Q1 2015
9.7%
100.0%
8.7%
80.0%
6.7%
1.8%
70.0%
HR Administrative Services
Staffing Services
 2/24/2015: Capita, a provider of BPO services,
is reportedly looking for a buyer for one of its
subsidiaries, Fish Administration, a provider
of insurance services
 2/24/2015: CTPartners, a provider of executive
search services, announced that its Board of
Directors has formed a special committee to
review strategic alternatives, including a
previously announced unsolicited, non-binding
proposal from DHR International, a provider of
senior-level executive search, management
assessment and succession planning services
 2/17/2015: Cognizant Technology Solutions,
a provider of IT and BPO services, is pursuing
tuck-in acquisitions after an active 2014, which
included four acquisitions
 1/28/2015: Huron Consulting, a provider of
operational and financial consulting services,
anticipates making tuck-in acquisitions to add
to its newly acquired subsidiary, Studer
Group, a provider of healthcare and education
consulting services
Q1 2015
www.lincolninternational.com
HR Technology Services
S&P 500
Specialty Consulting Services
8.7x
13.4x
9.8x
13.0x
13.4x
12.7x
9.2x
12.3x
12.5x
9.4x
12.4x
8.5x
8.7x
11.3x
11.7x
12.6x
12.4x
8.7x
10.0x
11.7x
14.0x
9.3x
16.0x
 3/26/2015: Paychex, a provider of payroll and
of business and technology consulting
services, is actively seeking acquisitions,
particularly focused on expanding its presence
on the East Coast
HR Professional Services
Training Services
Historical Enterprise Value / EBITDA Valuation Performance
12.0x
 2/26/2015: West Monroe Partners, a provider
9.5%
90.0%
Market Intelligence
other outsourcing solutions, is reviewing
opportunities in its M&A pipeline with significant
financial capacity for large scale acquisitions
11.8%
110.0%
 March 2015: Lincoln acts as the exclusive
financial advisor to RLJ Equity in its
refinancing of Enhanced Recovery Company;
Enhanced Recovery Company is a leading
provider of customer experience management
services, including business process
outsourcing and accounts receivable
management services
13.2%
13.3x
side advisor to Keystone Capital, Inc. in its
sale of IBA Holdings, LLC (d/b/a Vidaris and
LPI), to Cortec Group.; Vidaris and LPI are
leading specialty architectural and engineering
consulting firms, respectively, providing
advisory, inspection and testing services
120.0%
13.2x
 March 2015: Lincoln acts as the exclusive sell-
LTM Relative Stock Price Performance
8.6x
financial advisor to Orchard Holdings Group,
LLC in its debt recapitalization of Lucas
Group; Lucas Group is the largest provider of
mid-management permanent placement
recruiting services to small and medium sized
businesses
Lincoln International Human Capital Services Index
11.9x
 March 2015: Lincoln acts as the exclusive
10.9x
Recent Lincoln News
8.0x
6.0x
4.0x
2.0x
0.0x
Q1 '14
HR Administrative Services
Q2 '14
Q3 '14
HR Professional Services
Q4 '14
Specialty Consulting Services
Q1 '15
Staffing Services
Training Services
Note: Excludes HR Technology Services, as companies within that subsector typically trade as a multiple of revenue
Selected M&A Transaction Recap
Date
Target Company
Announced Nspyre B.V.
Target Description
Technology consulting services
Acquiring Company
Altran Technologies S.A.
Announced Capitol Emergency Associates
Announced Workplace & Service Desk Services
Healthcare staffing services
Online and on-site information technology services
Team Health Holdings, Inc.
Arkes Informatique Sas
Mar-15
Careerify Corp.
Talent acquisition technology services
LinkedIn Corporation
Mar-15
Feb-15
Pivot Leadership, Inc.
avocis AG
Corporate strategy and leadership development services Korn/Ferry International
Customer contact management services
Capita plc
Feb-15
Feb-15
Spikes Cavell Analytic Ltd.
Gila LLC
Business processing services
Business processing services
Xchanging PLC
Navient Corporation
Feb-15
Feb-15
Atos SE, Workplace & Service Desk
Services
Ruby
Crest Emergency Medicine Inc.
Client support services
Healthcare staffing services
Proservia SAS
Team Health Holdings, Inc.
Feb-15
Feb-15
Studer Holdings, Inc.
VISTA Staffing Solutions, Inc.
