Construction, Engineering, Building Materials & Products Market … · Eagle Materials Inc. 66.17 97.10 - 41.83 2,769 4,278 1,451 402 22.8% 27.7% (2.1%) 2.9% 2.9x 10.6x 3.0x 10.3x

Construction, Engineering, Building Materials & Products Market Monitor: Market Recovering, Future Uncertain SUMMER 2020

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Investment Banking & Advisory - Select Construction, Engineering, Building Materials & Products Transactions

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Materials and Construction Costs: YoY Growth

Construction Spending: YoY Growth

Construction Costs Rise, Construction Spend and M&A Activity Slow

Total Construction spending in April was up 3.3% Year-over-Year

(YoY), slowing from the first 3 months of 2020 during which construction

spend was up 6.5% - 7.0% YoY each month. The slowdown in

construction spend is attributable to the COVID-19 pandemic and

resulting delay of construction projects and backlog rescheduling.

While many Construction & Engineering firms have been considered

“essential”, compliance with new regulations and policies, such as

social distancing and limiting on site workers, led to higher costs and

extensions of project timelines. Disruptions to supply chains and

manufacturing operations also rippled across the CEBMP industry. In

May, Construction Costs were up 1.5% YoY, with Buildings Costs up

2.2% and Materials Costs up 2.8%.

Further disruptions to the overall economy, including rolling coronavirus

outbreaks, lock downs, and a potential slow or declining economy could

all effect the CEBMP market for the next couple of years. Currently, low

interest rates have encouraged lending and helped boost the

construction market. These rates are expected to continue, shielding the

CEBMP market from the full effects of an economic downturn.

CEBMP M&A volume is down nearly 40% YoY in 2020. Overall M&A

markets slowed significantly due to COVID-19 and the renewed focus on

shoring up balance sheets and core business operations. Due to pent up

demand, a significant rebound in activity is expect in the second half of

2020 and the first half of 2021.

Source: US Census, Engineering News Record (ENR), Dodge Data & Analytics, Association of

General Contractors, Moss Adams Capital research, US Department of Homeland Security

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Private Residential Construction Private Non-Residential Construction

Public Construction Total Construction

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Construction Cost Index Materials Cost Index

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Construction Firms: Small & Mid-Cap(a) Company Valuations

(a) Mid-cap defined as market capitalization between $2 billion and $20 billion.

Source: S&P Capital IQ as of June 15, 2020.

Note: Not meaningful (NM) if EV/Sales or EV/EBIT is a significant outlier. NA if denominator is 0 or not available. NTM figures are based on the median estimate of Wall Street analysts.

($U.S. in millions, except per share data) TTM Data NTM Est. Growth EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

Gross

Margin

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

NTM

EBIT

Quanta Services, Inc. $37.04 $44.09 - $23.77 $5,100 $6,682 $12,069 $834 13.0% 6.9% (4.0%) 9.8% 0.6x 8.0x 0.6x 7.3x 12.0x

EMCOR Group, Inc. 62.02 93.54 - 41.85 3,444 3,853 9,316 568 14.8% 6.1% (7.7%) (28.2%) 0.4x 6.8x 0.4x 9.4x 11.7x

MasTec, Inc. 39.16 73.71 - 22.51 2,808 4,384 7,081 785 15.5% 11.1% 6.9% 3.1% 0.6x 5.6x 0.6x 5.4x 9.3x

Dycom Industries, Inc. 37.72 60.55 - 12.24 1,223 2,021 3,320 300 16.9% 9.0% 1.9% 5.7% 0.6x 6.7x 0.6x 6.4x 17.0x

Granite Construction Incorporated 17.51 48.80 - 8.90 791 882 3,390 10 5.5% 0.3% 2.7% 2035.4% 0.3x NM 0.3x 4.1x 9.5x

Comfort Systems USA, Inc. 38.15 53.66 - 27.54 1,373 1,659 2,777 210 18.5% 7.6% 4.3% (10.0%) 0.6x 7.9x 0.6x 8.8x 12.9x

