Académique Documents
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May 2009
Restructuring News.......................................................................................... 24
The Baird CDS Index declined in April for the second consecutive month, which indicates that the cost to insure against a
credit default for non-investment grade companies outside of the financial sector has now fallen for two months in a row.
The Index decreased by 16.5% in April, falling to 1320.4 on April 30, a drop of 260.1 points from 1580.5 on March 31.
Please note that historical M&A data presented in this month’s issue is different
from the information published in previous months. After a thorough due
diligence process, Baird has switched to Dealogic as its provider of M&A data.
Please refer to Appendix – Disclaimers and Other Disclosures on page 32.
Global M&A Commentary
On paper, April global M&A activity continued to add to The rebound in the equity markets, which began in
the overall gloomy M&A environment. However, the March, carried through April. The five major indices
emergence of positive trends in key M&A variables has presented in the chart below gained an average of
instilled a sense of cautious optimism for M&A activity 11.2% in April (after rising 7.2% in March). Even
in the second half of 2009. In terms of the statistics, though equity values remain well below peak levels
the number of transactions dropped 39.1%, which was from 2008, the new issuance market has shown signs
the largest percentage decline in monthly deal count of life, helping inject confidence into the overall
this decade. Dollar volume was 43.3% below the year- market, including M&A.
ago level. The middle-market again witnessed a large
The latest semi-annual survey of middle-market
fall-off in April, with deal activity down 33.1% and
merger professionals conducted by the Association for
dollar volume declining 54.8%.
Corporate Growth (ACG) and Thomson Reuters
Year to date through April, the number of announced underscored the impact of challenging global economic
deals declined 32.2%. Dollar volume fell 38.8% in the and credit conditions on deal activity. Among the 700+
first four months of 2009. The middle-market has respondents, 45% described the current environment
lagged overall activity in 2009, with deal count down for M&A as poor, with only 12% characterizing the
35.7% and transaction value 53.0% below the year- landscape as good or excellent. Half of the participants
ago figure. viewed the recession or the credit crunch as the
biggest obstacle to M&A activity.
The continued decline in M&A coincides with ongoing
weakness across global economies and tight credit Despite recent challenges, participants in the survey
markets in the U.S. and Europe. The Organization for expect an uptick in deal flow in the near term. Among
Economic Cooperation and Development (OECD) is respondents, 56% forecast an increase in the number
projecting economic contraction of 4.3% in its 30 of transactions over the next six months, and only
member nations during 2009. However, the head of 10% anticipate a decline. Slight improvement in debt
the OECD recently noted signs of bottoming among markets (as predicted by 71% for the upcoming six
economic indicators and potential for recovery to begin months) would contribute to a faster pace of M&A
toward the end of this year. activity, as noted previously.
In terms of the U.S. credit markets, the high-yield and Although signals are still mixed, continued positive
leveraged loan markets appear to be thawing, with momentum in the credit and equity markets coupled
relatively high levels of inflows and primary issuances. with a sense that the world economies have bottomed
If fundamentals in these key markets continue to could be the catalyst for a revival of M&A activity in Q3
improve in the second quarter, we would expect more 2009.
capital to flow into M&A, thus accelerating deal activity
in the second half of 2009. In contrast, European
credit markets have not shown much improvement, Note: See pages 5, 10, and 16 for specific U.S., Europe, and Asia commentary.
100.0%
90.0%
80.0%
70.0% (33.2%)
(38.2%)
60.0% (38.9%)
(39.9%)
50.0% (43.6%)
40.0%
30.0%
1/1/08 3/1/08 5/1/08 6/30/08 8/30/08 10/30/08 12/29/08 2/28/09 4/30/09
_____________________
Source: Capital IQ.
Deal Value
18,395
20,000 $2,000
10,382
7,041
10,000 $1,000
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 21,703 24,309 21,458 19,964 18,395 20,824 24,166 28,198 31,770 28,015 10,382 7,041
# of Deals – >$1B 387 436 235 187 201 299 390 538 643 342 135 57
# of Deals – Middle-Market 9,448 11,967 9,830 9,095 8,987 10,267 11,977 13,121 14,348 12,915 4,714 3,030
# of Deals – Undisclosed 11,868 11,906 11,393 10,682 9,207 10,258 11,799 14,539 16,779 14,758 5,533 3,954
Deal Value $2,762 $2,802 $1,447 $1,053 $1,189 $1,713 $2,448 $3,314 $3,633 $2,241 $757 $463
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Middle-market transactions defined as those with a disclosed transaction value of less than $1 billion.
# of Transactions – <$100M # of Transactions – $100M – $499M # of Transactions – $500M – $1B Deal Value
($ in billions)
14,348
15,000 13,121 12,915 $1,500
11,967 11,977
9,830 10,267
9,448 9,095 8,987
10,000 $1,000
Deal Value
# of Deals
4,714
5,000 3,030 $500
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
# of Transactions – Middle-Market 9,448 11,967 9,830 9,095 8,987 10,267 11,977 13,121 14,348 12,915 4,714 3,030
# of Transactions – $500M – $1B 346 363 217 198 207 301 326 470 569 329 126 56
# of Transactions – $100M – $499M 1,545 1,672 1,180 1,098 1,228 1,563 1,881 2,184 2,430 1,726 669 303
# of Transactions – <$100M 7,557 9,932 8,433 7,799 7,552 8,403 9,770 10,467 11,349 10,860 3,919 2,671
Deal Value $731 $808 $540 $508 $547 $715 $834 $1,024 $1,174 $801 $310 $146
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Middle-market transactions defined as those with a disclosed transaction value of less than $1 billion.
