June 7, 2017 Second longest-tenured boutique investment bank on Wall - - PowerPoint PPT Presentation

June 7, 2017

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JEGI only engages when we can outperform our competition and meet or exceed client expectations – we turn down or defer consideration on numerous potential assignments Every member of JEGI’s Leadership Team has a vested interest in the performance of the firm and each transaction’s successful closing Senior bankers average 14 years at JEGI, completing 600+ M&A transactions Second longest-tenured boutique investment bank on Wall Street Given our unique, highly selective engagement model, 80% of the firm’s time is spent on execution, not pitching Engagements closed: Engagements where valuation exceeded expectations: Average time to close:

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• M&A activity remains strong
• While Q1 2017 didn’t quite match Q1 2016

levels, March 2017 saw a noticeable pickup in activity

• Tech and tech-enabled services continue to

drive strong deal flow and value year-over- year

• Market conditions are favorable for robust

M&A to continue

• Consumer Confidence Index hit its highest

level in March since December 2000

• May has seen 138,000 new jobs created;

US unemployment rate of 4.3%; average hourly earnings increased 2.8%

• Liquidity remains robust, with both

financial and strategic buyers flush with cash

• Debt markets remain strong and active

across both senior and mezzanine capital

• Repatriation of capital could cause spike in

M&A activity

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• PE dry powder, or uninvested cash, is at a record high of nearly $1.5 trillion
• Strategics also have unprecedented levels of cash on hand – S&P Global estimates $1.8 trillion of total cash
• n the balance sheets of nonfinancial corporates
• Much of this capital is being held overseas, given the current tax laws; Trump administration discussing

lowering taxes for repatriation of this capital; could significantly impact M&A and infrastructure investment

Source: Bain Capital

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“The recent rate hike by the Fed had little impact on the debt markets, given that we’re coming off historically low interest rates, over a prolonged period of time. Investors continue to focus on the strong underlying fundamentals driving the growth of a company.” Ray Shu Managing Director & Head of Originations, TMT, Capital One

• Q1 highly active, with as much leverage issued in the quarter as all of 2000

Source: S&P Global Market Intelligence

PE Deal Flow by Year Mid-Market PE Deal Flow by Year Median Buyout Multiples and Debt Key Observations

• Large number of newly-formed PE funds targeting

middle market, driving competition for quality assets

• Middle market deals accounting for 57% of PE deals

in Q1-17

• EV/EBITDA multiples at 10.8x in Q1-17, up from 9.2x

in 2014

• Median equity contributions at 6.2x
• Credit markets have tightened, but lenders remain

active; unitranche notably aggressive

• Add-ons represented 64% of 2016 volume

$512 $889 $359 $167 $350 $422 $472 $514 $660 $653 $648 $119 2,810 3,499 2,743 1,858 2,705 3,068 3,467 3,354 4,162 4,211 3,871 Deal Value ($bn) # of Deals Closed 745 $275 $336 $194 $93 $237 $276 $316 $300 $447 $399 $357 $91 1,464 1,842 1,292 710 1,292 1,477 1,891 1,709 2,186 2,180 2,123 Deal Value ($bn) # of Deals Closed 4.6x 5.2x 4.7x 5.5x 5.2x 5.7x 5.4x 6.2x 3.5x 4.0x 3.8x 3.8x 4.0x 4.5x 5.3x 4.6x 8.1x 9.1x 8.5x 9.3x 9.2x 10.1x 10.7x 2010 2011 2012 2013 2014 2015 2016 Q1-2017 Debt / EBITDA Equity / EBITDA Valuation / EBITDA

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10.8x 422 Source: Pitchbook

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• Despite a series of political shockwaves, 2016 global M&A activity saw more than 40K deals valued at

$3.6 trillion vs. 39K deals and $3.9 trillion in value in 2015

• Nearly 10K deals totaling $752 billion were announced in the first quarter of 2017, an increase in both

deal value and number of deals from Q1-2016’s 9,500 deals and $745 billion in value

• The Americas represented 64% of transaction value in Q1 2017

Source: Bloomberg

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 Both strategic companies and private equity firms are attracted to scale, high growth, and high-margin recurring revenue models, on mature businesses  In tech and tech enabled sectors, business model, addressable market and topline growth rates/prospects drive value  Creative solutions to help buyers achieve these goals and help sellers accelerate transformation:  Pre-pack merger

