NA

11/29/16 Great Lakes Home Health Services, Inc. Blue Wolf Capital Partners, LLC Healthcare Services NA NA NA

11/22/16 Chase Pharmaceuticals Corp., Inc. Allergan plc Pharmaceuticals $1,000.0 NA NA

11/17/16 Universal American Corp. WellCare Health Plans, Inc. Managed Healthcare $467.9 0.3x 18.2x

11/17/16 Veterinary Products Laboratories, Inc. Pegasus Laboratories, Inc. Healthcare Equipment NA NA NA

11/16/16 Square Waveform Anesthesiology, P.A. NorthStar Anesthesia, P.A. Healthcare Services NA NA NA

11/04/16 HealthTech Solutions, Inc. HealthTronics, Inc. Healthcare Distributors NA NA NA

Recent M&A Activity – Healthcare

Select Announced M&A Transactions (Q4 2016)

6



Announced Date Target Buyer Industry

Enterprise

Value ($mm)

EV /

Revenue

EV /

EBITDA

11/02/16 Secura Home Health, LLC Care Finders Total Care, LLC Healthcare Services NA NA NA

10/31/16 Team Health Holdings, Inc. The Blackstone Group Healthcare Services $6,020.1 1.4x 15.0x

10/27/16 Village Fertility Pharmacy, Inc. Apothecary by Design, LLC Healthcare Services NA NA NA

10/26/16 Firstaff Nursing Services, Inc. Epic Health Services, Inc. Healthcare Services NA NA NA

10/20/16 CNY Anesthesia Group, P.C. MEDNAX, Inc. Healthcare Services NA NA NA

10/19/16 Health Data Intelligence, LLC TrendShift, LLC Health Care Technology NA NA NA

10/19/16 Floragenex, Inc. Sedia Biosciences Corp. Biotechnology NA NA NA

10/13/16 Five Star Quality Care, Inc. Senior Star Management Co. Healthcare Facilities $150.9 0.1x 5.4x

10/06/16Hospira, Inc.

(Infusion Systems Business)ICU Medical, Inc. Healthcare Supplies $1,050.0 0.9x 6.6x

10/04/16 Fisher Eye & Laser Center Vision Group Holdings, LLC Healthcare Services NA NA NA

10/03/16 Fidere Anesthesia Consultants, Inc. Sheridan Healthcare, Inc. Healthcare Services NA NA NA

10/03/16 Florida Emergency Physicians Team Health Holdings, Inc. Healthcare Facilities NA NA NA

10/03/16 ClearPath Diagnostics Laboratory Corp. of America Holdings Healthcare Services NA NA NA

10/03/16 MeriCal, Inc. Linden, LLC Pharmaceuticals NA NA NA

10/02/16 East Valley Foot & Ankle Specialists, LLC Orthopedic Specialists of North America, PLLC Healthcare Services NA NA NA

M&A Activity by Healthcare Sector

% Change

% Change

U.S. Middle Market M&A Activity by Healthcare Sector: VOLUME

7

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion). *Managed Healthcare and Healthcare Distributor transactions are included in the Healthcare Services sector.

U.S. Middle Market M&A Activity by Healthcare Sector: VALUE

($ in billions)

74%

75%

11%

19%

82%


41%

211%

20%

19%

77%

$3.2

$0.3

$0.6

$1.7

$2.8

$4.0

$1.4

$0.2

$2.8

$3.5

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5

Pharmaceuticals, Biotechnology & Life Sciences

Healthcare Equipment & Supplies

Healthcare Technology

*Healthcare Services

Healthcare Facilities

17

2

7

7

32

21

11

4

27

36

0 5 10 15 20 25 30 35 40

Pharmaceuticals, Biotechnology & Life Sciences



*Healthcare Services


Q4 2015 Q4 2016

Q4 2015 Q4 2016

Select Announced Private Equity M&A Transactions (Q4 2016)

Financial Sponsors Activity by Sector

Private Equity Activity – Healthcare

8

Commentary

Source: S&P Capital IQ. *Includes transactions with undisclosed transaction values.

As detailed in the chart to the right, financial sponsors were active across many sectors of the Healthcare industry during Q4 2016, most notably in Healthcare Facilities with 23 announced deals.

Several notable private equity deals were announced during Q4 2016, including: Blackstone Group’s proposed purchase of Team Health Holdings, Inc.; JLL Partners’ acquisition of MedPlast, Inc. and Bain Capital Private Equity’s proposed purchase of Epic Health Services, Inc.

During Q4 2016, financial sponsors were most active in the

Healthcare Facilities and Healthcare Services sectors, announcing 23 and 10 transactions, respectively.