Primoris Services Corporation 15.89 23.73 - 9.42 757 1,275 3,188 218 10.2% 6.8% 1.8% (6.9%) 0.4x 5.8x 0.4x 6.3x 10.7x

MYR Group Inc. 28.15 38.14 - 16.33 472 624 2,122 106 11.0% 5.0% 1.1% 0.1% 0.3x 5.9x 0.3x 5.9x 10.5x

Matrix Service Company 10.42 24.36 - 7.11 263 216 1,304 53 9.7% 4.0% (22.9%) (41.0%) 0.2x 4.1x 0.2x 7.0x 17.1x

Sterling Construction Company, Inc. 10.42 17.49 - 6.72 294 705 1,199 77 10.3% 6.4% 11.4% 54.4% 0.6x 9.2x 0.5x 6.0x 8.4x

Great Lakes Dredge & Dock Corporation 8.88 11.96 - 6.75 575 772 737 150 23.4% 20.4% (4.9%) (19.1%) 1.0x 5.1x 1.1x 6.4x 9.5x

Orion Group Holdings, Inc. 2.58 5.99 - 1.53 79 188 732 43 10.2% 5.9% (3.8%) (4.7%) 0.3x 4.3x 0.3x 4.6x 14.7x

Median $1,079 $2,982 $180 12.0% 6.6% 1.5% (2.3%) 0.5x 5.9x 0.5x 6.3x 11.2x

Mean $1,939 $3,936 $280 13.3% 7.5% (1.1%) 166.5% 0.5x 6.3x 0.5x 6.5x 11.9x

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Building Materials: Small & Mid-Cap(a) Company Valuations

(a) Mid-cap defined as market capitalization between $2 billion and $20 billion.

Source: S&P Capital IQ as of June 15, 2020.

Note: Not meaningful (NM) if EV/Sales or EV/EBIT is a significant outlier. NA if denominator is 0 or not available. NTM figures are based on the median estimate of Wall Street analysts.

($U.S. in millions, except per share data) TTM Data NTM Est. Growth EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

Gross

Margin

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

NTM

EBIT

Vulcan Materials Company $111.00 $152.49 - $65.56 $14,845 $17,942 $4,982 $1,242 25.4% 24.9% (4.4%) (3.5%) 3.6x 14.4x 3.8x 15.0x 21.9x

Martin Marietta Materials, Inc. 194.64 281.82 - 135.08 12,265 15,589 4,435 1,254 26.7% 28.3% 2.4% (4.5%) 3.5x 12.4x 3.4x 13.0x 19.0x

Boral Limited 2.42 3.93 - 1.15 2,972 4,830 4,119 641 33.5% 15.6% (6.5%) (10.4%) 1.2x 7.5x 1.3x 8.4x 20.6x

Eagle Materials Inc. 66.17 97.10 - 41.83 2,769 4,278 1,451 402 22.8% 27.7% (2.1%) 2.9% 2.9x 10.6x 3.0x 10.3x 14.7x

United States Lime & Minerals, Inc. 69.01 104.00 - 60.99 380 324 159 49 38.3% 30.8% NA NA 2.0x 6.6x NA NA NA

Median $4,830 $4,119 $641 26.7% 27.7% (3.3%) (4.0%) 2.9x 10.6x 3.2x 11.7x 19.8x

Mean $8,593 $3,029 $718 29.3% 25.5% (2.7%) (3.9%) 2.7x 10.3x 2.9x 11.7x 19.0x

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Building Products: Small & Mid-Cap(a) Company Valuations

(a) Mid-cap defined as market capitalization between $2 billion and $20 billion.

Source: S&P Capital IQ as of June 15, 2020.

Note: Not meaningful (NM) if EV/Sales or EV/EBIT is a significant outlier. NA if denominator is 0 or not available. NTM figures are based on the median estimate of Wall Street analysts.