 Proprietary deal structure, where two or more independent companies are merged on paper to create a single “notional new company”  Pro-forma financials reflect full benefit of all synergies – revenue and costs  Combined positioning of the two companies  Single management team and organizational footprint

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• JEGI Pre-Packaged model has proven effective in dramatically increasing valuations for clients,

while offering buyers a clean, underwritable business at pro forma valuations

• Extensive discussions with major PE groups over the past year who are highly interested in this

proprietary offering from JEGI 80%+

Incremental Value Created

110%+

Incremental Value Created

2013 2014 2015 2016

60%+

Incremental Value Created

110%+

Incremental Value Created

80%+

Incremental Value Created

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B2B media continues to diversify away from ad-supported print; tradeshows, conferences, data businesses and content marketing are all strategic targets Scale will continue to be a major driver in B2B media deals UK and European based companies are highly focused on the US as a geographical expansion opportunity Will continue to see divestiture of non-core, slower growth assets PE buyers interested in businesses with in-person, experiential and/or end-user and recurring subscription revenue streams Continued interest in B2B media assets from Asian buyer/investor groups

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($ millions)

Valuation Multiples Ascential 1,802 2,091 2.6x 370 106 29% (21%) 5.7x 19.7x 4.3x 13.5x DMGT 2,966 3,705 2.3x 2,497 327 13% (10%) 1.5x 11.3x 1.7x 10.0x Emerald Expo Events 1,526 2,228 4.8x 324 147 45% 6% 6.9x 15.1x

• Euromoney

1,586 1,705 0.7x 525 150 28% (14%) 3.2x 11.4x 3.1x 11.7x GL Events 623 1,117 3.0x 1,006 136 14% (2%) 1.1x 8.2x 1.0x 7.2x Informa 7,285 9,206 3.5x 1,662 522 31% (7%) 5.5x 17.6x 4.1x 12.1x ITE Group 541 654 2.0x 175 42 24% (15%) 3.7x 15.7x 3.5x 16.4x RELX Group 43,720 30,707 2.2x 8,513 2,552 30% (3%) 3.6x 12.0x 3.2x 9.1x Tarsus Group 419 513 3.8x 84 23 27% (30%) 6.1x 22.2x 3.2x 9.3x UBM 3,668 4,491 2.6x 1,066 291 27% (6%) 4.2x 15.4x 3.5x 11.4x Wilmington 299 352 1.8x 141 31 22% (6%) 2.5x 11.5x 2.3x 10.3x Mean 26% (10%) 4.0x 14.6x 3.0x 11.1x Median 27% (7%) 3.7x 15.1x 3.2x 10.9x

Source: S&P Capital IQ, as of June 2, 2017 Note: All data is based on fiscal year end

Company Market Cap Enterprise Value Net Debt/EBITDA Financial Data 2016 2016 2017F TEV/Rev TEV/EBITDA Revenue EBITDA Margin YoY Rev Growth TEV/Rev TEV/EBITDA

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Deal Size: $1.6 billion, 4.2x revenue, 11x EBITDA Target: Information services and marketing company, with the three largest revenue streams being events, digital and marketing services Buyer Rationale: Penton enables Informa to dramatically increase its US presence, bolster its core verticals, add a number of tradeshows at scale and provide new capabilities – services, brands & communities, and marketing solutions Insider View “Since the acquisition announcement, our interaction with the Penton team has reaffirmed our belief that this combination will enhance our presence in attractive market segments.” Stephen Carter, CEO, Informa

acquires

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Deal Size: $151 million, 3x revenue Target: Insight division provides professional information services for financial, risk, insurance and financial technology specialists Buyer Rationale: As a 100% French business, Infopro is actively looking to expand into new geographies; PE backer has committed €500 million of equity to this strategy Insider View “The acquisition will support Infopro Digital’s digital transformation and international growth

• strategies. Following this acquisition, we will do nearly a quarter of our business in international markets.”