Healthcare and education consulting
Physician staffing and search services
Huron Consulting Group Inc.
EmCare Inc.
Jan-15
Capita Germany GmbH
Customer care consulting services
Capita plc
Jan-15
Feb-15
Structure Consulting Group, LLC
VISTA Staffing Solutions, Inc.
Business advisory and system integration services
Physician staffing and search services
Accenture plc
EmCare Inc.
Jan-15
Jan-15
Metis Insurance Brokers Private Limited
Insurance brokerage services
(nka:Towers
WatsonInc.
Insurance Brokers India Healthcare staffing services
Onward Healthcare,
Human Capital Services
MARKET UPDATE
Towers Watson & Co.
AMN Healthcare, Inc.
Lincoln International
1
Lincoln International Human Capital Services Index (Continued)
Company Name
HR Administrative Services
Aon plc
Automatic Data Processing, Inc.
Barrett Business Services Inc.
Capita plc
Insperity, Inc.
Paychex, Inc.
TriNet Group, Inc.
Xchanging PLC
HR Professional Services
CTPartners Executive Search Inc.
Heidrick & Struggles International Inc.
Hudson Global, Inc
Korn/Ferry International
Resources Connection Inc.
Towers Watson & Co.
HR Technology Services
Cornerstone OnDemand, Inc.
Dice Holdings, Inc.
LinkedIn Corporation
Monster Worldwide, Inc.
The Ultimate Software Group, Inc.
Workday, Inc.
Specialty Consulting Services
Accenture plc
Altran Technologies S.A.
Atos SE
Cap Gemini S.A.
CRA International Inc.
FTI Consulting, Inc.
Huron Consulting Group Inc.
ICF International Inc.
Navigant Consulting Inc.
Staffing Services
Adecco S.A.
AMN Healthcare Services Inc.
CDI Corp.
Cross Country Healthcare, Inc.
Hays plc
Kelly Services, Inc.
Kforce Inc.
ManpowerGroup Inc.
Michael Page International plc
On Assignment Inc.
Randstad Holding NV
Robert Half International Inc.
Team Health Holdings, Inc.
TrueBlue, Inc.
Training Services
BTS Group AB
Corporate Executive Board Co.
Franklin Covey Co.
GP Strategies Corp.
Mean
Median
Stock
Price
% of 52 Week
High
Market
Cap
Enterprise
Value
LTM
Revenue
YoY Revenue
Growth
EBITDA
EBITDA
Margin
Enterprise Value / LTM
Revenue
EBITDA
$
96.12
85.64
42.84
16.58
52.29
49.62
35.23
2.02
89.8%
94.9%
67.5%
89.4%
94.4%
95.9%
92.7%
70.7%
$
26,938
40,692
306
10,968
1,325
18,022
2,490
499
$
31,981
38,750
309
13,646
1,020
17,401
2,901
510
$
12,019
12,586
636
6,823
2,358
2,686
2,194
894
$
2,569
2,653
(43)
1,011
68
1,138
167
113
1.7%
14.6%
14.3%
1.8%
3.4%
9.0%
21.7%
(17.9% )
21.4%
21.1%
(6.8% )
14.8%
2.9%
42.4%
7.6%
12.7%
2.7x
3.1x
0.5x
2.1x
0.4x
6.5x
1.3x
0.6x
12.4x
14.6x
NM
14.8x
14.9x
15.3x
17.4x
4.7x
$
5.08
24.58
2.73
32.87
17.50
132.19
21.4%
98.6%
63.0%
99.7%
94.4%
97.6%
$
44
448
92
1,657
659
9,244
$
60
266
58
1,324
556
8,854
$
173
497
581
1,008
599
3,620
$
11
49
(7)
136
55
691
22.4%
5.8%
(11.4% )
7.7%
8.7%
0.5%
6.4%
9.9%
(1.2% )
13.5%
9.2%
19.1%
0.4x
0.5x
0.1x
1.3x
1.0x
2.4x
4.0x
6.1x
NM
9.6x
11.1x
12.8x
$
28.89
8.92
249.86
6.34
169.96
84.41
58.0%
77.6%
90.5%
82.0%
97.6%
86.7%
(43)
74
232
69
73
(156)
28.6%
17.4%
32.3%
(3.0% )
16.7%
68.0%
(16.1% )
28.2%
10.5%
8.9%
14.4%
(19.9% )
5.7x
2.2x
13.0x
1.0x
9.4x
18.4x
NM
7.7x
NM
10.9x
NM
NM
$
93.69
10.00
69.04
82.04
31.12
37.46
66.15
40.85
12.96
98.6%
96.9%
93.1%
97.6%
95.8%
87.7%