($ in millions)
Number of Deals – YTD Deal Value – YTD
2008 2009 % Change 2008 2009 % Change
North America 3,975 2,706 (31.9%) $393,503 $276,852 (29.6%)
– U.S. 3,447 2,385 (30.8%) $373,080 $242,248 (35.1%)
($ in millions)
Number of Deals – YTD Deal Value – YTD
2008 2009 % Change 2008 2009 % Change
North America 1,611 1,102 (31.6%) $128,287 $55,626 (56.6%)
– U.S. 1,289 917 (28.9%) $116,921 $49,304 (57.8%)
Deal Value
$1,200
$800
5,000 3,447
2,385
$400
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 11,416 11,206 8,858 7,900 7,856 8,887 8,918 11,089 11,619 9,369 3,447 2,385
# of Deals – >$1B 243 226 141 74 91 161 188 249 308 129 49 24
# of Deals – Middle-Market 4,557 5,851 3,954 3,429 3,706 3,966 3,861 3,847 3,591 3,527 1,289 917
# of Deals – Undisclosed 6,616 5,129 4,763 4,397 4,059 4,760 4,869 6,993 7,720 5,713 2,109 1,444
Deal Value $1,632 $1,551 $841 $504 $612 $897 $1,226 $1,592 $1,641 $977 $373 $242
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Middle-market transactions defined as those with a disclosed transaction value of less than $1 billion.
Deal Value
# of Deals
$300
2,000 1,289
917 $150
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
# of Transactions – Middle-Market 4,557 5,851 3,954 3,429 3,706 3,966 3,861 3,847 3,591 3,527 1,289 917
# of Transactions – $500M – $1B 221 209 116 101 108 141 151 193 249 129 53 22
# of Transactions – $100M – $499M 962 965 628 554 636 796 814 880 865 620 240 101
# of Transactions – <$100M 3,374 4,677 3,210 2,774 2,962 3,029 2,896 2,774 2,477 2,778 996 794
Deal Value $445 $460 $276 $249 $277 $344 $357 $409 $438 $286 $117 $49
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Middle-market transactions defined as those with a disclosed transaction value of less than $1 billion.
YTD YTD
<$100M 996 794 (20.3%) <$100M $24,949 $12,981 (48.0%)
$100M-$499M 240 101 (57.9%) $100M-$499M $52,313 $21,121 (59.6%)
$500M-$1B 53 22 (58.5%) $500M-$1B $39,659 $15,202 (61.7%)
Total Middle-Market 1,289 917 (28.9%) Total Middle-Market $116,921 $49,304 (57.8%)
>$1B 49 24 (51.0%) >$1B $256,159 $192,944 (24.7%)
Undisclosed 2,109 1,444 (31.5%) Undisclosed ** ** **
Total 3,447 2,385 (30.8%) Total $373,080 $242,248 (35.1%)
LTM LTM
<$100M 2,760 2,581 (6.5%) <$100M $71,967 $53,406 (25.8%)
$100M-$499M 816 481 (41.1%) $100M-$499M $185,898 $104,170 (44.0%)
$500M-$1B 225 97 (56.9%) $500M-$1B $158,757 $64,603 (59.3%)
Total Middle-Market 3,801 3,159 (16.9%) Total Middle-Market $416,622 $222,180 (46.7%)
>$1B 237 104 (56.1%) >$1B $942,879 $627,426 (33.5%)
Undisclosed 7,332 5,051 (31.1%) Undisclosed ** ** **
Total 11,370 8,314 (26.9%) Total $1,359,501 $849,606 (37.5%)
_____________________ _____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
YTD and LTM as of April 30. YTD and LTM as of April 30.
U.S. Middle-Market Enterprise Value to Median EBITDA, EBIT, and Revenue Multiples
LTM
Transaction Size 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
EV/EBITDA
<$100M 7.2x 6.6x 6.4x 8.0x 6.6x 7.7x 9.2x 9.5x 11.7x 6.4x 5.8x
$100M-$499M 9.0x 7.1x 8.1x 7.6x 8.0x 8.9x 11.5x 10.5x 9.5x 10.4x 10.8x
$500M-$1B 10.3x 9.8x 8.9x 8.3x 9.2x 9.2x 10.2x 12.1x 10.6x 12.2x 12.2x
Middle-Market 8.6x 7.3x 7.6x 8.0x 7.4x 8.7x 10.2x 10.3x 10.5x 8.4x 7.1x
EV/EBIT
<$100M 9.0x 9.0x 9.1x 12.0x 9.9x 11.3x 10.2x 11.0x 12.7x 6.4x 5.8x
$100M-$499M 11.1x 9.1x 12.2x 10.9x 9.9x 10.2x 14.4x 13.4x 11.4x 12.4x 13.0x
$500M-$1B 13.8x 13.1x 11.2x 11.7x 14.7x 13.3x 13.8x 11.9x 12.0x 13.6x 12.2x
Middle-Market 11.2x 9.4x 10.9x 11.2x 10.2x 10.9x 12.5x 11.9x 11.9x 9.5x 7.8x
EV/Revenue
<$100M 1.08x 1.00x 0.67x 0.80x 0.90x 1.14x 1.28x 1.17x 1.17x 0.78x 0.72x
$100M-$499M 1.34x 1.12x 1.24x 1.17x 1.80x 1.30x 1.75x 1.32x 1.56x 1.45x 1.21x
$500M-$1B 1.51x 1.42x 1.33x 1.55x 1.41x 1.53x 1.79x 1.64x 1.95x 1.20x 1.96x
Middle-Market 1.20x 1.11x 0.93x 1.03x 1.24x 1.28x 1.60x 1.33x 1.46x 1.11x 0.98x
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. Median multiples are calculated using deals for which meaningful data is available. LTM as of
April 30.
