Building Products & Infrastructure | Q4 2021

STRICTLY CONFIDENTIAL | 2

THE BUILDING PRODUCTS & INFRASTRUCTURE TEAM

TEDDY BATCHELDER

BlackArch Partners, Analyst

AGC Partners, Summer Analyst

B.A. from the University of North Carolina

Office:

Cell:

(704) 414-6315

(781) 697-5110

[email protected]

GRANT HAMILTON

Office:

Cell:

(704) 414-6318

(704) 607-8756

[email protected]

BlackArch Partners, Managing Director

Piper Jaffray, Edgeview Partners, Bank One

M.B.A. from University of Chicago’s Booth School of Business

B.S. from Miami University

BRANDON BOOR

Office:

Cell:

(704) 414-6320

(704) 577-8037

[email protected]

www.BlackArchPartners.com

Charlotte, NC

227 West Trade Street | Suite 2200Charlotte, NC 28202

(704) 414-6300

BlackArch Partners, Vice President

Wells Fargo Securities, Worthington Industries, U.S. Army

M.B.A. from University of Michigan’s Stephen M. Ross School of Business

B.A. from Virginia Military Institute

Office:

Cell:

(704) 414-6365

(910) 817-5097

[email protected]

JESSICA LOVE

BlackArch Partners, Vice President

Alston & Bird; Kilpatrick, Townsend & Stockton (M&A Attorney)

J.D. from the University of North Carolina School of Law

B.A. from the University of North Carolina


PUBLIC COMPANY TRADING MULTIPLE TRENDS BY SUB-SECTOR

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8.4x

13.4x

7.9x

6.0x

7.0x

8.0x

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11.0x

12.0x

13.0x

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Building Products Building Materials Distribution & Retail Engineering & Construction Services

Building Products & Infrastructure Industry Update | Q4 2021

Strictly Confidential | BlackArch Partners | 4

Comparable Public Company Analysis

Footnotes:(1) LTM refers to the most recent twelve-month period for which data was available(2) Total enterprise value equals equity value plus minority interest, preferred stock and net debt; net debt equals total debt less cash and cash

equivalents

($ in Millions Except Per Share Amounts)

Market Data LTM Financial and Performance Data (1) Valuation Multiples

Price 52-Week Equity EBITDA 3 Yr. Rev. TEV/LTM:

Company 12/31/2021 High Low Value TEV (2) Revenue EBITDA Margin CAGR % Revenue EBITDA

Building Products x

Roofing, Siding & Decking

Compagnie de Saint-Gobain S.A. $70.36 $73.84 $42.98 $37,108 $46,130 $50,222 $7,041 14.0% 1.9% 0.9x 6.6x

Kingspan Group plc 119.41 121.29 58.51 21,656 22,581 7,389 1,026 13.9% 14.1% 3.1x 22.0x

Trex Company, Inc. 135.03 140.98 81.71 15,544 15,527 1,197 365 30.5% 20.5% 13.0x NM

Owens Corning 90.50 109.90 72.81 9,094 11,342 8,498 1,956 23.0% 6.4% 1.3x 5.8x

Median 18.5% 10.3% 2.2x 6.6x

Windows & Doors

ASSA ABLOY AB (publ) $30.53 $32.14 $22.14 $31,863 $34,803 $10,507 $2,024 19.3% 4.6% 3.3x 17.2x

JELD-WEN Holding, Inc. 26.36 31.47 22.90 2,415 3,908 4,772 486 10.2% 3.2% 0.8x 8.0x

Masonite International Corporation 117.95 132.22 92.76 2,805 3,485 2,597 419 16.1% 6.3% 1.3x 8.3x

Griffon Corporation 28.48 29.42 19.76 1,550 2,481 2,321 282 12.1% 4.2% 1.1x 8.8x

PGT Innovations, Inc. 22.49 28.11 18.81 1,341 1,909 1,161 160 13.8% 18.8% 1.6x 11.9x

Tyman plc 5.41 6.90 4.39 1,057 1,256 861 148 17.1% 2.4% 1.5x 8.5x

Quanex Building Products Corporation 24.78 29.02 20.32 819 885 1,109 137 12.3% 6.4% 0.8x 6.5x

Median 13.8% 4.6% 1.3x 8.5x

Kitchen & Bath

Fortune Brands Home & Security, Inc. $106.90 $114.01 $80.40 $14,510 $16,845 $7,656 $1,370 17.9% 11.8% 2.2x 12.3x

Masco Corporation 70.22 70.82 51.97 13,811 16,393 8,375 1,231 14.7% 8.0% 2.0x 13.3x

American Woodmark Corporation 65.20 108.81 56.29 1,080 1,702 1,829 176 9.6% 5.1% 0.9x 9.6x

Caesarstone Ltd. 11.34 19.80 10.20 391 445 644 93 14.5% 3.8% 0.7x 4.8x

Median 14.6% 6.5% 1.4x 11.0x

Flooring

Mohawk Industries, Inc. $182.18 $231.80 $134.09 $12,372 $14,038 $11,201 $2,145 19.2% 3.4% 1.3x 6.5x

Interface, Inc. 15.95 18.03 9.68 942 1,475 1,200 190 15.8% 0.9% 1.2x 7.8x

Armstrong Flooring, Inc. 1.98 6.96 1.68 43 122 650 (22) (3.4%) (3.7%) 0.2x NM

Median 15.8% 0.9% 1.2x 7.2x

Electrical & Lighting

Schneider Electric S.E. $196.13 $197.63 $135.45 $91,777 $105,161 $32,873 $6,421 19.5% 3.6% 3.2x 16.4x

Hubbell Incorporated 208.27 212.54 149.07 11,332 12,732 4,194 710 16.9% (2.2%) 3.0x 17.9x

Acuity Brands, Inc. 211.72 224.59 114.54 7,323 7,388 3,595 579 16.1% (1.6%) 2.1x 12.8x

LSI Industries Inc. 6.86 11.22 6.31 185 274 387 27 7.0% 4.7% 0.7x 10.1x

Median 16.5% 1.0% 2.5x 14.6x

HVAC & Plumbing

Ingersoll Rand Inc. $61.87 $62.23 $40.64 $25,217 $26,752 $5,152 $1,097 21.3% 24.2% 5.2x 24.4x

Lennox International Inc. 324.36 356.36 266.77 11,870 13,285 4,194 747 17.8% 2.6% 3.2x 17.8x

A. O. Smith Corporation 85.85 86.74 52.08 13,664 13,128 3,539 707 20.0% 3.5% 3.7x 18.6x

AAON, Inc. 79.43 83.79 59.22 4,164 4,063 535 100 18.8% 7.2% 7.6x NM

Median 19.4% 5.4% 4.5x 18.6x

Subsector Median 10.1x





equivalents





Building Materials x

Aggregates, Cement & Concrete

CRH plc $52.91 $53.58 $38.47 $40,764 $47,359 $29,416 $4,606 15.7% (0.7%) 1.6x 10.3x

Vulcan Materials Company 207.58 210.25 143.10 27,547 32,093 5,552 1,450 26.1% 8.2% 5.8x 22.1x

Martin Marietta Materials, Inc. 440.52 445.00 274.64 27,480 30,644 5,085 1,462 28.7% 8.5% 6.0x 21.0x

HeidelbergCement AG 67.96 92.12 64.48 13,116 23,128 21,901 3,825 17.5% 2.0% 1.1x 6.0x