Christophe Czajka, CEO, Infopro

acquires

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Deal Size: Undisclosed Target: Market leading US business travel and meetings event organizer, supplemented by an integrated media offering and additional marketing solutions Buyer Rationale: Strong market position, entrepreneurially driven, high profitability and growth prospects; US based business with scope to geo-clone against a strategic buyer’s portfolio of events in other industries Insider View “Connect Meetings is a strong brand, led by an entrepreneurial team with a track record of delivering exceptional growth. There is a great opportunity to quicken that growth further by expansion and replication within the US and other selected territories and to launch into new verticals.” Douglas Emslie, CEO, Tarsus

acquires

 End-user, subscription based, recurring revenue streams continue to be in high demand by both strategic and PE acquirers  Lending levels for businesses with high recurring revenues and strong margins are at the top end of the range exceeding 5x.  Driven by data & analytics, financial information is one of the most active verticals  Morningstar’s acquisition of Pitchbook for 7x revenue highlights the continued attraction to subscription driven database platforms  Broadridge Financial’s acquisition of Thomson Reuters’ Fiduciary Services and Competitive Intelligence unit

 Provides data on investment product classifications, pricing, performance, benchmarking, product asset positions, and product flows

 Leeds acquisition of Covenant Review

 Credit research, data and analytics firm that pioneered bond and loan covenant research and analysis; subscription-based model with high renewal and retention rates

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($ millions)

Valuation Multiples Advisory Board Co. 2,127 2,580 3.8x 806 187 23% 5% 3.2x 13.8x 3.2x 12.9x Broadridge Financial 9,099 10,096 1.5x 2,911 639 22% 8% 3.5x 15.8x 2.5x 14.3x CoreLogic 3,641 5,126 3.7x 1,934 499 26% 27% 2.7x 10.3x 2.8x 11.0x CoStar Group 8,585 8,317 NM 837 256 31% 18% 9.9x 32.4x 8.7x 31.1x Dun & Bradstreet 3,958 5,305 3.1x 1,705 494 29% 4% 3.1x 10.7x 3.0x 10.6x Euromoney 1,599 1,718 0.7x 515 136 26% (16%) 3.3x 12.6x 3.1x 11.8x FactSet Research 6,548 6,728 0.4x 1,130 398 35% 12% 6.0x 16.9x 5.5x 16.0x Forrester 700 565 NM 325 40 12% 4% 1.7x 14.1x 1.7x 15.0x Gartner 10,903 11,311 1.0x 2,454 471 19% 13% 4.6x 24.0x 3.3x 16.0x IHS Markit 19,040 22,673 4.1x 2,733 982 36% 25% 8.3x 23.1x 6.4x 16.3x Informa 7,285 9,201 3.5x 1,688 549 33% (6%) 5.5x 16.8x 4.1x 12.2x Moody's 22,765 24,781 1.0x 3,571 1,604 45% 2% 6.9x 15.5x 6.4x 13.6x Morningstar 3,205 3,123 NM 791 250 32% 0% 3.9x 12.5x 3.6x 13.4x RELX Group 43,623 30,707 2.2x 8,352 2,906 35% (5%) 3.7x 10.6x 3.2x 9.1x S&P Global 37,046 39,335 0.4x 5,596 2,469 44% 5% 7.0x 15.9x 6.8x 14.5x Thomson Reuters 31,611 38,648 2.6x 11,258 3,146 28% 0% 3.4x 12.3x 3.4x 11.5x Verisk Analytics 13,421 15,550 2.3x 1,995 1,000 50% 13% 7.8x 15.6x 7.5x 15.0x Wolters Kluwer 12,550 14,741 1.7x 4,513 1,183 26% (1%) 3.3x 12.5x 2.9x 10.7x Mean 31% 6% 4.9x 15.8x 4.3x 14.2x Median 30% 5% 3.8x 14.8x 3.4x 13.5x

Source: S&P Capital IQ, as of June 2, 2017 Note: All data is based on fiscal year end

TEV/Rev TEV/EBITDA Revenue EBITDA Margin YoY Rev Growth TEV/Rev TEV/EBITDA Financial Data 2016 2016 2017F Company Market Cap Enterprise Value Net Debt/EBITDA