45.0%
35.0%
25.0%
15.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 LTM 2009
1-Week Premium 35.1% 37.7% 40.4% 37.0% 35.4% 30.3% 29.4% 27.4% 27.9% 33.9% 39.0%
4-Week Premium 42.1% 43.5% 43.7% 39.3% 39.2% 33.1% 33.5% 31.9% 29.8% 34.4% 38.7%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. LTM as of April 30.
Strategic Sponsor
100.0%
80.0%
% of Deal Value
60.0%
40.0%
20.0%
0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/08 4/09
Sponsor 13.9% 14.9% 16.8% 24.4% 27.3% 32.2% 32.6% 29.8% 30.2% 27.3% 28.5% 16.3%
Strategic 86.1% 85.1% 83.2% 75.6% 72.7% 67.8% 67.4% 70.2% 69.8% 72.7% 71.5% 83.7%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
60.0%
40.0%
20.0%
0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/08 YTD 4/09 YTD
Cash/Stock 6.4% 6.1% 6.6% 5.8% 5.5% 6.6% 6.2% 4.5% 6.0% 4.2% 3.8% 2.5%
Stock 27.4% 24.9% 25.5% 18.4% 15.0% 14.9% 13.1% 9.9% 11.2% 10.2% 9.1% 7.6%
Cash 66.2% 69.0% 67.9% 75.8% 79.5% 78.6% 80.7% 85.6% 82.8% 85.6% 87.1% 89.9%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Inbound M&A Outbound M&A Inbound Deal Value Outbound Deal Value ($ in billions)
Deal Value
822 887 580 800 $200
1,000 784 771
$150
500 $100
$50
0 $0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/09 LTM
Inbound M&A 822 1,003 941 784 580 771 1,023 1,238 1,382 1,229 1,067
Outbound M&A 1,413 1,515 1,177 887 800 1,048 1,082 1,266 1,531 1,463 1,205
Inbound Deal Value $263 $294 $102 $72 $55 $93 $122 $199 $324 $181 $164
Outbound Deal Value $148 $112 $110 $58 $73 $87 $102 $120 $181 $102 $73
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Inbound M&A represents U.S. target/non-U.S. acquiror; Outbound M&A represents non-U.S. target/U.S. acquiror.
Top 10 U.S.
Top 10 Non-U.S. Top 10 Non-U.S. Target
Target Industries Acquired
Acquirors of U.S. Targets - Industries Acquired by U.S.
by Non-U.S. Companies -
YTD Companies - YTD
YTD
# of # of # of
Industry Deals Country Deals Industry Deals
1. Computers & Electronics 54 1. Canada 78 1. Computers & Electronics 66
2. Healthcare 45 2. United Kingdom 43 2. Professional Services 53
3. Mining 25 3. Japan 24 3. Healthcare 33
4. Professional Services 22 4. Germany 15 4. Telecommunications 18
5. Utility & Energy 14 5. Australia 15 5. Food and Beverage 13
6. Oil & Gas 13 6. Switzerland 14 6. Consumer Products 13
7. Telecommunications 12 7. France 12 7. Mining 13
8. Finance 11 8. India 8 8. Oil & Gas 12
9. Chemicals 10 9. Sweden 7 9. Transportation 11
10. Retail 10 10. Netherlands 6 10. Chemicals 9
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. YTD as of April 30, 2009.
Deal Value
$1,200
4,140 $800
5,000 2,618
$400
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 8,477 10,849 9,782 8,606 7,324 8,065 9,780 10,629 11,950 10,490 4,140 2,618
# of Deals – >$1B 156 219 86 101 94 108 177 212 283 175 69 19
# of Deals – Middle-Market 3,676 4,592 4,020 3,518 3,130 3,505 4,193 4,577 4,721 3,823 1,525 747
# of Deals – Undisclosed 4,645 6,038 5,676 4,987 4,100 4,452 5,410 5,840 6,946 6,492 2,546 1,852
Deal Value $1,233 $1,252 $536 $481 $456 $629 $973 $1,358 $1,650 $984 $272 $126
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Middle-market transactions defined as those with a disclosed transaction value of less than $1 billion.
YTD YTD
<$100M 1,195 637 (46.7%) <$100M $26,351 $11,640 (55.8%)
$100M-$499M 281 87 (69.0%) $100M-$499M $60,990 $19,044 (68.8%)
$500M-$1B 49 23 (53.1%) $500M-$1B $35,819 $15,462 (56.8%)
Total Middle-Market 1,525 747 (51.0%) Total Middle-Market $123,160 $46,146 (62.5%)
>$1B 69 19 (72.5%) >$1B $148,429 $79,712 (46.3%)
Undisclosed 2,546 1,852 (27.3%) Undisclosed ** ** **
Total 4,140 2,618 (36.8%) Total $271,589 $125,858 (53.7%)
LTM LTM
<$100M 3,630 2,453 (32.4%) <$100M $87,799 $51,422 (41.4%)
$100M-$499M 982 480 (51.1%) $100M-$499M $220,685 $105,187 (52.3%)
$500M-$1B 221 112 (49.3%) $500M-$1B $154,276 $77,683 (49.6%)
Total Middle-Market 4,833 3,045 (37.0%) Total Middle-Market $462,759 $234,293 (49.4%)
>$1B 263 125 (52.5%) >$1B $878,758 $603,254 (31.4%)
Undisclosed 7,266 5,797 (20.2%) Undisclosed ** ** **
Total 12,362 8,967 (27.5%) Total $1,341,517 $837,546 (37.6%)
_____________________ _____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
YTD and LTM as of April 30. YTD and LTM as of April 30.