CEMEX, S.A.B. de C.V. 6.78 9.09 5.13 10,037 18,601 14,548 2,746 18.9% 2.4% 1.3x 6.8x

Eagle Materials Inc. 166.46 169.15 98.98 6,771 7,577 1,792 585 32.7% 8.7% 4.2x 13.0x

Summit Materials, Inc. 40.14 41.46 19.59 4,759 6,174 2,410 550 22.8% 5.1% 2.6x 11.2x

Boral Limited 4.44 5.40 3.47 4,893 5,546 1,885 156 8.3% NA 2.9x NM

Median 20.8% 5.1% 2.8x 11.2x

Stone

United States Lime & Minerals, Inc. $129.02 $156.00 $111.83 $677 $629 $189 $67 35.5% 8.3% 3.3x 9.4x

Median 35.5% 8.3% 3.3x 9.4x

Lumber & Wood Products

West Fraser Timber Co. Ltd. $95.36 $97.59 $58.99 $10,191 $8,614 $10,518 $4,540 43.2% 29.6% 0.8x 1.9x

Louisiana-Pacific Corporation 78.35 79.70 36.65 6,894 6,671 4,553 1,965 43.2% 17.2% 1.5x 3.4x

UFP Industries, Inc. 92.01 93.54 53.77 5,694 5,843 8,636 836 9.7% 24.4% 0.7x 7.0x

Canfor Corporation 25.33 28.08 17.32 3,154 2,699 6,115 2,174 35.6% 14.3% 0.4x 1.2x

Boise Cascade Company 71.20 78.35 45.84 2,800 2,558 7,926 1,076 13.6% 16.6% 0.3x 2.4x

Median 35.6% 17.2% 0.7x 2.4x

Timber & Forest Products

Weyerhaeuser Company $41.18 $41.68 $30.87 $30,846 $33,793 $10,201 $4,038 39.6% 10.9% 3.3x 8.4x

Rayonier Inc. 40.36 41.09 28.89 5,771 7,053 1,110 435 39.2% 10.8% 6.4x 16.2x

Median 39.4% 10.8% 4.8x 12.3x






equivalents





Distribution & Retail x

Distributors

Ferguson plc $177.45 $180.90 $112.98 $39,011 $39,902 $24,223 $2,829 11.7% 4.6% 1.6x 14.1x

Fastenal Company 64.06 64.75 43.37 36,845 37,213 6,011 1,532 25.5% 6.6% 6.2x 24.3x

Builders FirstSource, Inc. 85.71 86.20 37.46 16,414 19,067 17,790 2,581 14.5% 32.3% 1.1x 7.4x

Watsco, Inc. 312.88 318.98 224.25 11,053 11,567 6,280 746 11.9% 11.4% 1.8x 15.5x

Beacon Roofing Supply, Inc. 57.35 60.93 38.77 4,021 6,220 6,820 795 11.7% (0.9%) 0.9x 7.8x

BlueLinx Holdings Inc. 95.76 96.57 27.13 930 1,477 4,277 393 9.2% 16.7% 0.3x 3.8x

Hardwoods Distribution Inc. 35.40 38.99 19.24 836 1,450 1,394 155 11.1% 16.7% 1.0x 9.4x

Huttig Building Products, Inc. 11.07 11.35 3.03 303 416 892 59 6.6% 2.7% 0.5x 7.1x

Median 11.7% 9.0% 1.1x 8.6x

Retailers

The Home Depot, Inc. $415.01 $420.61 $246.59 $433,370 $473,568 $151,157 $26,823 17.7% 11.8% 3.1x 17.7x

Lowe's Companies, Inc. 258.48 263.31 150.84 174,150 198,392 96,250 15,749 16.4% 10.2% 2.1x 12.6x

Tractor Supply Company 238.60 239.54 138.14 27,156 29,915 12,731 2,121 16.7% 17.2% 2.3x 14.1x

Floor & Decor Holdings, Inc. 130.01 145.89 81.20 13,728 14,800 3,243 656 20.2% 24.9% 4.6x 22.5x

Median 17.2% 14.5% 2.7x 15.9x






equivalents





Engineering & Construction Services x

Engineering & Construction

Jacobs Engineering Group Inc. $139.23 $149.55 $100.05 $18,024 $21,537 $14,091 $1,571 11.2% 5.9% 1.5x 13.7x

AECOM 77.35 78.33 48.70 10,999 12,935 13,294 1,050 7.9% (10.6%) 1.0x 12.3x

Skanska AB 25.89 28.69 21.80 10,679 9,451 15,911 1,150 7.2% (5.7%) 0.6x 8.2x

KBR, Inc. 47.62 47.81 28.43 6,680 7,988 7,339 1,062 14.5% 14.3% 1.1x 7.5x

Stantec Inc. 56.25 58.50 32.00 6,244 7,073 2,873 415 14.5% 2.7% 2.5x 17.0x

EMCOR Group, Inc. 127.39 135.98 87.36 6,799 6,698 9,904 874 8.8% 6.8% 0.7x 7.7x

SNC-Lavalin Group Inc. 24.43 30.23 16.68 4,288 5,759 5,825 378 6.5% (9.9%) 1.0x NM

Fluor Corporation 24.77 25.68 14.41 3,503 2,731 12,435 417 3.4% (13.0%) 0.2x NM

Construction Partners, Inc. 29.41 44.99 25.41 1,540 1,707 1,005 106 10.5% 13.7% 1.7x 16.2x

Tutor Perini Corporation 12.37 20.24 11.91 632 1,481 4,642 434 9.3% 1.4% 0.3x 3.4x

Median 9.1% 2.0% 1.0x 10.3x

Contractors & Homebuilders

D.R. Horton, Inc. $108.45 $110.45 $64.32 $38,628 $41,277 $28,894 $5,942 20.6% 21.1% 1.4x 6.9x

Lennar Corporation 116.16 117.54 71.52 35,176 37,273 28,009 5,855 20.9% 9.7% 1.3x 6.4x

NVR, Inc. 5,908.87 5,982.45 3,885.00 20,556 19,484 8,966 1,717 19.2% 7.7% 2.2x 11.3x

PulteGroup, Inc. 57.16 63.91 39.92 14,472 15,526 13,927 2,678 19.2% 11.0% 1.1x 5.8x

Toll Brothers, Inc. 72.39 75.61 41.22 8,713 10,799 9,018 1,148 12.7% 7.2% 1.2x 9.4x

KB Home 44.73 52.48 31.76 3,913 5,458 5,725 753 13.2% 8.0% 1.0x 7.2x

Meritage Homes Corporation 122.06 125.01 78.00 4,554 5,176 5,141 1,016 19.8% 13.4% 1.0x 5.1x

M.D.C. Holdings, Inc. 55.83 63.86 41.31 3,946 5,045 5,255 816 15.5% 19.7% 1.0x 6.2x

M/I Homes, Inc. 62.18 74.85 42.22 1,809 2,547 3,746 543 14.5% 17.9% 0.7x 4.7x

Median 19.2% 11.0% 1.1x 6.4x

Installation Services

TopBuild Corp. $275.91 $284.07 $178.03 $9,020 $9,500 $3,486 $642 18.4% 13.5% 2.7x 14.8x

Installed Building Products, Inc. 139.72 141.43 99.36 4,123 4,564 1,969 300 15.2% 13.8% 2.3x 15.2x

Comfort Systems USA, Inc. 98.94 103.74 51.12 3,554 3,865 3,074 290 9.4% 12.1% 1.3x 13.3x

Median 15.2% 13.5% 2.3x 14.8x




Precedent Transaction Analysis

Announced

Date Target Acquiror Target Description

Building Products x

Dec-21 Champion Opco LLC Great Day Improvements, LLCChampion Opco LLC manufactures improvement products including

windows, doors, siding and sunrooms.

