Deal Detail

Waterworks Operating Agreement LLC to CD&R

EV / LTM EBITDA

10.5x

EV / LTM Sales

Enterprise Value

Primary Source

Barclays

Comparable Transactions

Industrials transactions announced in the five years to June 2017. 6 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Nov 2016	Metaldyne Performance Group Inc.	American Axle & Manufacturing Holdings Inc.	$3.3B	-	6.5x	Strategic
Aug 2016	Emerson Electric Co. (Motors, Drives and Electric Power Generation businesses)	Nidec Corporation	$1.2B	-	6.9x	Strategic
Jul 2015	Cromwell	W.W. Grainger Inc.	-	-	11.0x	Strategic
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			-	9.1x
	Median			-	9.4x

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	-	-	10.5x	-	-	Open