($U.S. in millions, except per share data) TTM Data NTM Est. Growth EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

Gross

Margin

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

NTM

EBIT

Masco Corporation $46.06 $50.06 - $27.04 $12,077 $14,426 $6,775 $1,253 35.4% 18.5% (8.7% ) (14.3% ) 2.1x 11.5x 2.3x 13.4x 15.2x

Owens Corning 53.16 68.72 - 28.56 5,685 9,003 7,094 1,234 22.7% 17.4% (11.1%) (21.2% ) 1.3x 7.3x 1.4x 9.3x 17.3x

Trex Company, Inc. 114.13 132.84 - 56.22 6,518 6,581 766 218 42.7% 28.5% (4.1% ) (3.3% ) 8.6x 30.2x 9.0x 31.2x 34.5x

Armstrong World Industries, Inc. 74.75 111.46 - 62.03 3,629 4,268 1,045 (42) 37.8% NA (9.6% ) (947.4%) 4.1x NA 4.5x 11.9x 14.7x

Simpson Manufacturing Co., Inc. 81.27 95.65 - 47.02 3,443 3,326 1,161 233 44.1% 20.0% (14.6%) (28.0% ) 2.9x 14.3x 3.4x 19.9x 26.8x

Universal Forest Products, Inc. 45.02 58.10 - 29.17 2,748 2,954 4,433 324 15.8% 7.3% (8.1% ) (14.2% ) 0.7x 9.1x 0.7x 10.6x 13.8x

Builders FirstSource, Inc. 21.62 28.43 - 9.00 2,448 4,144 7,436 487 26.9% 6.6% (8.8% ) (18.4% ) 0.6x 8.5x 0.6x 10.4x 16.1x

Gibraltar Industries, Inc. 44.75 56.58 - 30.60 1,434 1,373 1,069 126 24.5% 11.8% 4.5% (1.7% ) 1.3x 10.9x 1.2x 11.1x 13.5x

Quanex Building Products Corporation 12.95 20.42 - 7.90 420 613 863 103 22.2% 12.0% (8.9% ) (24.8% ) 0.7x 5.9x 0.8x 7.9x 21.0x

Median $4,144 $1,161 $233 26.9% 14.7% (8.8%) (18.4%) 1.3x 10.0x 1.4x 11.1x 16.1x

Mean $5,188 $3,405 $437 30.2% 15.3% (7.7%) (119.3%) 2.5x 12.2x 2.7x 14.0x 19.2x

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Engineering Firms: Small & Mid-Cap(a) Company Valuations

(a) Mid-cap defined as market capitalization between $2 billion and $20 billion.

Source: S&P Capital IQ as of June 15, 2020.

Note: Not meaningful (NM) if EV/Sales or EV/EBIT is a significant outlier. NA if denominator is 0 or not available. NTM figures are based on the median estimate of Wall Street analysts.

($U.S. in millions, except per share data) TTM Data NTM Est. Growth EV Multiple

Company Name

Share

Price

52 Week

High - Low

Market

Cap

Enterprise

Value Sales EBITDA

Gross

Margin

EBITDA

Margin Sales EBITDA

TTM

Sales

TTM

EBITDA

NTM

Sales

NTM

EBITDA

NTM

EBIT

Jacobs Engineering Group Inc. $80.77 $104.00 - $59.29 $10,472 $12,734 $13,350 $967 19.4% 7.2% 0.8% 7.3% 1.0x 13.2x 0.9x 12.3x 13.6x

Teledyne Technologies Incorporated 328.34 398.99 - 195.34 12,229 12,985 3,203 625 39.2% 19.5% (1.9%) (4.2%) 4.1x 20.8x 4.1x 21.7x 27.6x

Fluor Corporation 12.46 34.43 - 2.85 1,734 1,967 18,520 (119) (1.0%) NA (10.4%) (472.8%) 0.1x NA 0.1x 4.4x 6.4x