Dec-21 Malarkey Roofing Products Co. Holcim Group Services LimitedMalarkey Roofing Products Co. manufactures and supplies roofing

products for residential and commercial sectors.

Dec-21 Professional Plumbing Group, Inc. Mar-Cone Appliance Parts Center IncProfessional Plumbing Group, Inc. manufactures and distributes

plumbing equipment for the repair market and plumbing contractors.

Dec-21 Safe-Way Garage Doors LLC CW Industrial Partners, LLCSafe-Way Garage Doors LLC manufactures and distributes residential,

commercial and industrial overhead garage doors.

Dec-21 Value Engineered Products, Inc. ASC Engineered Solutions, LLCValue Engineered Products, Inc. manufactures pipe support solutions

for the plumbing, mechanical and industrial piping industries.

Dec-21 Hunter Douglas N.V. 3G CapitalHunter Douglas N.V. manufactures and sells window coverings and

architectural products globally.

Dec-21 Superior Fence & Rail, Inc. Summit Brands Investment, Inc. Superior Fence & Rail, Inc. manufactures and sells fence products.

Dec-21 CableMaster Corporation Tide Rock Holdings LLCCableMaster Corporation manufactures and sells wire products for

the power generator, lighting and industrial manufacturing industries.

Dec-21 Sunview Patio Doors Ltd. Novatech Group Inc. Sunview Patio Doors Ltd. manufactures patio doors.

Dec-21 Schoolhouse Electric Co. Food52 Inc.Schoolhouse Electric Co. manufactures household electrical fixtures,

shades and hardware accessories.

Dec-21 Universal Windows Direct, LLC Great Day Improvements, LLCUniversal Windows Direct, LLC manufactures replacement windows,

vinyl sidings, entry doors and roofing products.

Dec-21 Amifast, L.P. AfinitasAmifast, L.P. manufactures fasteners and hardware intended for

construction and concrete industries.

Dec-21 Royal Pacific, Ltd. Ferguson plcRoyal Pacific, Ltd. manufactures, designs and supplies lighting

fixtures and ceiling fans.

Dec-21 Essential Cabinetry Group Breck Partners LLCEssential Cabinetry Group manufactures semicustom and custom

kitchen, bath and entertainment cabinetry.

Dec-21 Boston Valley Terra Cotta NewSpring MezzanineBoston Valley Terra Cotta designs and constructs custom terra cotta

materials for a wide range of end markets.

Dec-21 Universal Manufacturing Company, Inc. The Cook & Boardman Group, LLCUniversal Manufacturing Company, Inc. supplies commercial metal

door frames, metal doors, wood doors and plastic laminate doors.

Dec-21 GCP Applied Technologies Inc. Compagnie de Saint-Gobain S.A.GCP Applied Technologies Inc. produces and sells specialty

construction chemicals and specialty building materials worldwide.

Dec-21 Topaz Lighting Corp. Southwire Company, LLC Topaz Lighting Corp. manufactures lighting and electrical products.

Dec-21 HB&G Building Products, Inc. The Marwin Company, Inc.HB&G Building Products, Inc. designs, manufacturers and installs

fiberglass columns and synthetic porch products.

Dec-21 Lumos Architectural Lighting, LLC Unknown AcquirorLumos Architectural Lighting, LLC designs and manufactures custom

lighting and fabrication products.

Nov-21 North West Rubber Ltd. TorQuest Partners, Inc.North West Rubber Ltd. manufactures and distributes recycled rubber

flooring solutions.




Announced


Building Products (Cont'd) x

Nov-21 SBS Holdings, LLC Monument MicroCap Partners LLC SBS Holdings, LLC manufactures and sells interior building products.

Nov-21 Duro Dyne Corporation NSi Industries, LLCDuro Dyne Corporation manufactures sheet metal accessories and

equipment for the HVAC industry.

Nov-21 Wade Drains Product Line of McWane, Inc. Zurn Water Solutions CorporationWade Drains Product Line of McWane, Inc. manufactures commercial

drainage products.

Nov-21 Losetas asfálticas S de R.L. de C.V. Tarkett North America Holding, Inc. Losetas asfálticas S de R.L. de C.V. manufactures vinyl composite tiles.

Nov-21 AHF Products Paceline Equity Partners, LLCAHF Products designs and manufactures hardwood flooring

products.

Nov-21 HeathCo LLC Globe Electric Company, Inc.HeathCo LLC manufactures and sells lighting and door chime

products.

Nov-21 Re-Bath, LLC TZP GroupRe-Bath, LLC engages in manufacturing and remodeling bathtubs,

shower liners, wall surrounds and accessories.

Nov-21 Thibaut Inc. Norwest Equity PartnersThibaut Inc. manufactures wallcoverings, coordinating print fabrics,

embroideries and woven upholstery fabrics for homes.

Nov-21 Union Corrugating Company Cornerstone Building Brands, Inc.Union Corrugating Company manufactures and markets metal

roofing products, supplies and wall systems.

Nov-21 PFB Corporation The Riverside CompanyPFB Corporation manufactures insulating building products made

from expanded polystyrene materials.

Nov-21 Metro Electric Supply Co. Graybar Electric Company, Inc.Metro Electric Supply Co. manufactures and supplies lighting

products.

Nov-21 Pebble Technology, Inc. Oldcastle APG, Inc.Pebble Technology, Inc. manufactures pool finishes and outdoor

environments for pool construction and pool renovations.

Nov-21 Reflectix, Inc. Balcan Innovations Inc.Reflectix, Inc. manufactures and markets foil-faced reflective

insulation and related products.

Nov-21 Arrowhead Stairs & Trim US LBM Holdings, Inc.Arrowhead Stairs & Trim manufactures and installs millwork,

hardware and exterior cedar products.

Oct-21 Paramount Flooring Unknown Acquiror Paramount Flooring manufactures and sells flooring products.

Oct-21 Commando Lock Company, LLC Hampton Products International CorporationCommando Lock Company, LLC manufactures military grade

padlock systems.

Oct-21 Sommer's Mobile Leasing, Inc. WillScot Mobile Mini Holdings Corp.Sommer's Mobile Leasing, Inc. offers building products for design,

construction and installation of mobile and modular buildings.

Oct-21 Fireside Hearth & Home of Dallas HNI CorporationFireside Hearth & Home of Dallas manufactures and sells indoor and

outdoor fireplaces.

Oct-21 The Schneider Company SESCO Lighting, Inc. The Schneider Company manufactures lighting system.

Oct-21 Catalone Pipe & Supply Co. Core & Main, Inc.Catalone Pipe & Supply Co. manufactures water service equipment

intended for municipal clients, such as concrete catch basins.

Oct-21 Shoreline Vinyl Systems, Inc. Eastern Wholesale Fence Co., Inc.Shoreline Vinyl Systems, Inc. manufacturers and distributes vinyl

fence, vinyl pergolas, vinyl rail and aluminum fence products.




Announced


Building Products (Cont'd) x

Oct-21 Rainier Industries, Ltd. LFM Capital, LLCRainier Industries, Ltd. manufactures display, tent, shade and shelter

products.

