Industry Overview | M&A Transaction Comparables (Engineering/IT/Software & Services)
Target Buyer/Investor Announced Date Closed Date Total Transaction Value Implied Enterprise Value Target Total Revenue [LTM] Implied EV/Revenue (x) Target EBITDA [LTM] Target EBITDA Margin % Implied EV/EBITDA (x)
Vr Track Oy NRC Group ASA (OB:NRC) 10/11/2018 $259 $259 $347 0.7x $28 8% 9.2x
Berger Group Holdings, Inc. WSP Global Inc. (TSX:WSP) 07/30/2018 $400 $400 $400 1.0x $45 911% 8.9x
Opus International Consultants Limited WSP Global Inc. (TSX:WSP) 08/14/2017 11/27/2017 $202 $236 $337 0.6x $25 7% 8.1x
Seymour Whyte Limited (ASX:SWL) Vinci Construction International Network SAS 03/16/2017 10/25/2017 $68 $98 $309 0.2x $5 2% 14.2x
Waterman Group plc CTI Engineering Co., Ltd. (TSE:9621) 05/09/2017 07/06/2017 $53 $62 $113 0.4x $5 5% 9.3x
TRC Companies, Inc. New Mountain Capital, LLC 03/31/2017 06/21/2017 $681 $688 $529 1.3x $49 9% 13.9x
Ausy SA Randstad France SA 06/20/2016 01/25/2017 $430 $457 $484 0.9x $42 9% 10.6x
Mouchel Limited WSP | Parsons Brinckerhoff, Inc. 10/11/2016 10/12/2016 $92 $92 $153 0.6x $12 8% 7.7x
SMEC Holdings Pty. Ltd. Surbana Jurong Private Limited 05/11/2016 08/01/2016 $313 $330 $287 1.1x $29 10% 11.2x
Integral UK Ltd Jones Lang LaSalle Incorporated (NYSE:JLL) 06/06/2016 08/01/2016 $330 $330 $545 0.6x
MWH Global, Inc. Stantec Inc. (TSX:STN) 03/29/2016 05/06/2016 $793 $793 $1,270 0.6x $81 6% 9.8x
 
Maximum $793 $793 $1,270 1.3x $81 11% 14.2x
75th Percentile $415 $429 $507 1.0x $449 % 11.0x
Median $313 $330 $347 0.6x $29 8% 9.6x
25th Percentile $147 $167 $298 0.6x $15 7% 9.0x
Minimum $53 $62 $113 0.2x $5 2% 7.7x
Average $329 $340 $434 0.7x $32 8% 10.3x

($USD mm, Historical rate)**

**M&A Transaction Comparables based on Target’s Last Twelve Months [LTM] Financial Disclosures at the date of Announcement

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