83.9%
93.4%
68.2%
$
58,674
1,745
7,949
13,024
286
1,550
1,393
794
623
$
55,196
1,901
7,911
11,843
240
1,977
1,493
1,132
730
$
30,902
2,126
10,956
12,798
306
1,756
811
1,050
792
$
4,893
212
1,242
1,312
30
206
155
96
122
7.4%
(7.0% )
(7.1% )
(8.3% )
5.1%
5.1%
5.8%
9.3%
9.0%
15.8%
10.0%
11.3%
10.3%
9.9%
11.7%
19.1%
9.1%
15.4%
1.8x
1.0x
0.8x
1.0x
0.8x
1.1x
1.8x
1.1x
1.0x
11.3x
10.2x
11.1x
10.2x
7.9x
9.6x
9.6x
11.8x
6.3x
$
83.47
23.07
14.05
11.86
2.27
17.44
22.31
86.15
7.75
38.37
60.68
60.52
58.51
24.35
97.8%
97.1%
73.0%
87.8%
93.3%
68.9%
89.3%
98.6%
93.6%
96.3%
97.6%
95.7%
92.7%
77.8%
$
14,477
1,089
276
379
3,217
660
661
6,746
2,429
1,977
10,918
8,179
4,176
1,012
$
15,690
1,245
241
448
3,334
669
754
6,516
2,295
2,361
11,696
7,893
4,963
1,192
$
24,209
1,036
1,123
618
5,831
5,563
1,217
20,401
1,632
1,860
20,880
4,816
2,820
2,351
$
1,216
84
35
16
251
56
57
804
136
190
856
573
292
127
(10.4% )
3.5%
2.6%
38.5%
(4.8% )
2.5%
2.2%
0.1%
(3.1% )
9.9%
(9.3% )
11.8%
15.1%
36.8%
5.0%
8.1%
3.1%
2.6%
4.3%
1.0%
4.6%
3.9%
8.4%
10.2%
4.1%
11.9%
10.3%
5.4%
0.6x
1.2x
0.2x
0.7x
0.6x
0.1x
0.6x
0.3x
1.5x
1.3x
0.6x
1.7x
1.8x
0.5x
12.5x
14.8x
6.9x
NM
13.9x
12.0x
13.3x
8.0x
17.6x
12.4x
15.4x
14.4x
17.0x
10.2x
$
8.55
79.86
19.26
37.00
98.7%
98.4%
84.7%
97.7%
87.6%
93.3%
$
159
2,674
326
635
$
146
3,064
345
684
$
100
909
209
502
$
12
196
28
52
(7.0% )
8.3%
6.7%
10.7%
8.0%
5.8%
11.7%
21.6%
13.5%
10.4%
9.6%
10.0%
1.6x
3.4x
1.6x
1.4x
2.2x
1.1x
13.8x
15.6x
11.2x
13.1x
11.7x
11.9x
1,557
488
31,262
576
4,862
15,869
1,500
571
28,906
747
4,754
14,505
264
263
2,219
770
506
788
Source: Bloomberg, Capital IQ and company filings, as of 3/31/2015
About Lincoln International
Lincoln International specializes in merger and
acquisition advisory services, debt advisory services,
private capital raising and restructuring advice on
mid-market transactions. Lincoln International also
provides fairness opinions, valuations and pension
advisory services on a wide range of transaction
sizes. With sixteen offices in the Americas, Asia and
Europe, Lincoln International has strong local
knowledge and contacts in key global economies.
The firm provides clients with senior-level attention,
in-depth industry expertise and integrated resources.
By being focused and independent, Lincoln
International serves its clients without conflicts of
interest. More information about Lincoln
International can be obtained at
www.lincolninternational.com.
Q1 2015
www.lincolninternational.com
Officer Contacts
Mike Iannelli
Managing Director
miannelli@
lincolninternational.com
+1-312-580-6281
Edward Lethbridge
Managing Director
elethbridge@
lincolninternational.com
+44-20-7632-5224
Michael Fineman
Vice President
mfineman@
lincolninternational.com
+1-312-506-2704
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BEIJING
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FRANKFURT
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LOS ANGELES
MADRID
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MUMBAI
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Human Capital Services
MARKET UPDATE
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