ENVIRONMENTAL, HEALTH & SAFETY Q BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA CONTACTS

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1 ENVIRONMENTAL, HEALTH & SAFETY CONTACTS David Bench Managing Director (949) Tracy Patch Vice President (949) Christopher Cardinale Associate (949) Daniel Schultz Director of Business Development (617) MERGERS & ACQUISITIONS Merger and acquisition activity in the, Health, and Safety (EH&S) industry posted another impressive period of transaction volume through August. Deal making during this period is on pace with the record setting year in 2014 in which we saw 135 transactions throughout the year. Industry health and deal volume in the EH&S industry are primarily reliant upon manufacturing and industrial markets, both of which are undergoing periods of sustained growth following the recession. In conjunction with economic recovery in these markets, falling unemployment and an increase in the number of new home has renewed demand for manufactured goods and construction services. INDUSTRY OUTLOOK Capstone expects the recent positive trends in the manufacturing and construction markets to persist in the near term. As unemployment continues to fall, organizations will demand more safety equipment to keep pace with the influx of new employees. This is good news for operators within the EH&S space and points to a period of increased consolidation through the next 3-5 years. Volatile prices of industry product inputs will force players in the EH&S industry to improve efficiencies, squeeze costs, and lower wages in an effort to relieve pressure on margins and profit. Steady demand for industry products will be a defining characteristic of the EH&S industry in the near term as many downstream markets are mandated by law to protect employees. Middle Market EH&S Industry Transactions BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA YTD* YTD* 2015 *YTD through 8/31 Sources: Capital IQ, Capstone Partners LLC research

2 , Health & Safety SAMPLE ACQUIRER PROFILES ENVIRONMENTAL SERVICES INDUSTRY, Health, Safety and Sustainability Consulting ( EORM ) provides a comprehensive range of strategic, management and technical consulting solutions assessment, compliance, risk management, reporting, training, communication and more partnering with clients to achieve their, Health, Safety and Sustainability short-term needs and longterm goals. Headquartered in California's Silicon Valley, with additional offices strategically located throughout the U.S., EORM services clients' needs across the Americas, EMEA and Asia Pacific regions. For 25 years it serving organizations in every industry technology, manufacturing, healthcare & life sciences, business services, utilities, food & beverage, and all sectors of government. A subsidiary of U.K. based British Standards Institution ( BSI ) since January 2015, EORM is actively seeking add-ons to its service offerings in the U.S., to further BSI s global expansion goals. In June 2015, EORM acquired Austin, Texas based Hill, Inc. which provides a full range of environmental consulting and engineering services with complex air quality, waste water, and hazardous waste permitting and environmental regulatory compliance issues. Glenn Fishler, President and CEO of EORM has recently stated that the company continues to search for other complimentary consulting businesses. SAMPLE ACQUIRER PROFILE FIRE SAFETY INDUSTRY Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through its proprietary ExecFactor buy-and-build investment model. It has invested in over 100 companies which have employed over 7,500 people throughout North America. The investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Fire safety is one of Huron Capital's sector focuses. It has recently teamed with industry executive Terry Heath to build Sciens Building Solutions, a platform company in the fire detection services industry, which will include installation of fire alarm systems, inspection and test services, ongoing maintenance, and monitoring. It is actively seeking acquisitions of U.S. or Canadian companies providing fire detection services to commercial buildings (including high tech, bio tech, and multi-tenant, among others), universities, hospitals, and other large, non-residential buildings, with revenue of at least $15 million. Capstone Partners LLC 2

