Deal Detail

LSC Communications Inc. to Quad/Graphics, Inc.

EV / LTM EBITDA

5.5x

EV / LTM Sales

Enterprise Value

$1.4B

Primary Source

Morgan Stanley

Comparable Transactions

Business Services transactions announced in the five years to October 2018. 3 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Oct 2017	AmeriPride	Aramark	-	-	14.2x	Strategic
Dec 2016	Lavebras Gestão de Têxteis S.A.	Elis	-	-	11.7x	Strategic
Aug 2016	G&K Services	Cintas	-	-	14.7x	Strategic
	Mean			-	13.5x
	Median			-	14.2x

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	SFLY FO	Morgan Stanley	2019	$1.4B	-	5.5x	-	-	Open