Oct-21 Premium LVT MFG, LLC M S International, Inc.Premium LVT MFG, LLC manufactures stone polymer composite

flooring products and vinyl tiles.

Oct-21 Pavilion Floors, Inc. Diverzify Pavilion Floors, Inc. provides commercial contract flooring services.

Oct-21 Distinctive Kitchens And Baths, Inc. Artisan Design Group, LLCDistinctive Kitchens And Baths, Inc. manufactures cabinets intended

for builders, homeowners, architects and designers.

Oct-21 Stanton Carpet Corporation Dunes Point Capital, L.P.Stanton Carpet Corporation manufactures and imports decorative

carpet and custom rugs.

Oct-21 Verde Industries, Inc. OmniMax International, Inc.Verde Industries, Inc. manufactures roof flashing and plastic weather-

blocking products.

Oct-21 National Pipe & Plastics, Inc. Oldcastle Infrastructure, Inc.National Pipe & Plastics, Inc. manufactures polyvinyl chloride pipes

for residential, agricultural, commercial and municipal markets.




Announced


Building Materials x

Dec-21 L & L Redi Mix, Inc. Silvi Concrete Products, Inc. L & L Redi Mix, Inc. produces ready-mixed concrete.

Dec-21 Hexion Holdings Corporation American Securities LLCHexion Holdings Corporation produces and sells adhesives and

performance materials in the U.S. and globally.

Dec-21 Magnetic Seal LLC Ducommun LaBarge Technologies, Inc.Magnetic Seal LLC design, prototype, value engineer and

manufactures aerospace quality seal solutions.

Dec-21 Marshall Concrete Products, Inc. Holcim LtdMarshall Concrete Products, Inc. manufactures and distributes

concrete products.

Dec-21 Metromont Corporation Markel CorporationMetromont Corporation provides precast concrete solutions for

building owners, engineers, contractors and construction managers.

Dec-21 Truss Technologies, Inc. Builders FirstSource, Inc.Truss Technologies, Inc. offers complex residential and commercial

engineered roof and floor trusses.

Dec-21 American Sealants, Inc. Meridian Adhesives Group LLCAmerican Sealants, Inc. operates as a manufacturer, supplier and

packager of silicones, sealants and adhesives.

Dec-21 Bird Song Adhesives, Inc. Applied Products, Inc.Bird Song Adhesives, Inc. manufactures industrial adhesive solutions

for the construction market.

Dec-21 North American Fly Ash Business of Boral Limited Eco Material Technologies IncNorth American Fly Ash Business of Boral Limited comprises fly ash

manufacturing business.

Dec-21 SCHOTT Gemtron Corporation SSW Advanced Technologies, LLCSCHOTT Gemtron Corporation manufactures specialty glass and glass

systems intended for the home appliance industry.

Dec-21 VoidForm Products, LLCThe Argonaut Pension Trust; BOKF Capital

Corporation

VoidForm Products, LLC manufactures corrugated paper construction

products for the concrete construction industry.

Nov-21 Eacom Timber Corporation Interfor CorporationEACOM Timber Corporation manufactures and distributes lumber,

wood chips and wood-based value-added products in North America.

Nov-21 Baker Rock Resources, Inc. Knife River CorporationBaker Rock Resources, Inc. supplies aggregates used infrastructure

construction.

Nov-21 Escue Wood Preserving, Inc. Great Southern Wood Preserving, Incorporated Escue Wood Preserving, Inc. manufactures pressure-treated lumber.

Nov-21 Lindsay Precast, LLC MiddleGround Capital LLCLindsay Precast, LLC manufactures precast concrete structures

intended for the federal, state and municipal government entities.

Nov-21 Cahaba Pressure Treated Forest Products, Inc. Stella-Jones Inc.Cahaba Pressure Treated Forest Products, Inc. manufactures and

distributes treated and untreated wood poles, crossties and posts.

Nov-21 Superior Concrete, Inc. Chaney Enterprises, LP Superior Concrete, Inc. manufactures and markets ready-mix concrete.

Nov-21 RML-UCO INC. Artemis Capital PartnersRML-UCO INC. manufactures coatings, sealants and adhesives for

roof repair and restoration.

Oct-21 Sand and Gravel operation of Virginia Sand & Stone Chaney Enterprises, LPSand and Gravel operation of Virginia Sand & Stone comprises sand

and gravel mining operations.

Oct-21 Architectural Glass facility of Viracon Georgia, Inc. Cardinal LG CompanyArchitectural Glass facility of Viracon Georgia, Inc. comprises

architectural glass fabrication facility.

Oct-21 Unichem, Inc. Key Polymer Corporation Unichem, Inc. manufactures specialty adhesives and chemicals.




Announced


Building Materials (Cont'd) x

Oct-21 US Natural Resources, Inc. Wood Fiber GroupUS Natural Resources, Inc. designs, manufactures and sells sawmills,

planer mills and other wood processing equipment.

Oct-21 American Chemical, Inc. Applied Products, Inc.American Chemical, Inc. manufactures and distributes industrial

adhesives and sealants.

Oct-21 Sawmill of Angelina Forest Products, LLC West Fraser Timber Co. Ltd.Angelina Forest Products lumber mill located in Lufkin, Texas

comprises lumber, panels and pulp manufacturing products.

Oct-21 Vimco Inc. OCM, Inc. Vimco Inc. manufactures concrete construction products.

Oct-21 Ararat Rock Products Company Luck Stone CorporationArarat Rock Products Company owns and operates quarries that

produces crushed stone, sand and gravel in the USA.

Oct-21 King Asphalt, Inc. Construction Partners, Inc.King Asphalt, Inc. manufactures asphalt and provides asphalt services

for residential and commercial properties in South Carolina.

Oct-21 Cameron Glass, Inc. Custom Glass Solutions, LLCCameron Glass, Inc. fabricates glass for several industries including

agriculture, construction, laboratory equipment, marine and retail.

Oct-21 US Marble & Granite Corporation GW Capital Management LLC US Marble & Granite Corporation manufactures granite and marble.

Oct-21 Oldham Lumber Co., Inc. US LBM Holdings, Inc. Oldham Lumber Co., Inc. manufactures and sells lumber products.




Announced


Distribution & Retail x

Dec-21 Crabtree Siding and Supply Beacon Roofing Supply, Inc.Crabtree Siding and Supply distributes residential exterior building

materials.

Dec-21 Specialty Products & Insulation Co. Incline Management, L.P.Specialty Products & Insulation Co. distributes and fabricates

mechanical insulation and complementary products.

Dec-21 Diamond Tool and Fasteners, Inc. White Cap Supply Holdings, LLCDiamond Tool and Fasteners, Inc. distributes and markets material

handling equipment and power tools.

Dec-21 Marion Davis, Inc. ProSource, LLC Marion Davis, Inc. distributes electrical and plumbing equipment.

Dec-21 Mcdonald Modular Solutions, Inc. WillScot Mobile Mini Holdings Corp.Mcdonald Modular Solutions, Inc. operates as a supplier of

commercial, institutional and industrial modular space.

Dec-21 B&L Pool Repair & Supply Co., Inc. Leslie's, Inc.B&L Pool Repair & Supply Co., Inc. is a chain of retail stores that sell

pool and spa products.

Dec-21 Shepley Wood Products, Inc. Kodiak Building Partners FoundationShepley Wood Products, Inc. engages in the sale of wood products for

builders, building professionals and homeowners.