Europe Middle-Market Enterprise Value to Median EBITDA, EBIT, and Revenue Multiples
LTM
Transaction Size 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
EV/EBITDA
<$100M 7.9x 8.8x 8.0x 7.2x 8.4x 8.2x 8.0x 9.1x 9.0x 7.7x 6.1x
$100M-$499M 9.7x 9.3x 8.3x 8.9x 8.1x 11.2x 12.3x 11.5x 10.4x 9.6x 7.8x
$500M-$1B 10.9x 10.4x 9.1x 9.9x 10.9x 7.5x 13.8x 13.4x 10.4x 12.0x 12.0x
Middle-Market 8.8x 9.0x 8.2x 7.6x 8.4x 9.1x 9.8x 10.3x 10.0x 8.8x 7.8x
EV/EBIT
<$100M 9.1x 9.7x 7.7x 8.5x 10.3x 9.9x 9.1x 11.0x 10.9x 7.9x 8.5x
$100M-$499M 11.4x 10.6x 10.6x 10.7x 9.7x 11.9x 12.3x 15.0x 14.1x 11.9x 12.0x
$500M-$1B 13.5x 11.9x 11.2x 12.3x 13.5x 13.0x 18.5x 18.0x 10.6x 12.6x 12.6x
Middle-Market 10.0x 10.4x 8.6x 9.4x 10.0x 11.6x 11.9x 14.7x 12.7x 11.2x 12.0x
EV/Revenue
<$100M 0.68x 0.80x 0.65x 0.66x 0.70x 0.73x 0.80x 0.80x 1.11x 0.70x 0.87x
$100M-$499M 1.03x 1.12x 1.01x 0.88x 1.02x 1.13x 1.20x 1.33x 1.21x 1.43x 1.56x
$500M-$1B 1.25x 1.45x 1.09x 0.97x 1.58x 1.11x 1.28x 1.75x 1.66x 1.99x 1.96x
Middle-Market 0.77x 0.90x 0.74x 0.72x 0.75x 0.86x 0.94x 1.03x 1.23x 1.06x 1.11x
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. Median multiples are calculated using deals for which meaningful data is available. LTM as of
April 30.
40.0%
20.0%
0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 LTM 2009
1-Week Premium 30.1% 31.6% 28.4% 29.0% 25.8% 23.6% 23.5% 20.4% 26.8% 35.9% 36.2%
4-Week Premium 37.1% 38.2% 34.2% 33.2% 30.2% 26.5% 28.5% 26.3% 31.7% 38.0% 35.9%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. LTM as of April 30.
Strategic Sponsor
100.0%
% of Deal Value
80.0%
60.0%
40.0%
20.0%
0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/08 4/09
Sponsor 17.8% 17.6% 19.6% 22.3% 27.1% 34.3% 30.4% 23.8% 23.9% 22.3% 25.0% 16.6%
Strategic 82.2% 82.4% 80.4% 77.7% 72.9% 65.7% 69.6% 76.2% 76.1% 77.7% 75.0% 83.4%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
80.0%
60.0%
40.0%
20.0%
0.0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/08 4/09
Cash/Stock 6.9% 7.2% 6.0% 3.3% 2.4% 4.1% 3.9% 3.3% 3.9% 3.0% 3.5% 2.1%
Stock 15.9% 23.2% 18.1% 11.0% 8.8% 10.5% 10.8% 8.9% 8.8% 7.5% 7.5% 9.2%
Cash 77.2% 69.6% 75.9% 85.7% 88.9% 85.4% 85.3% 87.9% 87.2% 89.6% 88.9% 88.6%
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Inbound M&A Outbound M&A Inbound Deal Value Outbound Deal Value
($ in billions)
1,235
1,189
1,500 1,043 1,198 1,290 $400
1,140
980 1,006 1,035 996 1,063 1,125 1,098 1,172 1,005
845 937 927 872 $300
1,000
# of Deals
757
Deal Value
726
540 $200
500
$100
0 $0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 4/09 LTM
Inbound M&A 1,043 1,198 1,140 1035 845 996 937 1,063 1,189 1,098 872
Outbound M&A 980 1,235 1,006 757 540 726 927 1,125 1,290 1,172 1,005
Inbound Deal Value $116 $93 $78 $64 $74 $91 $121 $169 $181 $115 $77
Outbound Deal Value $268 $357 $104 $71 $38 $72 $119 $175 $342 $176 $160
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Inbound M&A represents European target/non-European acquiror; Outbound M&A represents non-European target/European acquiror.
Top 10 European Target Countries Acquired Top 10 European Target Industries Acquired
by Non-European Companies - YTD by Non-European Companies - YTD
Country # of Deals Industry # of Deals
1. United Kingdom 71 1. Computers & Electronics 43
2. Germany 25 2. Professional Services 28
3. France 20 3. Healthcare 17
4. Spain 12 4. Consumer Products 14
5. Russian Federation 9 5. Telecommunications 13
6. Sweden 8 6. Auto/Truck 10
7. Netherlands 7 7. Food and Beverage 10
8. Belgium 7 8. Machinery 9
9. Finland 6 9. Mining 8
10. Switzerland 5 10. Transportation 8
3,828 3,717
4,000 3,394
3,334 3,346
3,040 2,994 2,951
2,763
3,000 2,467
# of Deals
2,000
1,329
709
1,000
0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 3,040 3,828 3,334 2,994 2,467 2,763 3,346 3,394 3,717 2,951 1,329 709
Inbound M&A 646 892 699 579 433 488 576 626 718 629 293 115
Outbound M&A 743 845 725 545 487 581 764 757 870 679 268 136
Domestic M&A 1,651 2,091 1,910 1,870 1,547 1,694 2,006 2,011 2,129 1,643 768 458
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents U.K. target/U.K. acquiror; Outbound M&A represents non-U.K. target/U.K. acquiror; Inbound M&A represents U.K. target/non-U.K. acquiror.