3 , Health & Safety ENVIRONMENTAL, HEALTH & SAFETY: SELECT M&A TRANSACTIONS Date Target Acquiror Target Business Description 08/27/15 Fay, Spofford & Thorndike Enterprise EV / LTM Value (mm) Revenue EBITDA Stantec Provides environmental consulting services. 08/26/15 Ecology & Environment Millstreet Capital Management Provides environmental consulting services to the government and private sectors worldwide. 08/20/15 IEP Technologies HOERBIGER Provides explosion protection systems and services. 08/18/15 RWI Safety Services Site Safe Solutions Manufactures oilfield containment solutions. 08/17/15 Frac Restraints Gulf Coast Western Develops safety restraint systems for the oil and gas industry. 08/17/15 Horizon Barr Engineering Company Provides environmental engineering and consulting services. 08/14/15 Trinity Consultants Levine Leichtman Capital Partners An environmental consulting company that specializes in industrial air quality issues. 08/13/15 Sani-Service Toronto Serruya Private Equity Provides commercial hygiene programs to foodservice, hospitality, retail, healthcare, facility, and education markets. 08/10/15 TriSure Benefits HUB International Limited Provides safety and health consulting, and risk management services. 08/10/15 Integrated Science Yonker Provides environmental consulting and engineering services. & Technology Protection 07/31/15 ZEE Medical Cintas Provides van-based first aid, safety, and emergency training solutions. $ /28/15 Guardsmark Universal Protection Service Provides safety and security services for Fortune 500 companies worldwide. 07/21/15 Emergency Technologies ESO Solutions Develops public safety application software for medium and large fire departments and EMS agencies. 07/20/15 Safety Source Ritz Safety Distributes industrial safety products and instruments. 07/16/15 Northern Safety Wurth Group Of North America Distributes safety and industrial supplies to companies. 07/06/15 TIDI Products RoundTable HC Management Manufactures single-use infection prevention products for medical, dental, and foodservice markets. 07/6/15 Kent & Sullivan Trihydro Corporation Provides environmental consulting services. 07/02/15 Appriss Insight Venture Partners Offers SaaS based public safety, risk and compliance, health information, and insurance solutions. 07/01/15 Federal Resources Supply Company Alaris Royalty Distributes safety and homeland security products for military and marine needs. 06/30/15 ARI Montrose Group Provides environmental air emission testing services. 06/30/15 ES Engineering Montrose Group Operates as an environmental engineering consultancy and contracting company. Capstone Partners LLC 3

4 , Health & Safety ENVIRONMENTAL, HEALTH & SAFETY: SELECT M&A TRANSACTIONS Date Target Acquiror Target Business Description 06/25/15 Fire & Life Safety America PNC RiverArch Capital Enterprise EV / LTM Value (mm) Revenue EBITDA Designs fire protection systems. 06/24/15 General Econopak Steris Provides aseptic technique, sterilization, cleanliness, and protection solutions for personnel and equipment. $ /19/15 Midwest Waterblasting Superior Environ. Solutions Provides industrial and environmental protection services. 06/17/15 06/16/15 Immediate Response Tech. Professional Alarms AirBoss-Defense Manufactures personal protection and safety products. $ x 12.7x ADS Security Distributes safety and security services. 06/09/15 Expert Publishing ToxPlanet Delivers Web-based chemical hazard information to the environmental health and safety community. 06/09/15 Safety Schell Red The Uniform Tailor Retails armor, uniforms, gear, and related items to public safety officers. 06/03/15 Hill Country EORM Provides environmental consulting and engineering services. 06/03/15 Nexus Technical Services JENSEN HUGHES Provides fire protection engineering services to nuclear power plants, government operations, and commercial clients. 06/02/15 AQS Terracon Consultants Provides air quality consulting services. 06/01/15 The Catena Group Three Oaks Engineering Provides environmental consulting services in the Southeastern United States. 06/01/15 Safety Express Aramsco Distributes safety products for hazardous environments. 06/1/15 Lester King Fire & Safety Equipment Pye Barker Fire & Safety Manufactures fire protection equipment. 05/20/15 Energy Specialty Contracting Thorpe Specialty Services Provides insulation, fireproofing, painting, scaffold, refractory, safety, heat tracing, and plant maintenance services. 05/18/15 Point Blank Enterprises JLL Partners Manufactures protective solutions for the U.S. military and Department of Defense. 05/13/15 Fire EMS Academy Praetorian Digital Provides certificate and degree programs for firefighters, first responders, emergency medical technicians, and paramedics. 05/13/15 Health & Safety Institute Riverside Company; Maranon Capital Provides emergency response, care, and safety training programs. 05/06/15 Sereca Consulting JENSEN HUGHES Offers fire engineering and design and risk analysis. 05/01/15 Schultz Mechanical Aegion Corporation Provides contract general engineering and fire protection services. $ /29/15 DragonTech Manufacturing Affinity Specialty Apparel Manufactures protective clothing and occupational wear for industries. 04/29/15 Cornerstone Tetra Tech Operates as an engineering and environmental consulting, and field services company. Capstone Partners LLC 4