Dec-21 Construction Tool & Supply Co. Management BuyoutConstruction Tool & Supply Co. distributes fasteners, tools and

supplies for building, construction, and industrial maintenance.

Dec-21Delray Plus True Value in New Hope, Pa. and three

True Value stores in Eastern PennsylvaniaThe Aubuchon Company

The collection of stores represent four hardware retail locations in

Eastern Pennsylvania.

Dec-21 Professional Builders Supply, LLC US LBM Holdings, Inc.Professional Builders Supply, LLC distributes and installs residential

and commercial building materials.

Dec-21 Kimco Supply, LLC GMS Inc.Kimco Supply, LLC distributes building and construction supplies to

the Greater Tampa and Central Florida markets.

Dec-21 RAM Tool Construction Supply Company White Cap Supply Holdings, LLCRAM Tool Construction Supply Company distributes specialty

construction products in the United States.

Dec-21 Seffner Rock & Gravel SiteOne Landscape Supply, Inc.Seffner Rock & Gravel distributes natural stone, bulk aggregates,

mulch, soil and other landscape supplies in Florida.

Dec-21Solar Products Business of Beacon Roofing Supply,

Inc.Baywa R.E. Solar Systems Llc

Solar Products Business of Beacon Roofing Supply, Inc. comprises 10

locations that distribute solar products.

Nov-21 Barrons Enterprises, Inc. US LBM Holdings, Inc.Barrons Enterprises, Inc. provides building products to builders,

remodelers and homeowners.

Nov-21 Alexander Lumber Co. R.P. Lumber Co., Inc. Alexander Lumber Co. retails lumber products.

Nov-21 Brambier's, Inc. The Vertex Companies, Inc.Brambier's, Inc. installs window shades and acoustic solutions for

commercial and residential buildings.

Nov-21Three Residential Brick Manufacturing Facilities and

Multiple Distribution CentersUS Brick Holdings, LLC

Residential Brick Manufacturing Facilities and Distribution Centers

comprises three general shale plants and multiple distribution centers.

Nov-21 Superb Floor Covering, LLC BuildDirect.com Technologies Inc.Superb Floor Covering, LLC retails floor covering to interior

designers, architects, builders and commercial contractors.

Nov-21 Owen Equipment Company Wynnchurch Capital, L.POwen Equipment Company distributes sweepers, vacuum excavators

and combination sewer cleaning trucks in the U.S.

Nov-21 Ames Taping Tools GMS Inc.Ames Taping Tools provides automatic taping and finishing tools,

supplies and training to the professional drywall finishing industry.




Announced


Distribution & Retail (Cont'd) x

Nov-21 EFC International, Inc. Frontenac Company LLCEFC International, Inc. distributes specialty engineered component

parts and fasteners to original equipment manufacturers.

Nov-21 Midway Sales & Distributing Inc. Beacon Roofing Supply, Inc.Midway Sales & Distributing Inc. distributes building construction

material to the residential and commercial sector.

Nov-21 Increte Of North Florida, Inc. New South Construction Supply, LLCIncrete Of North Florida, Inc. distributes and supplies concrete

construction material.

Nov-21 Accents & Interiors, LLC Artisan Design Group, LLC Accents & Interiors, LLC supplies flooring materials.

Oct-21 BuilderUp, LLC US LBM Holdings, Inc. BuilderUp, LLC distributes building materials.

Oct-21 M.B.E., Inc. Outdoor Living Supply, LLCM.B.E., Inc. is a wholesale and retail supplier of landscape, hardscape

and masonry supplies in New England.

Oct-21 Rolston Hogstrom, Inc. The Lawless Group, Inc.Rolston Hogstrom, Inc. distributes construction, industrial and truck

equipment.

Oct-21 Amerisafe, Inc. Specialty Products & Insulation Co.Amerisafe, Inc. distributes safety and insulation products, including

cement, sealant and safety helmet.

Oct-21 The Granite Group Wholesalers, LLC BBH Capital PartnersThe Granite Group Wholesalers, LLC distributes plumbing, heating,

cooling and water supplies products.

Oct-21 M & K Industries Limited Co Third Bench Holdings, LLCM & K Industries Limited Co distributes kitchen cabinets in New

Mexico.

Oct-21 DW Distribution Inc. Specialty Building Products, LLC DW Distribution Inc. distributes roofing and millwork products.

Oct-21 Burnham Insulation Sales, Inc. Specialty Products & Insulation Co.Burnham Insulation Sales, Inc. distributes mechanical insulation for

commercial and industrial end markets.

Oct-21 Ace Hardware Indian Trail JPB Capital Partners Ace Hardware Indian Trail retails hardware tools and equipment.

Oct-21 BMG Metals, Inc. Triple-S Steel Holdings, Inc.BMG Metals, Inc. distributes carbon steel, stainless steel and

aluminum products in the Mid-Atlantic region.

Oct-21 Marvic Supply Company, Inc. SRS Distribution Inc.Marvic Supply Company, Inc. distributes residential roofing, windows

and doors, siding and other related products.

Oct-21 Mayer Electric Supply Company, Inc. Rexel USA, Inc.Mayer Electric Supply Company, Inc. wholesales and distributes

electrical products and equipment.

Oct-21 CES Industrial Piping Supply, LLC Core & Main, Inc.CES Industrial Piping Supply, LLC offers high-density polyethylene

pipes, fittings and fusion machines.




Announced


Engineering & Construction Services x

Dec-21 MaeTec Power, Inc. Exponential Power, Inc.MaeTec Power, Inc. provides battery installation and maintenance

services.

Dec-21 Meiners Electrical Services, LLC Leadec Holding BV & Co. KG Meiners Electrical Services, LLC operates as an electrical contractor.

Dec-21 Aladdin Air Conditioning & Heating, Inc. The SEER Group, LLCAladdin Air Conditioning & Heating, Inc. offers heating, ventilation

and cooling maintenance and installation services.

Dec-21 Metro Service Company CPS HVAC Partners, Inc.Metro Service Company is an air conditioning and heating contractor

that specializes in commercial and residential projects.

Dec-21 Kimes & Stone Construction Co., Inc. Sterling Construction Company, Inc.Kimes & Stone Construction Co., Inc. builds highways, roads, streets

and bridges.

Dec-21 Terra Associates, Inc. Bowman Consulting Group Ltd.Terra Associates, Inc. provides civil engineering, surveying,

economical design, project management and permitting services.

Dec-21 BW Electrical Services LLC Charge Enterprises, Inc.BW Electrical Services LLC offers electrical and telecommunication

contracting services for commercial businesses in New Jersey.

Dec-21 Chemex Global Inc. The Shaw GroupChemex Global Inc. operates a full-service EPC firm to serve modular

and conventional refinery and energy construction projects.

Dec-21 TriStruX, LLC Huron Capital Partners, LLCTriStruX, LLC offers telecommunications and electrical contracting

services.

Dec-21 Phend & Brown, Inc. Rieth-Riley Construction Co., Inc.Phend & Brown, Inc. is a general heavy and highway construction

company.

Dec-21 Pacific West, Llc Bluejay Capital Partners, LLCPacific West, Llc constructs railroad locomotive fueling facilities, rail

yard air brake networks and wastewater treatment facilities.

Dec-21 Gable Elevator, Inc. 3 Phase Elevator CorporationGable Elevator, Inc. provides elevator maintenance, repair and

modernization services in the Cleveland and Columbus markets.

