Prior Assignments — Setting and Industry
The following matrix summarizes past assignment sizes from a company equity valuation perspective. Please refer to the links and table immediately following the summary matrix to review further information regarding these prior projects.
| Assignment |
Average |
Minimum |
Maximum |
| Acquisitions |
$9,000,000 |
$300,000 |
$43,000,000 |
| Expansion Financings |
55,100,000 |
2,200,000 |
110,400,000 |
| Gift and Estate Planning |
12,700,000 |
900,000 |
64,100,000 |
| Fairness Opinions |
13,400,000 |
3,100,000 |
22,000,000 |
| Recapitalizations and Restructurings |
19,300,000 |
2,200,000 |
45,000,000 |
| Sales and Divestitures of Companies |
12,300,000 |
500,000 |
106,000,000 |
| Share Exchanges, Conversions or Repurchases |
8,900,000 |
4,100,000 |
13,600,000 |
| Stock Option Exercise Prices and Valuations |
12,700,000 |
1,200,000 |
81,500,000 |
| Other |
12,800,000 |
2,700,000 |
33,100,000 |
Acquisitions
| Industry |
Company |
Ownership |
Client |
| Agricultural Products |
Livestock identification equipment manufacturer and distributor |
Private |
Individual buyer |
| Educational Services |
Post-secondary technical school. Information technology, automotive and allied health curriculum |
Private |
Strategic buyer |
|
Allied health technical school |
Private |
Strategic buyer |
|
Post-secondary support services provider for students with special needs |
Private |
Strategic buyer |
|
Large automotive technical school - certificate and associate degree programs |
Private |
Publicly-traded Business Development Company |
|
Paralegal training school |
Private |
Private investors |
| Electrical Components |
Welding components manufacturer |
Private |
Individual buyer |
| Food Processing |
Branded and private label pet food manufacturer |
Subsidiary of public company |
Investor group |
|
Branded meat products manufacturer |
Private |
Investor group |
| Industrial Distribution |
Construction tools and fasteners |
Private |
Private investor |
| Information Technology |
Software developer for assisting organizations with personnel relocations |
Private |
Management |
|
Computer output microfilm records production for financial services and mutual fund sectors |
Private |
Individual buyer with institutional investor support - purchased from founder |
| Retirement Homes |
Multiple location nursing home chain |
Private |
Strategic buyer |
| Specialty Chemical |
Maintenance and cleaning chemical supplier to heath care sector |
Private |
Management, strategic partner and private equity group |
| Sporting Goods Manufacturing |
Bass boat manufacturer |
Private |
Private investor acquisition from founder |
| Telecommunications |
Single-source communications services and products provider to small and medium size businesses |
Private |
Purchaser in strategic business acquisition |
Expansion Financings
| Industry |
Company |
Ownership |
Interest(s) Valued |
Client |
| Educational Services |
Regional private college group - information technology program focus |
Private - pre IPO |
Control and minority interests |
Founder - evaluation of corporate finance and shareholder liquidity alternatives |
|
National operator of K-12 and post-secondary schools serving students with special needs |
Private |
Control interest |
Parent company - follow-on funding to support divisional growth plan |
|
Operator of allied health vocational schools |
Private |
Control and minority interests |
Founder - identification of capital requirements to support long term growth plan |
| Engineering & Consulting Services |
Developer of contaminant control systems |
Private |
Minority interest |
Founder for equity financing with private investor |
| Food Processing |
Developer of technologies for the use of algae and algal derivatives in the biotech, medical and food industries |
Private |
Control interest |
Founders in advance of raising venture funding |
| Information Technology |
Satellite photography and mapping technology |
Limited partnership interests - joint venture of four Fortune 50 companies |
Limited partnership interests |
Strategic partner in anticipation of sale of additional limited partnership interests |
| Sporting Goods |
Developer of sophisticated heart / exercise monitoring device |
Private |
Control and minority interests |
Founders in anticipating of private placement |
Gift and Estate Planning and Tax
| Industry |
Company |
Ownership |
Interest(s) Valued |
Client |
| Real Estate |
Real Estate Development, Construction & Management |
Private |
General and limited partnership interests and minority member interests gifted to various trusts |
Founder |
| Specialty Chemical |
Manufacturer and distributor of floor care, industrial cleaning and carpet care products |
Private |
Options to acquire voting and non-voting common stock held by individuals and trusts |
Shareholder and family holding large minority blocks and options |
Fairness Opinions
| Industry |
Company |
Ownership |
Client |
| Aircraft |
Parts supplier |
Private |
Transaction value for debenture holders |
| Automotive |
Metropolitan-area chain of car wash centers |
Private |
Founder's interest associated with merger and simultaneous initial public offering with 13 other companies |
| Information Technology |
Internet service provider |
Private |
Consortium of universities / management in sale of business to larger telecommunications firm |
|
Computer output microfilm records production for financial services and mutual fund sectors |
Private |
Institutional investor interest - cash sale to subsidiary of Fortune 500 company |
| Sporting Goods |
Retailing chain of consumer sporting goods |
Private |
Shareholders of private company in merger with public company |
Recapitalizations and Restructurings
| Industry |
Company |
Ownership |
Client |
| Educational Services |
Post-secondary technical school group - information technology and allied health programs |
Private |
Private equity group - leveraged recapitalization to provide liquidity for founders and growth capital for company |
|
Corporate training |
Private |
Private investor group - leveraged recapitalization to provide liquidity for founders and growth capital for company |
| Information Technology |
Educational software |
Private |
Founders - equity infusion from private investor to strengthen balance sheet and fund expansion initiative |
| Rental Car Franchisee |
Multi-location rental car business |
Private |
Founder - leveraged recapitalization to provide liquidity for founder |
| Trucking |
LTL carrier of general freight |
Private |
Founder - informal reorganization with 6 credit institutions to reduce debt service |
Sales and Divestitures of Companies
| Industry |
Company |
Ownership |
Client |
| Construction Materials |
Insulation contracting |
Private |
Founder in evaluating unsolicited offer for company |
| Educational Products and Services |
Post-secondary college primarily focused upon information technology programs |