AECOM 39.26 52.40 - 21.76 6,379 8,417 19,886 962 4.4% 4.8% (33.8%) NM 0.4x 8.8x 0.6x 11.8x 13.6x

CACI International Inc 234.72 288.59 - 156.15 6,054 7,915 5,598 529 34.9% 9.5% 6.7% 14.9% 1.4x 14.9x 1.3x 13.0x 16.0x

Tetra Tech, Inc. 74.03 99.34 - 63.61 4,022 4,532 2,449 241 17.1% 9.8% (4.8%) 5.8% 1.9x 18.8x 1.9x 17.8x 19.8x

Stantec Inc. 28.80 31.62 - 19.57 3,271 4,330 2,654 316 53.9% 11.9% 7.3% 37.6% 1.6x 13.7x 1.5x 10.0x 17.1x

KBR, Inc. 25.43 31.92 - 12.00 3,526 4,298 5,836 385 11.8% 6.6% 1.3% NM 0.7x 11.2x 0.7x 8.8x 11.2x

Tutor Perini Corporation 11.46 19.48 - 2.61 555 1,283 4,743 242 9.1% 5.1% 9.4% 40.2% 0.3x 5.3x 0.2x 3.8x 5.1x

VSE Corporation 27.34 41.14 - 13.83 302 603 760 91 11.4% 12.0% (22.8%) NA 0.8x 6.6x 1.0x NA NA

Perma-Fix Environmental Services, Inc. 5.62 9.98 - 3.10 69 72 87 7 20.7% 7.6% NA NA 0.8x 10.9x NA NA NA

Median $4,330 $4,743 $242 17.1% 8.5% (0.5%) 14.9% 0.8x 11.0x 1.0x 10.0x 13.6x

Mean $5,376 $7,008 $295 20.1% 8.4% (4.8%) (74.8%) 1.2x 11.3x 1.3x 9.9x 14.5x

Public Market Valuations: EV / EBITDA

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Valuation Multiples Fall With Broader MarketS&P 500 EV/EBITDA multiples continue to outpace publicly traded

CEBMP company multiples. Both Building Products and Engineering

companies traded higher YoY through June, while Building Materials

and Construction company multiples remain below June 2019 levels.

Building Products recovered from the economic downturn strongly,

trading at an average multiple of 10.7x, up 14% YoY and 3.5% year to

date (YTD). Building Materials, Engineering and Construction continue

to trade at multiples down approx. 20% YTD, while the S&P is down 3%.

Next Twelve Months: Estimated Sales Growth

Next Twelve Months Growth projections for the S&P 500 have been

tempered by the effects of COVID-19 and the uncertainty in the

market. The S&P 500 is expected to decline 3.8% over the NTM; only

the Building Products segment is expected to see steeper declines.

Engineering, Building Materials, and Building Products are all

expected to contract over the NTM period, with Building Products

sales expected to decline significantly at 8.8%.

Source: S&P Capital IQ as of June 16, 2020. Figures will not match EBITDA figures presented on slides

4 – 7 due to index weighting effects.

Note: NTM figures are based on the median estimate of Wall Street analysts.

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

En

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ris

e V

alu

e /

EB

ITD

A M

ult

iple

Building Materials Building Products Engineering Construction S&P 500

-3.8%

-0.5%

1.5%

-3.3%

-8.8%-10%

-8%

-6%

-4%

-2%

0%

2%

S&P 500 Engineering ConstructionBuildingMaterials

BuildingProducts

Announced Date Acquirer/Investor Target Target Description

6/11/2020 NearU HVAC Services Carolina Heating Service Inc.Provides maintenance, repair, and installation services for heating, ventilation, and air

conditioning (HVAC) equipment.

6/9/2020 Sprinturf, LLC Greenplay Organics, LLCManufactures and distributes natural turf field infill for artificial turf, as well as for all

synthetic grass applications.

6/8/2020 Therma Corporation Gilbert Mechanical Contractors, LLC Operates as an engineering, construction, and services company.