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Deal Size: $125 million. 4.2x revenue, 16.2x EBITDA Target: Information provider for the global forest products industry Buyer Rationale: Through the acquisition, Euromoney will create a cross-commodity price reporting and market intelligence business, incorporating RISI with Metal Bulletin Group – a price reporting agency serving the metals, minerals, and mining markets Insider View “RISI is a high-quality business and complements our existing metals pricing services. RISI combines an excellent price reporting operation with a world-class analytics and cost division. The scale of the new combined business will enable increased product investment resulting in an even better user experience for all our clients.” Raju Daswani, CEO, Metal Bulletin Group

acquires

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Deal Size: Undisclosed Target: Winsight provides information, market intelligence, professional events, and media to the global restaurant, noncommercial foodservice, and convenience retail industries Buyer Rationale: Private Equity was drawn to the data, analytics and information platform, as well as the company’s history of both organic and acquisition growth Insider View “The management team's passion for their business, track record of new product development initiatives, and ability to expand through acquisitions stood out to us. The Winsight management team is poised to grow across multiple fronts, and the business represents a leading platform in the B2B information market.” Scott Stevens, Partner, Pamlico

acquires

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Deal Size: Undisclosed Target: Brought together as a “pre-pack merger”, BLR and UCG are leading providers of governance, risk and compliance information to the healthcare, human capital management, financial and telecom sectors Buyer Rationale: The combined entity (nka Simplify Compliance) was attractive for its scale and industry diversification, reaching four large and growing end-markets, as well as for its mostly recurring subscription revenue model, along with compelling events and data components Insider View “We are a firm that backs great managers and are incredibly excited to be partnering with Dan and his

• team. We are committed to growing these businesses and investing in their products.”

Jeffrey Lees, President & Co-Founder, Leeds Equity

acquires

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 Industry that is highly fragmented, with primarily creative and technical professionals, making it ripe for innovation  Significant venture and private equity capital seeking to either fortify the role

• f “traditional” survey research or build a bridge between research and digital

marketing  Signs of a converged and redefined market taking hold, where “Insight and Analytics”, “Customer Experience” and “Market Intelligence” are displacing “research” as the working terms of art  Digital marketing “competing” with market research

 Proprietary data, behavioral data, transactional & CRM data, media pricing & consumption data

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($ millions)

Valuation Multiples Cello Group 179 186 0.6x 204 15 7% (12%) 0.9x 12.5x 0.8x 10.7x comScore 1,441 1,327 NM 520 125 24% 41% 2.6x 10.6x 2.4x 8.3x Forrester 700 565 NM 325 40 12% 4% 1.7x 14.1x 1.7x 15.0x FTI Consulting 1,334 1,616 1.7x 1,800 209 12% 1% 0.9x 7.7x 0.9x 8.1x Gartner 10,903 11,311 1.0x 2,454 471 19% 13% 4.6x 24.0x 3.3x 16.0x GfK 1,937 2,298 1.9x 1,584 229 14% (6%) 1.5x 10.0x 1.4x 8.9x Hackett Group 444 436 NM 286 46 16% 22% 1.5x 9.5x 1.5x 9.0x ICF International 888 1,156 2.4x 1,192 115 10% 5% 1.0x 10.1x 0.9x 9.8x Intage 399 333 NM

• 0.8x

6.3x Ipsos 1,645 2,281 2.7x 1,903 219 11% (2%) 1.2x 10.4x 1.1x 9.4x Marsh & McLennan 39,861 44,909 1.6x 13,303 3,138 24% 3% 3.4x 14.3x 3.2x 13.2x Nielsen 13,928 22,089 4.9x 6,299 1,920 30% 2% 3.5x 11.5x 3.3x 10.9x YouGov 359 340 NM 115 14 12% (3%) 3.0x 24.0x 2.5x 18.5x Mean 16% 6% 2.1x 13.2x 1.8x 11.1x Median 13% 3% 1.6x 11.1x 1.5x 9.8x

Source: S&P Capital IQ, as of June 2, 2017 Note: All data is based on fiscal year end

TEV/Rev TEV/EBITDA Revenue EBITDA Margin YoY Rev Growth TEV/Rev TEV/EBITDA Financial Data 2016 2016 2017F Company Market Cap Enterprise Value Net Debt/EBITDA