Dec-21 Robertson Electric Company, Inc. NearU ServicesRobertson Electric Company, Inc. is an electrical, plumbing, heating

and air conditioning contractor for residential and commercial sectors.

Dec-21 Adam Mechanical LLC Sila Heating & Air Conditioning, Inc.Adam Mechanical LLC offers heating, air conditioning and plumbing

services to residential and commercial customers.

Dec-21 Maddox Industrial Group, Inc. TransTech Energy, LLCMaddox Industrial Group, Inc. provides industrial engineering, metal

fabrication, electrical process and control and construction services.

Dec-21 Russo Bros & Co Inc Len The Plumber, Inc.Russo Bros & Co Inc provides HVAC, plumbing, electrical and indoor

air quality services.

Dec-21 Henkels & McCoy Group, Inc. MasTec, Inc.Henkels & McCoy Group, Inc. is an infrastructure engineering and

construction company.

Dec-21 Lake Champlain Roofing, LLC BizGro PartnersLake Champlain Roofing, LLC offers roofing services for residential,

commercial and industrial applications.

Dec-21 MaxHome, LLC Titan Home Improvement Inc.MaxHome, LLC is a home improvement company that provides

remodeling and renovation services for bathrooms and outdoor living.

Dec-21 Eagle Contracting L.P. Satterfield & Pontikes Construction, Inc.Eagle Contracting L.P. provides general contracting services for the

water and wastewater industry.

Dec-21 Deerfield Construction Co., Inc. ADB Companies, LLCDeerfield Construction Co., Inc. provides turnkey solutions for

telecommunications infrastructure.




Announced


Engineering & Construction Services (Cont'd) x

Dec-21 Alpha Foundations Groundworks CompaniesAlpha Foundations provides patented foundation repair, crawl space

encapsulation and concrete repair solutions in Florida and Georgia.

Dec-21 Highland Roofing Company Management BuyoutHighland Roofing Company provides residential and commercial

roofing services in North Carolina and South Carolina.

Dec-21 Ohio Valley Excavating LLC Crestview Partners, L.P.Ohio Valley Excavating LLC provides commercial excavation services

for fiber telecommunications and utility industries.

Dec-21 Odin Construction Solutions, Inc. ORIX Advisers, LLCOdin Construction Solutions, Inc. provides geotechnical construction,

environmental remediation and disaster recovery services.

Dec-21 Kibart, Inc Bowman Consulting Group Ltd.Kibart, Inc. provides mechanical, electrical engineering, master

planning, infrastructure design and construction administration.

Dec-21 Cable Solutions, LLC Kane Communications, LLCCable Solutions, LLC designs and installs communications

infrastructure systems for businesses.

Dec-21 Giuliani & Kull, Inc. Ardurra Group, Inc.Giuliani & Kull, Inc. provides civil engineering and land surveying

solutions and services.

Dec-21 Cyclone Hydrovac Ltd. Environmental 360 Solutions Inc.Cyclone Hydrovac Ltd. provides excavation services for oil and gas

pipelines and utility, transportation, industrial and mining sectors.

Dec-21 DUMA Engineering Inc. Minnova Corp.DUMA Engineering Inc. is an engineering consulting company that

provides solutions for the food, aerospace and naval industries.

Dec-21 Sendero Restoration Services, LLC Blue Team Holdings, LLCSendero Restoration Services, LLC operates as a roofing and general

contracting construction company.

Dec-21 SFH-7, LLC Reedy Industries, Inc. SFH-7, LLC offers heating, ventilation and air conditioning services.

Dec-21 Window Works Inc./Comfort Shower and Bath Leaf Home Solutions, LLCThe combined entity offers custom bathroom remodeling solutions

and provides bath installations and shower replacements.

Dec-21 Essig Pools, Inc. Garden City CompaniesEssig Pools, Inc. engages in constructing, renovating and upgrading

swimming pools.

Dec-21 Total Plant Management Group Inc. Trystar, LLCTotal Plant Management Group Inc. manufactures blast-rated and non-

blast-rated steel buildings to protect workers & critical equipment.

Dec-21 Fyfe Europe SA/Fyfe Co., LLC ClockSpring|NRI The combined entity provides water, sewer and utility lines.

Dec-21 Reconstruction Experts Inc. Johns Lyng Group LimitedReconstruction Experts Inc. provides reconstruction, restoration and

remodeling services for all types of properties.

Dec-21 J.C. Restoration, Inc. BluSky Restoration Contractors, LLC J.C. Restoration, Inc. is a full-service disaster restoration company.

Dec-21 Tensar Corporation Commercial Metals CompanyTensar Corporation provides site development solutions and other

technologies.

Dec-21 Plug Smart Ameresco, Inc. Plug Smart provides designing electrical engineering work.

Dec-21Impulsora del Desarrollo y el Empleo en América

Latina, S.A.B. de C.V. ("IDEAL")

Canada Pension Plan Investment Board; Ontario

Teachers' Pension Plan Board

IDEAL engages in the development, promotion, operation and

administration of infrastructure projects in Mexico and Latin America.

Dec-21 Lajolla Construction Management, LLC Carnegie Development, Inc.Lajolla Construction Management, LLC provides construction

management services.




Announced



Dec-21 Buckeye Heating and Cooling Services, Inc. WCA Group, LLCBuckeye Heating and Cooling Services, Inc. offers heating, cooling and

air quality services to residential customers.

Dec-21 GSI Engineering LLC Geotechnology, Inc.GSI Engineering LLC provides geotechnical engineering, drilling,

construction materials testing and environmental services.

Dec-21 Midstate Reclamation, Inc. Warren Equity Partners, LLCMidstate Reclamation, Inc. is a preservation contractor providing road

reconstruction solutions to public and private enterprises.

Dec-21 Crown Utilities, LLCBrightwood Capital Advisors, LLC; Revive Holdings

LLC; Sileo Capital, LLC

Crown Utilities, LLC offers aerial placement, trenching, plowing,

directional drilling, splicing and ISP and OSP installation services.

Dec-21 Strike, LLC AIP, LLCStrike, LLC provides pipeline, facilities and energy infrastructure

construction services.

Dec-21 Ghiotto & Associates, Inc. Surveying And Mapping, LLCGhiotto & Associates, Inc. is a professional land surveying and

mapping company.

Dec-21 Bass Security Services, Inc. The Cook & Boardman Group, LLCBass Security Services, Inc. provides CCTV and burglar/fire alarm

security solutions, locksmith and hardware break and fix services.

Dec-21 Frontline Concrete Contracting, LLC Lithko Contracting, LLCFrontline Concrete Contracting, LLC specializes in tilt-up panels,

foundations, slab on grade, pre-construction services and sitework.

Dec-21 American Track Services LLC Unknown AcquirorAmerican Track Services LLC provides rail inspection, maintenance,

repair and design and construction services.

Dec-21 Jake Marshall, LLC Limbach Facility Services LLC Jake Marshall, LLC installs and maintains HVAC equipment.

Dec-21 Engineered Lining Systems, Inc. Unknown AcquirorEngineered Lining Systems, Inc. provides in situ pipe and structure

rehabilitation services to a wide range of facilities.

Dec-21 Capitol City Homes, LLC Ashton Woods USA L.L.C. Capitol City Homes, LLC provides homebuilding services.

Dec-21 Cumming Management Group, Inc. New Mountain Capital, L.L.C.Cumming Management Group, Inc. provides project management and

cost consulting services.