6/2/2020 Enercon Services, Inc. Critical Engineering Group, Inc.Offers project management and engineering consulting services for data centers and

mission critical communications centers.

6/2/2020 HMT LLC Dunham Engineering, Inc. Offers structural, storage tank, and corrosion engineering and consulting services.

6/1/2020 Kodiak Building PartnersMandere Construction/Northwest Building

Components

Provides wall panels and floor and roof trusses as well as framing and installation

services for single family, multi-family, and commercial construction.

6/1/2020 Borgman Capital LLCCommunication Builders, Inc./Sky

Telecom, Inc.

Provides telecommunication services to wireless carriers, broadcasters, local

municipalities, public works, and others.

5/31/2020 Czech Asset Management, L.P. Consolidated Glass Holdings, Inc.Operates in architectural, security, and custom glass and metal fabrication

businesses.

5/29/2020 IMEG Corp. Cardno Haynes Whaley, Inc.Provides structural engineering services for a range of commercial, public, and

institutional projects.

5/22/2020 Bering Straits Native Corporation Northwest Contracting, LLC Provides pavement marking and grooving services.

5/14/2020 FORGEN, LLC Inquip Associates, Inc. Provides geotechnical specialty services to clients.

5/14/2020 CF Quality Stone & Ready Mix, Inc.Manufactures and supplies rock and concrete for a variety of industrial, residential,

and non-residential projects.

5/11/2020 P2S Inc. Notkin Mechanical Engineers Provides mechanical engineering services.

5/7/2020 The Arcticom Group, LLC Race Engineering LLCProvides installation, maintenance, and emergency, and design/build services for

industrial HVAC, ammonia and freon refrigeration, and electronic control systems.

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Selected Small & Mid-Cap M&A Transactions

Highlighted deals discussed on Slide 11

Source: S&P Capital IQ

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Selected Small & Mid-Cap M&A Transactions

Highlighted deals in Overview of Selected Transactions on slide 12.

Source: S&P Capital IQ

5/7/2020 Re/Spec Inc. PDC Inc. Engineers An engineering company, provides planning, design, and construction services.

5/6/2020Project Management Advisors,

Inc.American Realty Project Management, LLC Offers pre and post construction and project management services.

5/6/2020Project Management Advisors,

Inc.American Realty Project Management, LLC Offers pre and post construction and project management services.

5/6/2020Universal Engineering Sciences,

LLC

NOVA Geotechnical & Inspection Services

LLC

Provides geotechnical engineering, environmental consulting, soils inspection and testing,

construction materials testing, and special inspections.

5/5/2020 Anser Advisory, LLC H.R. Gray & Associates, Inc.Provides construction management services for complex projects and resolution of construction

disputes for public agencies in the United States.

5/4/2020BluSky Restoration Contractors,

LLCHar-Bro Inc. Provides emergency and reconstruction services.

4/28/2020 CF Assets of 123 Exteriors, Inc.Comprises residential restoration, commercial restoration, and commercial roofing services

business.

4/24/2020Industrial Inspection & Analysis,

Inc.

IHI Southwest Technologies, Inc. (nka:IIA

Nuclear Services)

Provides non-destructive evaluation (NDE) and engineering services to power energy, petroleum,

chemical, and wind industries.

4/24/2020 Jasper Contractors, Inc. Blue Star Roofing Inc. Provides roof contracting services.

4/24/2020Allgeier, Martin and Associates,

Inc.White River Engineering, Inc.

Offers civil engineering consulting services for various types of public and private infrastructure

projects including sidewalks, streets, site civil, storm water management, wastewater collection

and treatment, and potable water supply storage and distribution.

4/22/2020 American Track Services LLC

Track Inspection, Maintenance and Repair

services of Savage Transportation

Management Inc.

Comprises railroad track Inspection, maintenance, and repair business.

4/21/2020Dickinson Ready Mix Co. &

Concrete ProductsBowman Ready Mix Inc. Manufactures ready mix concrete.