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Deal Size: $190 million, 2.9x revenue, 11.5x EBITDA Target: MarketCast is the leading provider of strategic insights and data analytics to marketers and researchers in the global entertainment industry Buyer Rationale: RLJ bought MarketCast in 2014 for $90 million at 9x EBITDA; from 2014 to 2016, revenue grew from $40 million to $65 million and EBITDA from $10 million to $16.5 million; PE saw an opportunity to partner with management to continue this growth on a strong platform with a broad suite of data-driven products and services and a scalable infrastructure serving the global entertainment marketplace Insider View “We see tremendous growth opportunities for MarketCast, both organically and through strategic acquisition, and look forward to partnering with management in the next phase of the Company’s development.” Ahmed I. Wahla, Partner, Kohlberg

acquires

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Deal Size: $260 million, 5.7x revenue, 19.3x EBITDA Target: eMarketer provides research on marketing in a digital world; the company aggregates and analyzes information from more than 3,000 global sources and produces data, reports and insights that enable professionals to understand marketing trends and consumer behavior Buyer Rationale: Traditional German publisher aggressively expanding into digital businesses in English speaking markets; looking to gain audience in the US and strengthen business intelligence and paid subscription revenue model; follows acquisition of Business Insider for $343 million in 2015 Insider View “By acquiring eMarketer, Axel Springer also strengthens its paid content activities and supplements its existing business media. The convincing growth and margin prospects for eMarketer make this transaction another element in Axel Springer’s successful digital transformation.” Mathias Doepfner, CEO, Axel Springer

acquires

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Deal Size: Undisclosed Target: Pioneer in movie marketing research with a key focus on working with the major and independent studios and their home entertainment divisions Buyer Rationale: NRG is a global leader in Hollywood market research and its product innovation was seen as a key ingredient for success in a rapidly changing entertainment marketing landscape Insider View “We are excited to welcome NRG into the Stagwell family of companies, and as a market research practitioner for the last 40 years, I'm particularly pleased to add these key capabilities.” Mark Penn, Managing Partner & President, Stagwell Group

acquires

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Digital marketing, data & technology continue to drive strong valuations, with traditional agencies being at the lower end of value ranges New market entrants will continue to manifest: Consulting (Deloitte, Accenture, BCG); and Tech Services & Implementation (Cognizant, Valtech, Infosys) Activity continues to be driven by major agency consolidators – WPP and Dentsu were the two most active acquirers in JEGI’s market in 2016 Major technology companies are in a race to create the digital marketing machine: Marketing, Commerce and Content platforms

 Oracle and Salesforce – 16 marketing acquisitions each since 2010; IBM – 13; Adobe – 12; Microsoft – 10; SAP – 5

Experiential marketing and face to face is picking up momentum as marketers are focused

• n experiences and reaching the consumer directly, rather than strictly online

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Agencies

($ millions)

Valuation Multiples Aimia 262 364 1.1x 1,703 92 5% (4%) 0.2x 4.0x 0.2x 2.0x Alliance Data Systems 13,242 32,046 12.9x 3,292 1,462 44% (2%) 9.7x 21.9x 4.1x 16.0x Dentsu 14,625 13,009 1.4x 7,181 1,501 21% (8%) 1.8x 8.7x 1.5x 7.6x Enero Group 76 54 NM 159 11 7% (3%) 0.3x 4.7x 0.7x 7.4x Havas 4,303 4,153 NM 2,403 386 16% 1% 1.7x 10.7x 1.5x 9.5x Huntsworth 238 279 1.5x 267 27 10% (13%) 1.0x 10.5x 1.1x 8.2x InnerWorkings 599 683 1.9x 1,091 44 4% 6% 0.6x 15.4x 0.6x 10.4x Interpublic Group of Cos. 9,901 11,315 1.0x 7,847 1,098 14% 3% 1.4x 10.3x 1.4x 9.7x M&C Saatchi 351 359 NM 278 15 6% 5% 1.3x 23.3x 1.2x 9.6x MDC Partners 478 1,559 5.8x 1,386 150 11% 4% 1.1x 10.4x 1.0x 7.6x Next Fifteen Comm. 376 392 0.4x 184 24 13% 16% 2.1x 16.6x 1.8x 11.1x Omnicom 19,648 22,878 1.1x 15,417 2,302 15% 2% 1.5x 9.9x 1.5x 9.8x OPT 300 305 NM 598 25 4% 12% 0.5x 12.3x 0.4x 9.9x Publicis 16,975 18,458 0.8x 10,274 1,809 18% (1%) 1.8x 10.2x 1.6x 9.2x