Dec-21 ESC Engineering, Inc. EN Engineering, LLCESC Engineering, Inc. is an electrical engineering firm offering design,

control systems, integration and geographic information services.

Dec-21 MPE Engineering Ltd. EnGlobe Corp.MPE Engineering Ltd., an engineering consulting firm, provides

municipal, water resources and building engineering services.

Dec-21 Korte Electric, Inc. Frontier Service PartnersKorte Electric, Inc. offers plumbing, heating, cooling and electrical

contracting services.

Dec-21 PARC design lab, PLLC Shepley Bulfinch, Inc.PARC design lab, PLLC provides architecture, planning and interior

design services.

Dec-21 Ivey Mechanical Company, LLC Comfort Systems USA, Inc.Ivey Mechanical Company, LLC provides mechanical contracting

services.

Dec-21 The Bell Company, LLC HB Global, LLCThe Bell Company, LLC provides mechanical and plumbing

construction services for private and public clients in the U.S.

Dec-21 McClure Company, Inc. Sojitz Corporation of AmericaMcClure Company, Inc., a mechanical contracting, engineering and

service company, provides HVAC, plumbing and piping systems.

Dec-21 Mark Young Construction, Inc. Argonaut Private EquityMark Young Construction, Inc. provides construction services to retail,

government/education and commercial clients in the U.S.




Announced



Nov-21 Kauai Restoration & Cleaning, Inc. FirstOnSite Property RestorationKauai Restoration & Cleaning, Inc. is a carpet cleaning and restoration

company.

Nov-21 A+ Reliable Pool Service LLC Gold Medal Pools, LLCA+ Reliable Pool Service LLC provides pool service and maintenance

services.

Nov-21 Trojan Leisure Products LLC Latham Group, Inc. Trojan Leisure Products LLC manufactures swimming pools.

Nov-21 Counterpoint Engineering Inc. Dillon Consulting LimitedCounterpoint Engineering Inc. offers civil engineering services to

commercial, residential and urban redevelopment real estate sectors.

Nov-21 Civil Engineering Consultants KCI Technologies Inc.Civil Engineering Consultants offers civil engineering, surveying and

construction management services to public and private sector clients.

Nov-21 DEPCOM Power, Inc. Koch Engineered Solutions, LLCDEPCOM Power, Inc. provides engineering, procurement and

construction services for solar power plants.

Nov-21 Blakeway Corporation Koontz Bryant Johnson Williams, Inc.Blakeway Corporation provides civil engineering, environmental

science, surveying, planning and architecture services.

Nov-21 Pool Surface Coatings Koshee, LLCPool Surface Coatings provides pool decking and water play surfacing

installation services.

Nov-21 Pebble Stone Coatings, LLC Koshee, LLC Pebble Stone Coatings, LLC offers a coating of river rock pebbles.

Nov-21 Pulliam Pools Inc. Texas Custom Pools, Inc.Pulliam Pools Inc. provides residential pool construction, renovation

and repair services.

Nov-21 Britech HVAC Ltd. Custom Air Conditioning Ltd.Britech HVAC Ltd. offers furnace, fireplace, air conditioning unit, duct

cleaning and repair services.

Nov-21 Blue Dot Services Company Of Kansas Burton Plumbing Services, Inc.Blue Dot Services Company Of Kansas provides HVAC, plumbing

and electrical services to residential and commercial customers.

Nov-21 Sulphur Experts Inc. SGS SASulphur Experts Inc. provides engineering consulting, specialized

testing and training activities in the sulfur recovery industry.

Nov-21 The Boston Solar Company, LLC SinglePoint Inc.The Boston Solar Company, LLC provides commercial and residential

solar installation services.

Nov-21 Coastland Civil Engineering, Inc. DCCM, LLCCoastland Civil Engineering, Inc. offers civil engineering, construction

management and building safety services.

Nov-21 CFI Insulation, Inc. Installed Building Products, Inc.CFI Insulation, Inc. engages in manufacturing and installation of

insulation products for residential and commercial projects.

Nov-21 Oregon Mainline Paving, LLC Knife River Corporation Oregon Mainline Paving, LLC is a paving contracting company.

Nov-21 Liberty Electric, Inc. John Stark Electric, Inc. Liberty Electric, Inc. operates an electrical installation business.

Nov-21 Premium Home Services LLC NearU ServicesPremium Home Services LLC offers HVAC repair, plumbing and

electrical services for residential and commercial customers.

Nov-21Brewer Companies, LLC/Brewer Enterprises,

Inc./Brewer Commercial Services, LLC/JBKB LLCSynergos Companies

The combined entity offers residential and commercial plumbing and


Nov-21 Tom Hundley Heating & Cooling Company LLC User Friendly Home Services, LLCTom Hundley Heating & Cooling Company LLC provides HVAC

equipment installation services.




Announced



Nov-21 Front Line Power Construction, LLC Orbital Energy Group, Inc.FrontLine Power Construction, LLC provides electrical construction

and maintenance services.

Nov-21 Adkins Electric, Inc. Pacific Power & Systems, Inc. Adkins Electric, Inc. provides electrical contracting services in Florida.

Nov-21 Donadio and Associates, Architects, P.A. Spiezle Architectural Group, Inc.Donadio and Associates, Architects, P.A. offers architectural design,

site planning, project admin and construction management services.

Nov-21 Pool Doctor Service & Supplies, Inc. National Pool PartnersPool Doctor Service & Supplies, Inc. is a pool service and repair

company.

Nov-21 Priority 1 Power Services, LLC RESA Power, LLCPriority 1 Power Services, LLC provides electrical testing services in

the Phoenix Metropolitan area and throughout Arizona.

Nov-21 West Coast Gates Inc. Aurora Capital PartnersWest Coast Gates Inc. offers drive gate and garage door installation

and repair services.

Nov-21 Century Engineering, Inc. The Kleinfelder Group, Inc.Century Engineering, Inc. provides engineering consulting services to

government and private sector clients in the Mid-Atlantic region.

Nov-21Coloneybell Construction & Engineering Consultants

LLCJ.S. Held, LLC

Coloneybell Construction & Engineering Consultants LLC provides

forensic engineering and construction consulting services.

Nov-21 Tower Technologies LLC Nsight Tower Tower Technologies LLC offers construction services of towers.

Nov-21 Brilliant Creative Fabrication, LLC Roto Group LLCBrilliant Creative Fabrication, LLC provides technical design,

engineering, fabrication and installation of projects.

Nov-21 Telcon Datvox Inc. WesTower Communications Ltd.Telcon Datvox Inc. offers wireline installation and maintenance

services of communication towers.

Nov-21 International Marine & Industrial Applicators LLCThe Carlyle Group Inc.; Stellex Capital Management

LLC

International Marine & Industrial Applicators LLC provides surface

preparation and protective coatings to maritime businesses.

Nov-21 Bel-Aire Mechanical, Inc. Therma Holdings LLCBel-Aire Mechanical, Inc. provides mechanical HVAC and plumbing

contractor services.

Nov-21 Porpoise Pool & Patio, Inc. Pool CorporationPorpoise Pool & Patio, Inc. is a franchised retail pool supply and

service company.

Nov-21 Forest Ridge Landscaping Inc. Urban Life Solutions Inc.Forest Ridge Landscaping Inc. offers grounds maintenance,

construction landscape design and snow and ice removal services.

Nov-21 Fidelity Building Services Group Onex CorporationFidelity Building Services Group is an engineering and contracting

company that provides building solutions.