4/17/2020Teichert, Inc.; Hammonton

Farms, LLC

Western Aggregates LLC/Mathews

Readymix LLCManufactures concrete and aggregates products.

4/14/2020 Mill Point Capital LLC Knight Enterprises, Inc. Provides integrated communications infrastructure solutions in North America.

4/6/2020 Innovation Studios LLC 2B Studio Inc. Provides design and engineering services.

4/2/2020 Construction Specialties, Inc. Platform Manufacturing Group LLC Designs, fabricates, and installs metal and steel products.

4/2/2020 AEA Investors LP SitelogIQ, Inc. Provides design, engineering, construction, and service for facility solutions.

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Overview of a Closed Transaction Moss Adams Capital acted as exclusive financial advisor to Mandere Construction and Northwest Building Components

• Mandere Construction, Inc. and Northwest Building Components, Inc.

(combined, “Project Shell” or the “Company”) announced they have sold a

majority stake and joined the Kodiak Building Partners (“Kodiak”) family of

businesses. Project Shell is a leading provider of wall panels and floor and roof

trusses, as well as framing & installation services for single family, multi-family,

and commercial construction in the Inland Northwest.

• Kodiak Building Partners, through its 81 locations, serves general contractors,

homebuilders, sub-contractors, remodelers, and consumers with its operations in

Arizona, California, Colorado, Delaware, Florida, Idaho, Kansas, Maryland,

Massachusetts, Michigan, Minnesota, Texas, Nebraska, Washington, Wisconsin,

and Wyoming.

• Kodiak was attracted by Project Shell’s diversified end markets and leading

industry position. The Company has consistently been able to realize above

market profit margins largely in part to their development of a prefabrication and

offsite manufacturing system which also increases safety and cuts critical path

times. Kodiak believes Project Shell’s products and services will nicely

complement their other companies in the region.

• Moss Adams Capital was hired by ownership and the Company to help evaluate

transition alternatives for the business. After preparing the Company for a

transaction process, Moss Adams Capital took the Company to market and

assisted with successfully negotiating and closing a transaction that addressed the

objectives of ownership. As a hallmark of Moss Adams Capital transactions, the

Moss Adams Spokane office played a critical role in optimizing the tax structure

and estate planning outcomes of the transaction.

Closed June 1st, 2020

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Overview of Selected Recent Transactions

Source: S&P Capital IQ, AEA Investors Press Release,

Eagle Materials Press Release, Moss Adams Capital

research

Teichert Acquires Wester Aggregates and Matthews Readymix

April 17, 2020

• Teichert, a California based construction company, has acquired Western Aggregates

and Matthews Readymix from Eagle Materials (NYSE:EXP) for $93.3mm.

• Western Aggregates vested-rights-to-mine cover 3,900 acres and includes over 900

million tons of aggregates. Matthews Readymix assets include three concrete batch plant

locations and 26 trucks.

• Eagle Materials divested these assets as they refocus their operations on core assets

that provide essential support to their primary cement plant network. These spin-offs

allow Eagle to create a focused heavy materials business with broad capability to serve

US heartland cement plants.

AEA Investors Acquires SitelogIQ

April 2, 2020

• AEA Investors, an American middle market private equity firm focused on industrials,

consumers, and services, has acquired SitelogIQ, a leader in the energy services and

facilities solution industry for $433mm, from Oaktree Capital.

• SiteLogIQ projects increased energy efficiency of existing facilities via a variety of energy

conservation measures, leading to cost savings, improved facility operations, and

reduced environmental impact for various end markets including, education, health care,

government, commercial, and industrial.

• AEA was attracted to this investment due to the strong senior management team in an

attractive industry which is benefitting from strong tailwinds including aging infrastructure,

increased focus on green initiatives, and demand for replacement, upgrades, and new

performance equipment.

Note: Middle market M&A includes transactions with

EV < $1000mm, and transactions with undisclosed

EV. YTD as of June 16, 2020.