$500 $408
Deal Value
$363
$277
$201 $231
$197
$250 $159
$93
$55
$0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total $643 $613 $197 $201 $159 $231 $363 $408 $666 $277 $93 $55
Inbound M&A $143 $173 $76 $50 $34 $78 $135 $176 $171 $80 $26 $2
Outbound M&A $354 $154 $35 $53 $28 $45 $84 $71 $280 $61 $34 $12
Domestic M&A $146 $287 $86 $99 $97 $108 $144 $161 $215 $136 $33 $42
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents U.K. target/U.K. acquiror; Outbound M&A represents non-U.K. target/U.K. acquiror; Inbound M&A represents U.K. target/non-U.K. acquiror.
993
1000
543
404
500
0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 1,202 1,633 1,278 1,111 993 1,140 1,126 1,335 1,979 1,587 543 404
Inbound M&A 335 418 397 394 329 388 402 442 675 458 161 88
Outbound M&A 386 537 375 269 224 268 313 354 478 443 165 106
Domestic M&A 481 678 506 448 440 484 411 539 826 686 217 210
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents Germany target/Germany acquiror; Outbound M&A represents non-Germany target/Germany acquiror; Inbound M&A represents Germany
target/non-Germany acquiror.
$300 $256
$206
Deal Value
$180
$200 $159
$132
$108
$73 $84
$100 $59
$18 $23
$0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total $377 $206 $108 $73 $59 $84 $132 $180 $256 $159 $18 $23
Inbound M&A $242 $58 $28 $34 $19 $24 $51 $58 $66 $23 $5 $2
Outbound M&A $98 $98 $45 $22 $13 $22 $35 $58 $119 $35 $6 $18
Domestic M&A $36 $51 $36 $17 $27 $38 $46 $64 $70 $100 $7 $3
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents Germany target/Germany acquiror; Outbound M&A represents non-Germany target/Germany acquiror; Inbound M&A represents Germany
target/non-Germany acquiror.
3,973 $300
4,000 3,017
# of Deals
Deal Value
2,158
1,906 $200
1,629 1,833 1,701
1,486 1,289
2,000 1,115
$100
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 1,115 1,629 1,486 1,833 1,701 2,158 3,017 3,973 5,222 5,494 1,906 1,289
# of Deals – >$1B 13 23 15 13 13 21 19 42 42 40 18 6
# of Deals – Middle-Market 689 1,000 900 1,165 1,180 1,544 2,145 2,822 3,756 3,715 1,281 832
# of Deals – Undisclosed 413 606 571 655 508 593 853 1,109 1,424 1,739 607 451
Deal Value $78 $161 $90 $74 $76 $111 $129 $223 $307 $270 $87 $40
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Deal Value
1,274 $120
1,500 890
746 841 $80
1,000 505 651 595
325 478
500 $40
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 325 505 478 746 651 890 1,274 1,698 2,338 2,511 841 595
# of Deals – >$1B 4 8 6 8 7 12 9 17 13 20 7 3
# of Deals – Middle-Market 202 343 311 500 459 665 967 1,346 1,899 1,956 632 467
# of Deals – Undisclosed 119 154 161 238 185 213 298 335 426 535 202 125
Deal Value $31 $101 $33 $40 $39 $59 $56 $89 $115 $160 $41 $21
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
3,000 2,511
2,338
2,000 1,698
# of Deals
1,274
746 890 841
1,000 505 651 595
325 478
0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 325 505 478 746 651 890 1,274 1,698 2,338 2,511 841 595
Inbound M&A 98 134 119 157 151 271 356 412 448 474 163 82
Domestic M&A 162 272 291 522 438 538 823 1,161 1,713 1,853 602 460
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents China target/China acquiror; Outbound M&A represents non-China target/China acquiror; Inbound M&A represents China target/non-China
acquiror.
YTD
Middle-Market 484 386 56 37 92 44 632 467
>$1B 4 2 2 1 1 0 7 3
Undisclosed 114 72 18 15 70 38 202 125
Total 602 460 76 53 163 82 841 595
LTM
Middle-Market 1,647 1,461 144 109 290 221 2,081 1,791
>$1B 10 10 3 4 1 2 14 16
Undisclosed 275 240 54 48 183 169 512 457
Total 1,932 1,711 201 161 474 392 2,607 2,264
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. YTD and LTM as of April 30.
Note: Domestic M&A represents China target/China acquiror; Outbound M&A represents non-China target/China acquiror; Inbound M&A represents China target/non-China
acquiror.
YTD
Middle-Market $22,163 $13,970 $5,183 $1,798 $2,776 $1,524 $30,122 $17,292
>$1B $5,220 $2,833 $4,346 $1,206 $1,601 $0 $11,167 $4,039
Total $27,383 $16,803 $9,529 $3,004 $4,376 $1,524 $41,288 $21,331
LTM
Middle-Market $73,297 $53,207 $14,604 $7,440 $10,855 $8,979 $98,757 $69,626
>$1B $16,200 $58,065 $5,378 $8,765 $1,601 $3,300 $23,179 $70,129
Total $89,497 $111,272 $19,983 $16,205 $12,456 $12,279 $121,935 $139,756
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. YTD and LTM as of April 30.
Note: Domestic M&A represents China target/China acquiror; Outbound M&A represents non-China target/China acquiror; Inbound M&A represents China target/non-China
acquiror.
Deal Value
$40
# of Deals
Total 158 267 194 209 218 216 415 636 884 938 375 199
# of Deals – >$1B 2 0 1 0 0 0 1 6 6 9 3 0
# of Deals – Middle-Market 94 147 116 130 139 117 220 303 421 429 181 55
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
938
1,000 884
800 636
# of Deals
600
415 375
400 267
194 209 218 216 199
158
200
0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 158 267 194 209 218 216 415 636 884 938 375 199
Domestic M&A 84 136 102 127 105 122 203 336 511 546 222 147
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents India target/India acquiror; Outbound M&A represents non-India target/India acquiror; Inbound M&A represents India target/non-India acquiror.