Private |
Retiring founder seeking new ownership for school |
|
Corporate training company serving telecommunications industry |
Private |
Founder and fellow shareholders in sale to private equity group |
|
Producer of educational videos |
Private |
Founder in sale to strategic buyer |
|
Vocational (automotive) training school |
Private |
Owner in sale to strategic buyer |
| Engineering & Consulting Services |
Environmental engineering and consulting services serving private industry and government entities |
UK Subsidiary of Private US Company |
Parent company - divestiture |
| Food Processing and Distribution |
Two food distribution businesses |
Subsidiary of Private Company |
Holding company - divestitures |
|
Ice making company |
Private |
Founder - evaluate unsolicited offer for company |
| Industrial Equipment Rental |
Industrial equipment rental |
Private |
Founder - cash sale to strategic buyer |
| Information Technology |
Software developer |
Minority (40%) stake to parent company |
2 management shareholders in subsidiary |
|
Information management system to help K-12 educators manage instruction, curriculum development and assessment processes |
Subsidiary of private company |
Corporate owner |
|
Customer service software for cable industry |
Subsidiary of private company |
Corporate owner |
|
County government administration software |
Private company |
Founder and management shareholder - sale to strategic buyer |
| Insurance |
Issuer of surety bonds |
Private |
Shareholders in sale to strategic buyer |
| Machine Tool |
Food equipment machine shop |
Private |
Founder - evaluate unsolicited offer for company |
| Oil and Gas Exploration and Production |
Oil and gas exploration and development company with properties located in western U.S. |
Minority interest in private holding company and holding company's member interest in numerous oil and gas properties |
President of holding company |
| Plastics Manufacturing |
Injection molded products for multiple industrial applications |
Private |
Father and son founding shareholders in sale to private investor |
| Specialty Chemical |
High performance additives for the rubber, plastics, adhesives, sealants and coating industries |
1 original and 2 update strategic valuations of private company |
Management shareholders and private investors to set benchmark for potential sale of company |
| Sporting Goods |
Component manufacturer |
Private |
Strategic buyer |
Share Exchanges, Conversions or Repurchases
| Industry |
Company |
Ownership |
Client |
| Construction |
Supplier of various materials to construction contractors |
50% interest in private company |
2 shareholders to establish value for buy / sell agreement |
| Child Care Products |
Producer of sleeping and cradling devices for young children |
Minority interests - 2 valuations |
Share repurchase from private investor |
| Industrial Equipment Manufacturer |
Process control equipment |
Private company preferred stock, minority common stock, stock options and warrants |
Management and venture groups - exchange of common stock for options and warrants in advance of initial public offering |
| Specialty Chemical |
High performance additives for the rubber, plastics, adhesives, sealants and coating industries |
Private company minority interest |
Company - repurchase of interest from private investor |
Stock Option Exercise Prices and Valuations
| Industry |
Company |
Ownership |
Client |
| Aircraft Parts Supplier |
Parts supplier |
Minority interest in private company - set option exercise price |
Company and Management |
| Child Care Products |
Producer of sleeping and cradling devices for young children |
Minority interest in private company - 2 valuations to set management stock option exercise prices |
Company and management |
| Construction Materials |
Construction materials manufacturer |
Control interest - establish the exercise price of rights to acquire participating preferred stock - issued by public company connection with adoption of shareholder rights plan |
Board of Directors |
| Engineering & Consulting Services |
Environmental engineering and consulting services for private industry and government entities |
Minority interest in private company - set management option exercise price |
Company and management |
|
Environmental engineering and consulting services for private industry and government entities |
Minority interest in private company - valuation of option grant |
Company and management |
| Information Technology |
Provider of integrated network solutions and services for businesses' local and wide area networks |
Minority interest in private company - set management option exercise price |
Company and management |
|
Internet service provider |
Minority interest in private company - valuation of option grant |
Company and management |
|
Developer of products and services for electronic, interactive marketplace for fixed income securities |
Minority interest in private company - valuation of option grant |
Company and management |
|
IT staffing and consulting companies serving large companies and government |
Minority interest in private company - set management option exercise price |
Company and management |
| Oil and Gas Industry |
Information resource regarding delivery and management of energy services, end-use efficiency applications and new technology developments |
Minority interest in private company - set management option exercise price |
Company and management |
| Telecommunications |
Single-source communications services and products provider to small and medium size businesses |
Minority interest in private company - set management option exercise price |
Company and management |
|
Single-source communications services and products provider to small and medium size businesses |
Minority interest - value of warrant issued with public debt offering |
Company |
Other
| Industry |
Company |
Ownership |
Client |
| Biotechnology |
Developer of fine organic chemicals for human pharmaceuticals, animal health care and agricultural products |
Minority interest in private company |
Spouse in divorce settlement |
| Food Retailing |
Multiple location natural foods retailing chain |
Minority interest in private company |
ESOP — annual contribution |
| Industrial Equipment |
Heavy equipment rental for construction industry |
Minority interest — restricted (Rule144) shares in public company |
Company and officers of company — establish value of deductible compensation expense transferred to officers — 8 reports |
|
Heavy equipment rental for construction industry |
Minority interest — restricted (Rule144) shares in public company |
Establish tax basis for individuals, trusts, foundation and corporate shareholders |
| Telecommunications |
Single-source communications services and products provider to small and medium size businesses |
Minority interests |
Quarterly 401k valuations (10 separate reports) |
|