• St. Ives

79 170 1.7x 488 46 9% (9%) 0.3x 3.7x 0.4x 3.6x WPP 28,078 33,989 1.6x 17,766 3,131 18% (2%) 1.9x 10.9x 1.7x 10.0x Mean 13% 0% 1.7x 11.5x 1.3x 8.8x Median 12% (0%) 1.4x 10.4x 1.3x 9.6x

Source: S&P Capital IQ, as of June 2, 2017 Note: All data is based on fiscal year end

TEV/Rev TEV/EBITDA TEV/Rev TEV/EBITDA Company Market Cap Enterprise Value Net Debt/EBITDA Revenue EBITDA Margin 2017F YoY Rev Growth Financial Data 2016 2016

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Marketing Data

($ millions)

Valuation Multiples Acxiom 2,084 2,142 0.7x 839 142 17% 4% 2.6x 15.1x 2.4x 12.8x Alliance Data Systems 13,454 32,258 12.9x 7,248 2,090 29% 115% 4.5x 15.4x 4.1x 16.1x comScore 1,441 1,327 NM 520 125 24% 41% 2.6x 10.6x 2.4x 8.3x Dun & Bradstreet 3,958 5,305 3.1x 1,705 494 29% 4% 3.1x 10.7x 3.0x 10.6x Ebiquity 114 152 2.1x 104 19 19% 8% 1.5x 7.8x 1.3x 7.4x Equifax 16,576 19,186 2.2x 3,142 1,120 36% 18% 6.1x 17.1x 5.6x 15.3x Experian 19,147 22,186 1.9x 4,535 1,576 35% (6%) 4.9x 14.1x 4.8x 14.0x Fair Isaac 4,147 4,657 2.4x 868 225 26% 4% 5.4x 20.7x 5.0x 18.9x Harte-Hanks 82 136 4.2x 402

• 0%

(19%) 0.3x 10.6x 0.3x 8.6x NeuStar 1,849 2,534 1.4x 1,211 541 45% 15% 2.1x 4.7x 2.0x 4.4x Nielsen 13,928 22,089 4.9x 6,299 1,920 30% 2% 3.5x 11.5x 3.3x 10.9x Mean 27% (1%) 3.3x 12.6x 3.1x 11.6x Median 29% 4% 3.1x 11.5x 3.0x 10.9x

Source: S&P Capital IQ, as of June 2, 2017 Note: All data is based on fiscal year end

TEV/Rev TEV/EBITDA Revenue EBITDA Margin YoY Rev Growth TEV/Rev TEV/EBITDA Financial Data 2016 2016 2017F Company Market Cap Enterprise Value Net Debt/EBITDA

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Deal Size: $150 million, 2.5x revenue Target: Provides sales and marketing professionals with actionable market and company information enhanced by software Buyer Rationale: Avention’s software offerings enhance D&B’s positioning to serve its core markets, supplementing D&B’s foundational company and contact data Insider View “The Sales Acceleration space offers a big opportunity for Dun & Bradstreet. We believe, as the global leader in commercial information, we are well positioned to take market share and accelerate our growth strategy.” Bob Carrigan, CEO, D&B

acquires

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Deal Size: Undisclosed Target: Digital marketing and creative agency Buyer Rationale: World-class creative work, a superb, top drawer management team, and strong EBITDA margins were key differentiators in the marketplace; IBMiX now ranks as one of the world’s largest digital agency, ahead of firms like SapientNitro and Razorfish Insider View “The acquisition will allow IBM’s digital team to build deeper relationships with existing accounts. Approximately 75% of Resource/Ammirati’s clients also use IBM services.” Paul Papas, Global Leader, IBMiX

acquires

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Deal Size: $413 million, undisclosed multiples Target: Provides “Private Brand” products with marketing strategy, including branding, sourcing & logistics, retail merchandising services and consumer experience Buyer Rationale: PE was drawn to the Asian market, as well as the Company’s scale, its leading global market position and its impressive track record of consistent revenue growth Insider View “We are thrilled to join forces with Daymon and look forward to working with them on the many growth opportunities this transaction will bring in the U.S. and Asia’s emerging economies.” Jonathan Zhu, Managing Director, Bain Capital

acquires

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Take into account the relative cultures of the

