Deal Detail

Cromwell to W.W. Grainger Inc.

EV / LTM EBITDA

11.0x

EV / LTM Sales

Enterprise Value

Primary Source

Barclays

Comparable Transactions

Industrials transactions announced in the five years to July 2015. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2015	PrimeSource	Platinum Equity	-	-	7.9x	Financial
Aug 2014	Tri-ED	Anixter	-	-	11.7x	Strategic
May 2014	Hillman Group	CCMP	-	-	10.8x	Financial
	Mean			-	10.1x
	Median			-	10.8x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	SPLS FO	Barclays	2017	-	-	11.0x	-	Assumed 10% EBITDA margin per announcement press release.	Open