YTD
Middle-Market 96 34 42 10 43 11 181 55
>$1B 1 0 2 0 0 0 3 0
Undisclosed 125 113 40 18 26 13 191 144
Total 222 147 84 28 69 24 375 199
LTM
Middle-Market 274 169 121 65 101 69 496 303
>$1B 2 1 3 3 0 2 5 6
Undisclosed 320 301 113 93 79 59 512 453
Total 596 471 237 161 180 130 1,013 762
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. YTD and LTM as of April 30.
Note: Domestic M&A represents India target/India acquiror; Outbound M&A represents non-India target/India acquiror; Inbound M&A represents India target/non-India acquiror.
YTD
Middle-Market $2,681 $986 $2,261 $216 $2,369 $201 $7,312 $1,404
>$1B $2,231 $0 $3,305 $0 $0 $0 $5,536 $0
Total $4,912 $986 $5,566 $216 $2,369 $201 $12,848 $1,404
LTM
Middle-Market $8,480 $5,523 $8,650 $3,553 $5,452 $2,356 $22,582 $11,432
>$1B $10,956 $1,040 $4,483 $6,324 $0 $6,630 $15,439 $13,994
Total $19,436 $6,563 $13,133 $9,877 $5,452 $8,986 $38,021 $25,426
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis. YTD and LTM as of April 30.
Note: Domestic M&A represents India target/India acquiror; Outbound M&A represents non-India target/India acquiror; Inbound M&A represents India target/non-India acquiror.
Deal Value
1,500 1,068 1,094 $120
888
1,000 718 719 601 $80
524
500 $40
0 $0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 524 718 888 1,068 1,094 1,505 1,944 2,230 2,110 1,940 719 601
# of Deals – >$1B 12 14 9 6 11 20 24 33 28 21 8 6
# of Deals – Middle-Market 211 336 418 517 566 829 1,138 1,323 1,247 1,084 388 348
# of Deals – Undisclosed 301 368 461 545 517 656 782 874 835 835 323 247
Deal Value $84 $83 $52 $30 $72 $92 $182 $184 $122 $120 $41 $29
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
888
1,000 718 719 601
524
500
0
4/08 4/09
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
YTD YTD
Total 524 718 888 1,068 1,094 1,505 1,944 2,230 2,110 1,940 719 601
Domestic M&A 391 543 724 900 948 1,320 1,728 1,945 1,813 1,645 621 517
_____________________
Source: Dealogic and Robert W. Baird & Co. Incorporated M&A Market Analysis.
Note: Domestic M&A represents Japan target/Japan acquiror; Outbound M&A represents non-Japan target/Japan acquiror; Inbound M&A represents Japan target/non-Japan
acquiror.
ECONOMY:
U.S. stocks have enjoyed a strong run over the past typically occurs towards the end of recessions and the
two months, with gains fueled by the excessive early stages of a recovery, and is the primary reason
pessimism that is almost by definition present at a that the unemployment rate continues to rise even
bottom and the increasingly firm conviction that the after a recession ends. The weekly initial jobless claims
point of maximum downside momentum in the data offers a more timely snapshot of the economy and
economy was passing. As the rally began investors is generally viewed as a leading indicator. The trend in
were liquidating their equity exposure and moving cash initial claims appears to have peaked in April, although
to the sidelines, while expectations for the economy the steep decline in claims that typically signals
were so depressed that moderation in the rate of improving conditions has yet to emerge.
decline (the much talked about “second derivative” or
Data from the housing market continues to hint at
the change in the change) was viewed as a positive.
marginal improvement. The yearly change in the
While stocks were not quite priced for Armageddon,
Case/Shiller home price index increased in February for
they seemed to be anticipating a near-facsimile of such
the first time since October 2005, suggesting that
an outcome. Even as the rally was in its early stages,
downside momentum in home prices, just as in the
investors, most of whom were still on the sidelines,
overall economy, is easing. The Fed’s efforts to drive
remained skeptical, and the lack of participation in the
down mortgage rates appear to be having the desired
rally meant there was little follow-through when selling
effect, as anecdotal reports suggest that the areas of
emerged. Now, however, the real work is beginning.
the country that have been hardest hit in the housing
Investors have grown more optimistic, although not
downturn are seeing a surge in demand.
excessively so, and cash has been moved off of the
sidelines. STOCK MARKET: The rally that emerged in March,
Perhaps more importantly, expectations for the which has subsequently been identified as a cyclical
economy have shifted dramatically. No longer is the bull market, was preceded by, and has subsequently
pervasive question “Will the recession ever end?”, but been accompanied by a number of strong breadth
it is now “Has the recession already ended?” Some readings. First, while the S&P 500 and Dow Industrials
prognosticators are now on record as believing that the were plumbing new lows in March, a number of
NBER will ultimately decide that April represented the divergences were emerging. Our international index
trough in the economy. We think not, but with stocks trend indicator remained well above its late-2008 low,
increasingly eyeing an economic recovery, data that is and the NYSE advance/decline line was stronger than
merely less bad will not likely provide much the indexes during the late-2008 rally, and failed to
satisfaction. Output and consumption data that is match the degree of decline seen in early-2009. Great
worse than expected may spark a disappointing conviction that a turning point had occurred came on
reaction in the market. While not in the camp that sees the accumulation of up-side breadth thrusts.
the recession as already having ended, the massive Historically, single-day breadth thrusts (of more than
amounts of fiscal and monetary stimulus that are now 10 times as much upside volume as downside volume,
working through the system could alone be sufficient or vice versa) have signaled important turning points
to produce a return to growth sometime this summer. for the stock market. The rise in volatility in recent
The key question in our view is still not if or when the years (which is unlikely to fully dissipate anytime soon)
recession will end but what, over the course of the has made these breadth thrusts much more common.