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23

3

10

Healthcare Equipment& Supplies

Healthcare Technology Healthcare Facilities Pharmaceuticals,Biotechnology & Life

Sciences

Healthcare Services

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5

10

15

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25

Announced

Date Target Buyer Industry

Enterprise

Value ($mm)

12/23/16Miami Beach Medical

Group, LLCGauge Capital Healthcare Facilities NA

12/20/16Mediware Information Systems, Inc.

TPG Capital Health Care Technology NA

12/19/16 Epic Health Services, Inc. Bain Capital Private Equity Healthcare Services NA

12/19/16 Professional Physical Therapy Thomas H. Lee Partners Healthcare Services NA

12/19/16 Lakeview Health Systems, LLC The Riverside Co. Healthcare Facilities NA

12/07/16 MedPlast, Inc. JLL Partners Healthcare Supplies NA

11/25/16Constellation Healthcare Technologies, Inc.

CC Capital Management Healthcare Technology $295

11/14/16 SciClone Pharmaceuticals, Inc.GL Capital Group & Ally Bridge Group

Pharmaceuticals $546

11/10/16 IDOC, LLC Investors Management Corp. Healthcare Services NA

10/31/16 Team Health Holdings, Inc. The Blackstone Group Healthcare Services $6,037

10/31/16 Advanced Instruments, Inc. Windjammer Capital Investors Healthcare Equipment NA

10/17/16 AHS Staffing, LLC BelHealth Investment Partners Healthcare Services NA

10/14/16Naples Center for Dermatology & Cosmetic Surgery

GTCR Healthcare Facilities NA

10/06/16 Convey Health Solutions, Inc. New Mountain Capital Health Care Technology NA

10/06/16 LLMS, LLCNew State Capital Partners

Healthcare Services NA

10/06/16 ProPharma Group, Inc. Linden Healthcare Services NA

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S&P 500 Healthcare Services

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S&P 500 Healthcare Facilities

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130%


S&P 500 Managed Healthcare

Industry Sector Overview – Recent Stock Price Performance

9


The charts included on the following pages detail the recent stock price performance by sector for the leading public companies within the Healthcare industry for the 12-month period ended December 31, 2016. The shaded section is the most recent 3-month period (Q4) for each sector relative to the S&P 500.

For the 12-month period ending December 31, 2016, the Healthcare industry had mixed performances, led by the Healthcare Equipment & Supplies sector (up 20.0%), while the Healthcare Distribution sector performed the worst (down 20.3 %)

During the 3-month period ended December 31, 2016, a majority of the sector indices decreased, with the Healthcare Technology sector declining the most during the period (down 18.3%).


Commentary Healthcare Services

Managed Healthcare


11.2%

11.2%

11.2%

18.6%

3.7%

5.1%

70%

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110%

120%


S&P 500 Healthcare Distribution

90%

100%

110%

120%

130%


S&P 500 Healthcare Equipment & Supplies

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100%

110%

120%


S&P 500 Healthcare Technology

Industry Sector Overview – Recent Stock Price Performance

10


Healthcare Distribution

Healthcare Equipment & Supplies Healthcare Technology


11.2%

11.2%

20.0%

20.3%

11.2%

19.1%

Industry Sector Overview – Public Company Analysis


($ in millions, except per share)

11


Healthcare Services


Closing Price % of 52 Equity Enterprise

Company Ticker 12/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA

HCA Holdings, Inc. HCA $74.02 88% $29,877 $62,275 $41,098 $15,542 $8,091 37.8% 19.7% 1.5x 7.7x

Tenet Healthcare Corp. THC $14.84 44% $1,472 $18,274 $19,787 $7,144 $2,277 36.1% 11.5% 0.9x 8.0xCommunity Health Systems, Inc. CYH $5.59 20% $622 $16,563 $18,767 $6,898 $1,918 36.8% 10.2% 0.9x 8.6x

Universal Health Services, Inc. UHS $106.38 76% $10,522 $14,178 $9,606 $4,078 $1,701 42.5% 17.7% 1.5x 8.3xHEALTHSOUTH Corp. HLS $41.24 95% $4,106 $7,338 $3,576 $1,501 $817 42.0% 22.8% 2.1x 9.0x

Lifepoint Hospitals, Inc. LPNT $56.80 75% $2,516 $5,340 $6,130 $2,009 $661 32.8% 10.8% 0.9x 8.1xSelect Medical Holdings Corp. SEM $13.25 93% $1,692 $4,636 $4,211 $738 $452 17.5% 10.7% 1.1x 10.3x

