headwaters | mb 2016 year in review
TRANSCRIPT
Year in Review
2016
2016 was a rewarding year at Headwaters It was a time of recognition in the industry and record
breaking numbers at our company
Sell-side Investment Bank of the Year
Private Equity Deal of the Year
TMT Deal of the Year
Consumer Goods Deal of the Year
Canada Deal of the Year
MampA Deal of the Year
Top Investment Banking Firm to Work For
Consumer Services Deal of the Year
Consumer Services Deal of the Year
Awards
Amit MujumdarDirector
View Profile
Ian FayManaging Director
View Profile
Arthur BentleyManaging Director
View Profile
David CharlesManaging Director
View Profile
Gaurav BhasinManaging Director
View Profile
John GaensbauerManaging Director
View Profile
Michael SchumacherManaging Director
View Profile
Ravi BhagavanManaging Director
View Profile
Randy EpplerManaging Director
View Profile
Our team is comprised of investment bankers and industry veterans from across the country with
deep industry knowledge and a passion for advocacy In 2016 we added 9 senior bankers to our team to
continue our mission of providing extraordinary results for our middle-market clients
New Hires
Selected Transactions
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
2016 was a rewarding year at Headwaters It was a time of recognition in the industry and record
breaking numbers at our company
Sell-side Investment Bank of the Year
Private Equity Deal of the Year
TMT Deal of the Year
Consumer Goods Deal of the Year
Canada Deal of the Year
MampA Deal of the Year
Top Investment Banking Firm to Work For
Consumer Services Deal of the Year
Consumer Services Deal of the Year
Awards
Amit MujumdarDirector
View Profile
Ian FayManaging Director
View Profile
Arthur BentleyManaging Director
View Profile
David CharlesManaging Director
View Profile
Gaurav BhasinManaging Director
View Profile
John GaensbauerManaging Director
View Profile
Michael SchumacherManaging Director
View Profile
Ravi BhagavanManaging Director
View Profile
Randy EpplerManaging Director
View Profile
Our team is comprised of investment bankers and industry veterans from across the country with
deep industry knowledge and a passion for advocacy In 2016 we added 9 senior bankers to our team to
continue our mission of providing extraordinary results for our middle-market clients
New Hires
Selected Transactions
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Sell-side Investment Bank of the Year
Private Equity Deal of the Year
TMT Deal of the Year
Consumer Goods Deal of the Year
Canada Deal of the Year
MampA Deal of the Year
Top Investment Banking Firm to Work For
Consumer Services Deal of the Year
Consumer Services Deal of the Year
Awards
Amit MujumdarDirector
View Profile
Ian FayManaging Director
View Profile
Arthur BentleyManaging Director
View Profile
David CharlesManaging Director
View Profile
Gaurav BhasinManaging Director
View Profile
John GaensbauerManaging Director
View Profile
Michael SchumacherManaging Director
View Profile
Ravi BhagavanManaging Director
View Profile
Randy EpplerManaging Director
View Profile
Our team is comprised of investment bankers and industry veterans from across the country with
deep industry knowledge and a passion for advocacy In 2016 we added 9 senior bankers to our team to
continue our mission of providing extraordinary results for our middle-market clients
New Hires
Selected Transactions
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Amit MujumdarDirector
View Profile
Ian FayManaging Director
View Profile
Arthur BentleyManaging Director
View Profile
David CharlesManaging Director
View Profile
Gaurav BhasinManaging Director
View Profile
John GaensbauerManaging Director
View Profile
Michael SchumacherManaging Director
View Profile
Ravi BhagavanManaging Director
View Profile
Randy EpplerManaging Director
View Profile
Our team is comprised of investment bankers and industry veterans from across the country with
deep industry knowledge and a passion for advocacy In 2016 we added 9 senior bankers to our team to
continue our mission of providing extraordinary results for our middle-market clients
New Hires
Selected Transactions
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Selected Transactions
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Industry EventsOur bankers attended over 200 industry events in 2016 A few of our favorite moments are shown below
Phil Seefried CNBC
Sun Jen Yung Digital Hollywood Panelist
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
As a firm we produced 40+ industry reports over the year
Reports
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
We work a lot We play a lot We make fun of each other a lot But the best part of Headwaters is watching
people share and help one another ndash itrsquos hard to believe we work at an investment bank Letrsquos be honest
we spend a lot of time making conference calls putting our shoes in the bin in the airport security line and
sitting in the office late at night putting the final touches on the 67th draft of a document But we know how
to cut loose too
Life on the Inside
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Here are five themes to look out for in
2017
1 2
3 4
5
Large forces to be set in motion by the new administration Significant
tax legislation changes in health care policy and trade restrictions will create significant uncertainty in the short term upheaval in the
middle term and opportunity in the long term
Increased demand for lower middle market businesses With valuations
remaining near all-time highs buyers have gone down market in an attempt
to find less pricy assets Roll-up strategies are overwhelmingly popular
We expect the gap between lower middle market valuations and their
larger peers to tighten
Quality transactions remain in short supply The MampA cycle is a bit ldquolong in the toothrdquo with many of the better properties having been sold
in the last 3 years With continued demand from sponsors and corporate buyers alike companies with attractive growth profiles
recurring revenues and solid margins will trade at significant premiums
European markets present both risk and opportunity With Brexit still fresh in their minds other Eurozone countries face emotional elections ahead with the theme of nationalism driving protectionist and separatist agendas However
with downward move in the EuroBritish Pound and relatively lower valuations in comparison to the US market companies continue to look for strategic add-ons in Europe and the UK
America is the worldrsquos new growth market With disruptions in the former growth darling
ndash BRIC countries ndash and the continued slow growth around the world there is more global capital seeking a home in the US market than
wersquove seen in some time
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13
Thank You
Wersquod like to thank all of our clients partners and players in the deal community for their support and
contribution We look forward to continuing to work with you in the years to come
- Button 4
- Button 10
- Button 11
- Button 9
- Button 12
- Button 3
- Button 2
- Button 8
- Button 6
- Button 14
- Button 13