5 , Health & Safety CAPSTONE PARTNERS: ENVIRONMENTAL, HEALTH & SAFETY COMPLETED TRANSACTIONS TRANSACTION COMPLETED* OUTSOURCED FOOD SAFETY SERVICES PRIVATE EQUITY GROUP In August 2015, Capstone Partners advised a privately-held business that provides outsourced inspection services to multi-national food companies that have an incident of suspected or confirmed foreign-body contaminants (metal, plastic, rubber or glass). Its proprietary systems facilitate the identification and destruction of contaminated food while clearing untainted food to be sold, thereby saving customers the value of the cleared, untainted food which might have otherwise been destroyed. Capstone presented the business to a comprehensive list of potential strategic and financial acquirers and received 18 written offers. The high level of interest facilitated a premium sale price of nearly 4x revenue on terms that were very favorable to the seller. * The parties involved have requested confidentiality & anonymity until customers and employees have been notified. The successful bidder was focused on the strong repeat business from the blue-chip customer base. Capstone Partners has completed several transactions in the, Health and Safety industry. These transactions involved companies that either provide services to or manufacture products to improve the safety and health of employees, or improve the environment. Capstone s experience in the EHS sector provides us with insight into the valuable attributes and valuation metrics of a target company, the active buyers in the industry and the nuances of transactions in this space. H.P. White Laboratory, Inc. recapitalized by recapitalized by PROVIDER OF CORPORATE TRAINING a division of a division of HUNT CAPITAL. has recapitalized with Capstone Partners LLC 5

6 , Health & Safety THE ENVIRONMENTAL, HEALTH & SAFETY TEAM David Bench, Managing Director (949) David is a Managing Director in charge of the Western Region, based out of Los Angeles. Prior to Capstone, David managed the Western region for Morgan Stanley Smith Barney s Capital Strategies Group and its predecessor, Citi Capital Strategies. David has focused on middle market investment banking for nearly 30 years and has been the lead banker in over 250 M&A transactions involving both domestic and foreign corporate buyers, as well as leveraged recaps with private equity sponsors. David s achievements in investment banking have gained national recognition by The M&A Advisor: one of his transactions was awarded the Private Equity Deal of the Year, while another was recognized as the Energy Deal of the Year. Mr. Bench has also been awarded Middle Market Financing Professional of the Year, an award recognizing M&A s most accomplished professionals. Mr. Bench holds a BS and an MBA in Finance from Brigham Young University. He is a Series 7 and 63 Registered Securities Representative and a Series 24 Registered Securities Principal. Tracy Patch, Vice President tpatch@capstonellc.com (949) Tracy is a Vice President in the Los Angeles office, supporting the management of the Western Region. Prior to Capstone, Tracy worked as a senior banking professional in Morgan Stanley Smith Barney s Capital Strategies Group and its predecessor, Citi Capital Strategies. She possesses over ten years of experience in middle market investment banking, working on both domestic and cross-border transactions. Her previous finance experience includes working in the hedge fund industry with Collins/Bay Island Securities LLC and Talisman Capital. Prior to that, Mrs. Patch worked with institutional fixed income sales at Vining Sparks IBG, LP and Robert Thomas Securities, Inc. She also was a manager at The Disney Company. Mrs. Patch holds an MBA from Pepperdine University and a BS in Finance from Miami University of Ohio. She is a Series 7 and 63 Registered Securities Representative. Christopher Cardinale, Associate ccardinale@capstonellc.com (949) Christopher is an Associate in the Los Angeles office. He supports management and clients in the Western Region. Christopher is engaged in the execution and advisory of mergers, acquisitions and strategic capital raises. Prior to joining Capstone, he was an associate with a boutique M&A firm focused on valuation, M&A advisory, corporate finance, acquisition target research and exit-planning strategy. His industry experience includes manufacturing, healthcare, TMT and consumer. Christopher was also a research analyst in the M&A department at United Capital Financial Advisors. He earned a BA from the University of San Diego. Christopher is a Registered Securities Representative having passed the FINRA Series 79 and 63 examinations. Capstone Partners LLC 6

7 CAPSTONE S OFFICE LOCATIONS BOSTON 176 Federal Street 3rd Floor Boston, MA (617) CHICAGO 200 South Wacker Drive Suite 3100 Chicago, IL (312) LONDON 42 Brook Street London W1K 5DB United Kingdom +44 (0) LOS ANGELES Avenida de la Carlota Suite 600 Laguna Hills, CA (949) PHILADELPHA 1515 Market Street 12th Floor Philadelphia, PA (215) SAN DIEGO High Bluff Drive Suite 200 San Diego, CA (858) SILICON VALLEY 228 Hamilton Avenue 3rd Floor Palo Alto, CA (650) TAMPA 1550 W Cleveland Street Suite 700 Tampa, FL (813) ABOUT CAPSTONE PARTNERS Capstone Partners LLC is a premier investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. The firm provides M&A, corporate restructuring, private placement and financial advisory services. Headquartered in Boston, Capstone has offices in Chicago, London, Los Angeles, Philadelphia, San Diego, Silicon Valley and Tampa with an international presence that spans 450+ professionals in close to 40 countries. For more information about our expertise, please visit World Class Wall Street Expertise. Built for the Middle Market Capstone Partners LLC. All rights reserved.