Hanger Orthopedic Group, Inc. HNGR $11.50 71% $408 $943 $1,061 $354 $159 33.4% 15.0% 0.9x 5.9x

Average 70% $6,402 $16,193 $13,029 $4,783 $2,009 34.8% 14.8% 1.2x 8.2x

Median 76% $2,104 $10,758 $7,868 $3,044 $1,259 36.4% 13.2% 1.0x 8.2x

Enterprise Value /

LTM LTM Margins LTM



DaVita, Inc. DVA $64.20 82% $13,413 $22,144 $14,550 $4,084 $2,492 28.1% 17.1% 1.5x 8.9x

Laboratory Corp. of America Holdings LH $128.38 91% $13,348 $18,968 $9,295 $3,133 $1,791 33.7% 19.3% 2.0x 10.6x

Quest Diagnostics, Inc. DGX $91.90 98% $13,188 $16,716 $7,503 $2,935 $1,471 39.1% 19.6% 2.2x 11.4xMEDNAX, Inc. MD $66.66 87% $6,209 $7,935 $3,094 $1,055 $662 34.1% 21.4% 2.6x 12.0x

RadNet, Inc. RDNT $6.45 81% $301 $953 $875 $179 $104 20.4% 11.8% 1.1x 9.2x

Alliance Healthcare Services, Inc. AIQ $9.60 97% $105 $713 $500 $217 $118 43.4% 23.6% 1.4x 6.0x

Average 89% $7,761 $11,238 $5,970 $1,934 $1,106 33.1% 18.8% 1.8x 9.7x

Median 89% $9,699 $12,325 $5,299 $1,995 $1,067 33.9% 19.4% 1.8x 9.9x

Enterprise Value /

LTM LTM Margins LTM


Managed Healthcare


12

Source: S&P Capital IQ. *Excluded from average and median calculation.





Unitedhealth Group, Inc. UNH $160.04 98% $154,919 $176,626 $184,828 $43,374 $15,335 23.5% 8.3% 1.0x 11.5x

Aetna, Inc. AET $124.01 91% $43,875 $42,718 $62,476 $16,625 $5,972 26.6% 9.6% 0.7x 7.2xCigna Corp. CI $133.39 90% $34,655 $35,561 $39,252 $12,602 $3,637 32.1% 9.3% 0.9x 9.8xAnthem, Inc. ANTM $143.77 97% $38,512 $33,223 $83,354 $17,772 $5,551 21.3% 6.7% 0.4x 6.0xHumana, Inc. HUM $204.03 94% $30,768 $20,945 $54,862 $9,940 $2,778 18.1% 5.1% 0.4x 7.5x

Centene Corp. CNC $56.51 75% $8,483 $9,846 $32,839 $6,000 $1,560 18.3% 4.8% 0.3x 6.3xWellCare Health Plans, Inc. WCG $137.08 97% $6,106 $3,022 $14,216 $2,123 $621 14.9% 4.4% 0.2x 4.9xMagellan Health Services, Inc. MGLN $75.25 97% $1,833 $2,141 $4,842 $284 $238 5.9% 4.9% 0.4x 9.0xUniversal American Corp. UAM $9.95 98% $768 $636 $1,559 $228 $20 14.6% 1.3% 0.4x 32.4x*

Health Net, Inc. HNT $0.47 79% $152 $200 $228 $90 $25 39.3% 11.0% 0.9x 7.9x

Average 91% $32,007 $32,492 $47,846 $10,904 $3,574 21.5% 6.5% 0.6x 7.8x

Median 95% $19,625 $15,395 $36,046 $7,970 $2,169 19.8% 5.9% 0.4x 7.5x

LTM Margins LTMLTM

Enterprise Value /



Cerner Corp. CERN $47.37 70% $16,375 $16,255 $4,633 $3,951 $1,294 85.3% 27.9% 3.5x 12.6x

Athenahealth, Inc. ATHN $105.17 63% $4,211 $4,372 $1,052 $643 $89 61.1% 8.4% 4.2x 49.2x*Allscripts Healthcare Solutions, Inc. MDRX $10.21 67% $1,916 $3,490 $1,470 $720 $133 49.0% 9.0% 2.4x 26.3x

Medidata Solutions, Inc. MDSO $49.67 86% $2,856 $2,786 $438 $333 $56 76.0% 12.8% 6.4x 49.6x*WebMD Health Corp. WBMD $49.57 73% $2,756 $2,761 $690 $433 $177 62.8% 25.6% 4.0x 15.6xQuality Systems, Inc. QSII $13.15 75% $804 $826 $494 $268 $57 54.3% 11.5% 1.7x 14.6x