194

238226

251

216

251267

256272

367 361

179

108

78

119116

126

92

11199

112

120

150

103

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100

200

300

400

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'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '19YTD

'20YTD

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Building Products & Materials Construction and Engineering

ARIZONA

Phoenix

CALIFORNIA

Fresno

Los Angeles

Manhattan Beach

Napa

Orange County

Silicon Valley

Sacramento

San Diego

San Francisco

Santa Rosa

Stockton

Walnut Creek

Woodland Hills

COLORADO

Denver

KANSAS

Kansas City

NEW MEXICO

Albuquerque

OREGON

Eugene

Medford

Portland

TEXAS

Dallas

Houston

WASHINGTON

Bellingham

Everett

Issaquah

Seattle

Spokane

Tacoma

Tri-Cities

Wenatchee

Yakima

Our Locations

25+locations west of

the Mississippi

Moss Adams Location

Satellite

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We offer a full range of services and

specializations that span accounting,

consulting, and wealth management to

suit your specific needs.

Moss Adams Services

Investments

Insurance

Family Office

Investments

Financial Planning

Tax

Succession Planning

Performance Audits

Business Planning

Development & Integration

Assessment & Planning

Cybersecurity

Compliance

Transfer Pricing

Tax Structuring

Controversy & Dispute Resolution

State & Local

International

Credits & Incentives

Compensation & Benefits

Accounting Methods

Accounting for Income Taxes (ASC 740)

Sustainability

Contract Compliance

Outsourced Accounting

Internal Audit

Public Company & SEC

Employee Benefit Plans

Financial Statement Audits

IN S T IT U T IO N A L

IN D IV ID U A LT R A N S A C T IO N S

S T R A T E G Y & O P E R A T IO N S

I T

T A X

A S S U R A N C E

Wealth ManagementConsultingAccounting

Valuations

Restructuring

M&A Tax

Due Diligence

Investment Banking

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The Leading Investment Bank Focused on Construction & Engineering, Building Materials & Products

• Merger and acquisition advisory/ step-in advisory

• Strategic alternatives assessment

• Exclusive sales and divestitures

• Management buy-outs

• Sell-side advisory

• Buy-side advisory

• Institutional placements- debt and equity

• Completed over 250 transactions

• Access to key decision-makers among strategic investor

universe

• Comprehensive coverage of relevant strategic buyers and

private equity groups

• Average of 25 years of investment banking experience

among senior leadership

• Team of 20 investment bankers

M&A / Corporate Finance

Highlights and Accomplishments

Comprehensive Industry Coverage

Engineering Building Products

Building Materials

Telecom and Utilities

InfrastructureSpecialty

Contractors

Heavy Construction

Repair & Maintenance

Construction

Machinery & Equipment

Construction Support Services

Transportation & Logistics

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Contact Us

James RothenbergerPartner

[email protected]

FOR ADDITIONAL INFORMATION CONTACT CONTRIBUTING AUTHORS WITH MOSS ADAMS INVESTMENT BANKING & ADVISORY

SEATTLE, WA IRVINE, CA

(206) 302-6500 (949) 221-4000

[email protected]

WWW.MOSSADAMS.COM/SERVICES/CONSULTING/TRANSACTIONS/INVESTMENT -BANKING

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Paul Huiras Associate

[email protected]

Daniel SeubertVice President

[email protected]

Brandon LeyertAssociate

[email protected]

The material appearing in this presentation is for informational purposes only and should not be

construed as advice of any kind, including, without limitation, legal, accounting, or investment advice.

This information is not intended to create, and receipt does not constitute, a legal relationship, including,

but not limited to, an accountant-client relationship. Although this information may have been prepared

by professionals, it should not be used as a substitute for professional services. If legal, accounting,

investment, or other professional advice is required, the services of a professional should be sought.

Assurance, tax, and consulting offered through Moss Adams LLP. Investment advisory offered through

Moss Adams Wealth Advisors LLC. Investment banking offered through Moss Adams Capital LLC.