• rganizations

Ensure that the key market-facing players will continue with the business at least long enough to transition domain expertise and relationships Understand the role and importance of the founders/sellers Be open to exploring different

• ptions for organizational

structures and processes Incentivize key personnel to align objectives Expect IT integration across platforms to take longer than anticipated Consider town hall meeting with new employees to deliver message and strategy Strike the right balance between granting autonomy and centralizing operations Give full attention to the communications strategy and look to control the message to key stakeholders

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+ Potential tax holiday + Proposed lower corporate tax rates + Pro-business + GOP platform potentially good for M&A

• Policies likely to drive up costs for US companies
• Could impact international deals
• Limited experience and bombast could have

negative impact + Repatriation of capital = greater investment/M&A + Low interest rate environment

• Projected future rate increases

+ Slow growth economy encourages inorganic growth + Acquisitions add talent, scale and synergies + Divestiture of slow-growth assets = greater M&A + Dow 20K+ = CEO confidence + Strong strategic valuations + Lots of cash on balance sheets

42 Managing Director Founder & CEO Co-President Managing Director Managing Director

New York/Boston

Partner Partner Partner

London/Sydney

Managing Director Managing Director Managing Director Managing Director BD Director COO Director Managing Director Senior Advisor Managing Director Managing Director CMO COO EVP Director Managing Director

Avention is a leading provider of sales enablement and business intelligence SaaS solutions.

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Leading providers of governance, risk and compliance information. Stagnito and Edgell are two leading business information, marketing, and research providers in North America. Resource/Ammirati is a leading, US-based digital marketing and creative agency. Instantly is a leading provider of

• nline and mobile audiences

and insights technology tools. FCBI’s TU-Automotive is the global leader in the B2B automotive technology events and information sector. Entrada is a leading provider of integrated mobile solutions that improve healthcare efficiencies and outcomes. Yachting Promotions is a leading operator of the largest yachting and boat shows in the U.S. Flixmedia is a leading content syndication, retail intelligence and shopper engagement platform for global brands and retailers. BJI is an integrated B2B media company with extensive trade show, digital and other marketing assets. Evanta, sold for $275 million, is a leading peer-to-peer leadership platform for Fortune 1000 C-suite executives. Bisnow is North America’s leading producer of commercial real estate news and events. Wiland is a leading data-driven marketing technology and intelligence platform. PrizeLogic is a leader in digital engagement programs for major brands and retailers. Light Reading is a leading, innovative content-driven media business focusing on the telecom industry. CARCO is a leading provider of tech-enabled and compliance- driven human capital management and risk management solutions. Accordant is a leading data-driven, full-service programmatic advertising company and technology solution provider. Connect Meetings is a leading US business travel and meetings event organizer. V12 Data is a leading DaaS platform offering integrated

• mnichannel data products and

marketing technology. Framestore is a leading global VFX and CG content production company. etouches is a leading provider of cloud event management software and venue sourcing.

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AMERICAS UK Select cross-border transactions, leveraging our US, European and Australian offices ASIA-PACIFIC EMEA

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• Serving founders and entrepreneurs, VC and Private Equity

investors, and global corporations

• Positioned at the center of converging markets, bringing

strategic advice and creative ideas to its clients

• Deep knowledge of markets served, providing unexpected

acquisition and investment opportunities

• Track record of surpassing client expectations

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BOSTON JEGI, 50 Milk Street 16thFloor Boston, MA 02109 +1 617 294 6555 www.jegi.com LONDON Clarity, 90 Long Acre London, WC2E 9RA +44 20 3402 4900 www.claritycp.com NEW YORK JEGI, 150 East 52nd Street 18thFloor New York, NY 10022 +1 212 754 0710 www.jegi.com SYDNEY Clarity, 100 Barangaroo Avenue Sydney NSW 2000 +61 2 8046 6840 www.claritycp.com