Healthstream, Inc. HSTM $25.05 87% $803 $702 $223 $129 $24 57.8% 10.6% 3.1x 29.8x*Computer Programs & Systems, Inc. CPSI $23.60 40% $300 $452 $247 $107 $36 43.1% 14.8% 1.8x 12.4x

Average 70% $3,753 $3,955 $1,156 $823 $233 61.2% 15.1% 3.4x 16.3x

Median 72% $2,336 $2,774 $592 $383 $73 59.5% 12.2% 3.3x 14.6x

Enterprise Value /

LTM LTM Margins LTM




13

Healthcare Distribution




McKesson Corp. MCK $140.45 70% $32,233 $36,391 $194,267 $11,315 $4,330 5.8% 2.2% 0.2x 8.4xCardinal Health, Inc. CAH $71.97 80% $23,588 $27,254 $125,530 $6,554 $3,084 5.2% 2.5% 0.2x 8.8x

AmerisourceBergen Corp. ABC $78.19 76% $17,668 $19,381 $146,850 $4,139 $2,069 2.8% 1.4% 0.1x 9.4xHenry Schein, Inc. HSIC $151.71 83% $12,536 $14,107 $11,302 $3,171 $967 28.1% 8.6% 1.2x 14.6x

Patterson Companies, Inc. PDCO $41.03 81% $3,944 $5,029 $5,605 $1,340 $437 23.9% 7.8% 0.9x 11.5xOwens & Minor, Inc. OMI $35.29 85% $2,171 $2,623 $9,843 $1,205 $275 12.2% 2.8% 0.3x 9.6x

PharMerica Corp. PMC $25.15 72% $778 $1,162 $2,077 $329 $131 15.8% 6.3% 0.6x 8.9x

Average 78% $13,274 $15,135 $70,782 $4,008 $1,613 13.4% 4.5% 0.5x 10.2x

Median 80% $12,536 $14,107 $11,302 $3,171 $967 12.2% 2.8% 0.3x 9.4x

LTM Margins

Enterprise Value /

LTM LTM




Medtronic, Inc. MDT $71.23 80% $100,409 $121,699 $29,012 $19,978 $8,955 68.9% 30.9% 4.2x 13.6x

Stryker Corp. SYK $119.81 97% $45,321 $49,147 $10,883 $7,276 $2,968 66.9% 27.3% 4.5x 16.6xCR Bard, Inc. BCR $224.66 94% $17,108 $17,753 $3,611 $2,275 $1,100 63.0% 30.5% 4.9x 16.1x

DENTSPLY International, Inc. XRAY $57.73 88% $11,470 $12,739 $3,420 $1,842 $727 53.8% 21.3% 3.7x 17.5xThe Cooper Companies, Inc. COO $174.93 92% $8,576 $9,809 $1,967 $1,236 $610 62.9% 31.0% 5.0x 16.1xVarian Medical Systems, Inc. VAR $89.78 84% $8,619 $8,361 $3,218 $1,361 $656 42.3% 20.4% 2.6x 12.7x

Steris Corp. STE $67.39 90% $5,676 $6,937 $2,588 $990 $574 38.3% 22.2% 2.7x 12.1xAlere, Inc. ALR $38.97 72% $3,375 $6,378 $2,385 $1,072 $318 44.9% 13.3% 2.7x 20.1x

Average 87% $25,069 $29,103 $7,135 $4,504 $1,988 55.1% 24.6% 3.8x 15.6x

Median 89% $10,044 $11,274 $3,319 $1,601 $691 58.4% 24.7% 4.0x 16.1x

Enterprise Value /

LTM LTM Margins LTM

Member FINRA/SIPC

Recent Transactions

HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising Integrity | Expertise | Results

Hyde Park Capital Advisors, LLC 701 N. Franklin Street

Tampa, FL 33602 Tel: 813-383-0202

www.hydeparkcapital.com

John Hill Senior Managing Director [email protected] (813) 383-0205 John McDonald Senior Managing Director [email protected] (813) 383-0206 Keith Hodgdon Managing Director [email protected] (813) 383-0208 Jami Gold Vice President [email protected] (813) 383-0203 Greg Bosl Vice President [email protected] (813) 597-2649 Jeffrey Hendricks Vice President [email protected] (678) 523-3073 Kenneth Burnside Business Development Officer [email protected] (864) 905-9633

has been acquired by

a portfolio company of

has been acquired byhas been acquired byhas been acquired by


a part of

MTS Markets International Inc.


has been acquired byhas been acquired byhas been acquired by

has been acquired byhas been recapitalized by

Minera del Norte S.A. de C.V.

has been recapitalized by

&



& Strategic Buyer


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