next year or two, the ensuing recovery will look like. Given this new reality, we monitor the accumulation of
such days. In late 2008, upside thrusts were typically
The incoming economic data continues to paint a followed in short order by even more substantial
picture of recession, although its grip appears to be downside thrusts, evidence that selling pressure had
weakening. The economy shed another 539,000 jobs in yet to be exhausted. Since the March lows, upside
April, the sixth consecutive month in which more than thrusts have accumulated, and the few downside
half-a-million jobs were lost, but also 200,000 fewer thrusts that have emerged have been followed soon by
than the nearly three-quarters of a million jobs that upside thrusts. As the bull market has continued,
were lost in January. The unemployment rate rose additional bullish breadth readings have emerged. The
from 8.5% in March to 8.9% in April, although this rise 40-day advance/decline ratio on the NYSE had surged
was entirely fueled by formerly discouraged workers through well-tested resistance and surpassed the peak
re-entering the labor force and looking for jobs. The seen as the 2003 rally was gaining strength. Further,
household survey (from which the unemployment rate the percentage of industry groups and sub-industries in
is derived) measure of employment showed an up-trends has continued to expand, indicating that the
increase in April, its first in a year. This behavior, rally is carrying most areas of the market higher.
disgruntled workers re-entering the labor force, Strength in the broad market, both in the U.S. and
Bruce A. Bittles
Director of Investment Strategy
615.341.7114
William A. Delwiche, CFA
Associate – Investment Strategy
414.298.7802
1,800.0
1,200.0
Index
600.0
0.0
1/06 4/06 7/06 10/06 2/07 5/07 8/07 11/07 3/08 6/08 9/08 12/08 4/09
Month/Year
_____________________
Source: Bloomberg L.P.
*A credit default swap ("CDS") is a derivative whereby one party to a swap agreement transfers credit risk to the counterparty for a periodic fee. Under the swap agreement, the
CDS buyer pays a fixed periodic fee in return for a contingent payment by the CDS seller in the event of a credit default, and thus is similar to an insurance policy on the reference
debt. In its simplest form, if there is a default on the reference debt, the CDS buyer puts the debt to the CDS seller in exchange for a payment by the CDS seller of the outstanding
principal and unpaid interest. In theory, the market's assessment of the likelihood of default for the reference debt should have a close positive correlation with the price of a CDS
for that debt. Thus, the Baird CDS Index should increase as the perceived risk of credit default for the reference debt increases, and should decrease as the perceived risk of credit
default for the reference debt decreases. Accordingly, the Baird CDS Index should be a leading indicator of the prospects for restructuring opportunities with respect to the reference
debt and, by implication, the overall climate for restructuring opportunities with respect to the debt of financially weaker credits in the wider market. The Baird CDS Index is
unmanaged and is not eligible for investment.
11/11/08 Independent Bank Corp. Bank holding company Acquisition of Benjamin Franklin $84.5 Financial Services
Bancorp.
10/21/08 Integrated Device Digital media Acquisition of assets of Silicon ** Technology
Technology, Inc. Optix
10/13/08 TRUMPF International Industrial lasers and laser systems Acquisition of SPI Lasers plc ** Industrial
Beteiligungs-GmbH
10/7/08 FCX Performance, Inc. Distributor of flow control products Sale to Sterling Investment ** Industrial
Partners Distribution
10/1/08 Methode Electronics, Inc. Manufactures electro-mechanical Acquisition of assets of Hetronic $53.6 Industrial
devices Holding, LLC
9/30/08 Norwesco, Inc. Liquid containment solutions Sale to Olympus Partners ** Industrial
9/10/08 Richter Chemie-Technik Industrial pumps and valves Sale to IDEX Corporation €71.0 Industrial
GmbH
9/8/08 Gehl Company Construction and agricultural Sale to Manitou BF, S.A. $449.9 Industrial
equipment
9/2/08 Avery Weigh-Tronix Industrial weighing products Sale to Illinois Tool Works Inc. ** Industrial
Holdings Limited
8/4/08 Unipac Business Unit Laminated liners for plastic containers Sale to Selig Sealing Products, ** Industrial
(Illinois Tool Works) Inc.
8/4/08 Amafilter Group Holding Manufactures filtration products Sale to MAHLE Group ** Filtration
B.V.
7/8/08 TopWorx, Inc. Designer of valve control equipment Sale to Emerson Electric ** Industrial
7/2/08 GTI Diagnostics (Blood Manufactures medical diagnostics Sale to The Riverside Company ** Healthcare
Center of Wisconsin assays
Research Foundation)
6/16/08 Primrose Holdings, Inc. Early childhood education Sale to Roark Capital Group ** Education Services
6/13/08 Simmons Outdoor Manufacturer of optical products Sale to Bushnell, Inc. ** Consumer Products
Corporation (Meade
Instruments)
6/5/08 Chamberlin Edmonds & Revenue cycle management Sale to Charterhouse Group, ** Healthcare
Associates Inc. (Financial Sponsor
Consortium)
5/27/08 STRATTEC Security Vehicular access control products Acquisition of Assets of Delphi $7.8 Automotive
Corporation (in combo Corporation’s Power Products
with JV WITTE and VAST)
5/27/08 Driessen Aerospace Group Manufacturer of galleys and air cargo Sale to Zodiac S.A. ** Industrial
N.Y. equipment
_____________________
Source: Robert W. Baird & Co. Incorporated M&A Market Analysis.
**Closed transactions with undisclosed value; *** Announced and pending transactions with undisclosed value.
Services and Technology Industrial and Consumer Industrial and Consumer Financial Sponsors Europe
Brian S. Doyal Paul T. Rogalski (continued) C. Christopher Coetzee London†
Managing Director Managing Director Christopher R. Cooper Managing Director John A. Fordham
312.609.4916 312.609.4912 Director Co-Head of U.S. M&A Chairman, European
bdoyal@rwbaird.com progalski@rwbaird.com 312.609.5490 312.609.4913 Investment Banking
ccooper@rwbaird.com ccoetzee@rwbaird.com 011.44.207.667.8438
Peter S. Kies Christopher C. McMahon jfordham@rwbaird.com
Managing Director Managing Director Jason P. Kliewer Leslie Cheek IV
414.765.7262 Head of Global M&A Director Managing Director Nicholas R. Sealy
pkies@rwbaird.com 312.609.4983 813.273.8242 617.426.5789 Managing Director
cmcmahon@rwbaird.com jkliewer@rwbaird.com lcheek@rwbaird.com Co-Head, European Investment
John Moriarty Banking
Managing Director Brian P. McDonagh Joseph T. Packee Thomas W. Lacy 011.44.207.667.8370
650.424.9311 Managing Director Director Managing Director nsealy@rwbaird.com
jmoriarty@rwbaird.com Co-Head of M&A 414.298.7644 414.298.7648
704.998.5757 jpackee@rwbaird.com tlacy@rwbaird.com David M. Silver
Breton A. Schoch bmcdonagh@rwbaird.com Managing Director
Managing Director Financial Institutions Jeffrey M. Seaman 011.44.207.667.8216
312.609.4965 Joel A. Cohen Mark C. Micklem Managing Director dsilver@rwbaird.com
bschoch@rwbaird.com Managing Director Managing Director 312.609.4687
312.609.4924 703.821.5787 jseaman@rwbaird.com Julien Darmon
Judith G. Scott jcohen@rwbaird.com mmicklem@rwbaird.com Director
Managing Director David M. Wierman 011.44.207.667.8255
414.765.3657 Stephen B. Guy Energy Managing Director jdarmon@rwbaird.com
jscott@rwbaird.com Managing Director Richard F. Waid 404.240.5792
414.765.7247 Vice Chairman dwierman@rwbaird.com Frankfurt
Andrew K. Snow sguy@rwbaird.com 404.240.5791 Joachim Beickler
Managing Director rwaid@rwbaird.com Mergers & Acquisitions Managing Director
312.609.4972 Thomas W. Lacy Christopher C. McMahon 011.49.69.13.01.49.51
asnow@rwbaird.com Managing Director John R. Lanza Managing Director jbeickler@rwbaird.com
414.298.7648 Director Head of Global M&A
Christopher W. Hildreth tlacy@rwbaird.com 414.298.7669 312.609.4983 Michael Wolff
Director jlanza@rwbaird.com cmcmahon@rwbaird.com Managing Director
312.609.4937 Thomas E. Lange 011.49.69.13.01.49.49
childreth@rwbaird.com Managing Director Real Estate Brian P. McDonagh mwolff@rwbaird.com
813.273.8248 Mark O. Decker, Sr. Managing Director
Howard P. Lanser tlange@rwbaird.com Managing Director Co-Head of M&A Ralf Abele
Director, Mergers & Acquisitions 703.821.5760 704.998.5757 Director
Head of Business Development Nicholas Pavlidis mdeckersr@rwbaird.com bmcdonagh@rwbaird.com 011.49.69.13.01.49.40
312.609.5478 Managing Director rabele@rwbaird.com
hlanser@rwbaird.com 312.609.4977 Mark O. Decker, Jr. Howard P. Lanser
npavlidis@rwbaird.com Director Director, Mergers & Acquisitions Asia
Ross Williams 703.821.5761 Head of Business Development Shanghai
Director Joe Pellegrini mdeckerjr@rwbaird.com 312.609.5478
Anthony Siu
414.298.6235 Managing Director hlanser@rwbaird.com
Managing Director
rwilliams@rwbaird.com 704.998.5759 Brian Jones
001.86.21.6182.0981
jpellegrini@rwbaird.com Director J. David Cumberland, CFA
asiu@bairdasia.com.cn
Corporate Restructuring 650.424.9314 Director, M&A Research
William G. Welnhofer Trisha K. Hansen bjones@rwbaird.com 312.609.5429
Managing Director Director dcumberland@rwbaird.com
312.609.5476 414.765.3521 Health Care
bwelnhofer@rwbaird.com tkhansen@rwbaird.com Renee C. Ryan Equity Capital Markets
Managing Director John Baumgartner
Christopher J. Sciortino 650.858.3813 Managing Director
Director rryan@rwbaird.com 414.298.7830
312.609.4923 jbaumgartner@rwbaird.com
csciortino@rwbaird.com Franklin M. Stokes
Managing Director Greg Ingram
Andrew Martin 312.609.4920 Managing Director
Director fstokes@rwbaird.com 415.364.3370
704.998.5756 gingram@rwbaird.com
amartin@rwbaird.com William O. Suddath Jr.
Managing Director Rick Conklin
Justin T. Albert 404.240.5678 Managing Director
Director bsuddath@rwbaird.com 312.609.5480
312.609.4995 rconklin@rwbaird.com
jalbert@rwbaird.com Kiran Paruchuru
Director Gary R. Placek
414.298.7642 Director
kparuchuru@rwbaird.com 414.765.3611
gplacek@rwbaird.com
_____________________
†Robert W. Baird Limited is authorized and regulated by the Financial Services Authority.
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This is not a complete analysis of every material fact regarding any company, industry or security. The opinions
expressed here reflect our judgment at this date and are subject to change. The information has been obtained from
sources we consider to be reliable, but we cannot guarantee the accuracy.
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