Nov-21Tonks Insulation INC/Shepherd's Insulation of

Colorado, Inc.TopBuild Corp.

The combined entity provides insulation services for residential and

commercial customers.

Nov-21 Sunpro Solar, Inc The ADT Security CorporationSunpro Solar, Inc provides rooftop solar systems intended to serve

residential and commercial properties.

Nov-21 Alpha Testing, Inc. Universal Engineering Sciences, LLCAlpha Testing, Inc. offers geotechnical engineering, construction

materials testing and environmental services.

Nov-21 Miller Legg International LLC The HFW CompaniesMiller Legg International LLC offers engineering, landscape

architecture and urban design and geographic information services.

Nov-21 Skyline Windows West Shore Home, LLC Skyline Windows provides window and door replacement services.




Announced



Nov-21 Ritoch-Powell & Associates, Inc. Ardurra Group, Inc.Ritoch-Powell & Associates, Inc. is a engineering and surveying firm

specializing in transportation, public works and renewable energy.

Nov-21 Matt Mertz Plumbing, Inc. Armstrong Comfort Solutions, Inc. Matt Mertz Plumbing, Inc. provides plumbing services.

Nov-21 Calder Engineering Ltd. Ecometrix Inc.Calder Engineering Ltd. provides environmental assessments, project

permitting, design and construction management services.

Nov-21 Global Security Glazing/SSI SubCo 1, Inc. Isoclima S.p.A.The combined entity provides security and architectural glazing

solutions for correctional facilities and government security buildings.

Nov-21 Midwestern Electric, Inc CAI Capital PartnersMidwestern Electric, Inc provides specialty electrical services to the

municipal and state owners of traffic infrastructure.

Nov-21 Haight & Associates, Inc. RESPEC Company LLC Haight & Associates, Inc. provides electrical engineering services.

Nov-21 B.Q. Basement Systems, Inc. Groundworks CompaniesB.Q. Basement Systems, Inc. provides foundation repair, basement

waterproofing and crawl space repair.

Nov-21 J&J Services, Inc. Unknown AcquirorJ&J Services, Inc. provides roll-off dumpster and portable toilet rental

services to residential, commercial and demolition customers.

Nov-21 Pipe Lining Supply, Inc. Waterline Renewal Technologies, Inc.Pipe Lining Supply, Inc. manufactures material used in the lateral

sewer lining and drain, waste and vent (DWV) rehabilitation business.

Nov-21 Bath Planet of Chicago Inc./Bath Planet of Iowa, LLC Leaf Home Enhancements, LLCThe combined entity provides bathroom renovation and remodeling

products and services to homeowners.

Nov-21 Service Today, Inc. Len The Plumber, Inc.Service Today, Inc. provides HVAC, plumbing, electrical and indoor

air quality services to commercial and residential customers.

Nov-21 Astacio Plumbing & Heating LLC Sila Services, LLCAstacio Plumbing & Heating LLC provides HVAC installations,

repairs and plumbing services.

Nov-21 Inphase Electric and Controls (Brooks) Ltd. CDN Controls LtdInphase Electric and Controls (Brooks) Ltd. is a E&I construction,

commissioning and maintenance service provider.

Nov-21 Zabik Turner Engineering, LLC Bennett & Pless, Inc.Zabik Turner Engineering, LLC provides structural engineering

services.

Nov-21 Denison Glass and Mirror, Inc./DGM Glass, LLC Installed Building Products, Inc.The combined entity installs glass, frames, curtainwall and related

products in new commercial construction projects.

Nov-21 Hydrostructures, P.A. Duke’s Root Control, Inc. Hydrostructures, P.A. provides engineering and field services.

Nov-21 Mr. Insulation Co., Inc. Installed Building Products, Inc.Mr. Insulation Co., Inc. is a contractor that offer maintenance,

remodeling and weatherization services.

Nov-21 George-McKenna Electrical Contractors, Inc. Ascension Property Services, LLCGeorge-McKenna Electrical Contractors, Inc. designs and installs

electrical, security, audio visual and structured cabling systems.

Nov-21 Deuchler Engineering Corporation Fehr Graham & Associates, LLCDeuchler Engineering Corporation is an engineering and

environmental firm.

Oct-21 Wood Air Conditioning, Inc. Midway Mechanical Services LLCWood Air Conditioning, Inc. offers commercial HVAC installation,

maintenance and repair services.

Oct-21 Done Service Group, Inc. Radiant Plumbing and Air Conditioning, Inc. Done Service Group, Inc. offers plumbing and HVAC services.




Announced



Oct-21 Access Engineering, LLC TREKK Design Group, LLCAccess Engineering, LLC provides civil, transportation, traffic,

wastewater, stormwater and drainage engineering.

Oct-21 Menold Construction, Inc. BluSky Restoration Contractors, LLC Menold Construction, Inc. is a general contractor and homebuilder.

Oct-21 EZ-FLO International, Inc. Reliance Worldwide Corporation LimitedEZ-FLO International, Inc. manufactures and distributes plumbing

products.

Oct-21 Switch Electric Inc. Loenbro Inc.Switch Electric Inc. designs, constructs, installs and maintains electrical

systems for the data center industry.

Oct-21 Irish Tower, LLC Apex Advanced Technology LLCIrish Tower, LLC offers general construction, engineering and project

management services.

Oct-21 Rio Engineering, Inc. George Butler Associates, IncRio Engineering, Inc. provides underwater structural inspection

services.

Oct-21 Delta Accessibility LLC National Seating & Mobility, Inc.Delta Accessibility LLC provides home accessibility equipment


Oct-21 Primetech Communications, Inc. ADB Companies, LLCPrimetech Communications, Inc. provides aerial and underground

construction, fiber optic services and engineering services.

Oct-21 Protostatix Engineering Consultants Inc. EnGlobe Corp.Protostatix Engineering Consultants Inc. offers structural engineering

consulting services.

Oct-21Solar Panel Installation Business of Empire Solar

GroupSuntuity Solar LLC

Solar Panel Installation Business of Empire Solar Group comprises

solar panel installation business.

Oct-21 BluSky Restoration Contractors, LLCKohlberg & Company, L.L.C.; Partners Group

Holding AG

BluSky Restoration Contractors, LLC provides restoration, renovation,

environmental and roofing services in the U.S.

Oct-21 Beacon Mechanical Service, LLC Shaffer Beacon Mechanical LLCBeacon Mechanical Service, LLC delivers HVAC, plumbing and

heating oil equipment.

Oct-21 Matrix Engineering Inc Congruex, LLCMatrix Engineering Inc provides outside plant construction, fiber

splicing, circuit testing and network activation services.

Oct-21 GGS Structures Inc. Pipp HorticultureGGS Structures Inc. designs, manufactures and installs commercial

greenhouse structures.

Oct-21 Diversified Roofing Company ORIX CorporationDiversified Roofing Company provides roofing services for both

residential and commercial structures.

Oct-21 BTM Engineering, Inc. Bowman Consulting Group Ltd.BTM Engineering, Inc. provides structural engineering, planning, land

survey, landscape and cellular infrastructure design services.

Oct-21 Hampton Roads Mechanical Contractors, Inc. Amalgam Capital, LLCHampton Roads Mechanical Contractors, Inc. provides mechanical

contracting services.

Oct-21 Segrity, LLC Basler Electric Company Inc. Segrity, LLC provides engineering consulting services.

Oct-21 Weifield Group Tennessee, Inc. Weifield Group Contracting, Inc.Weifield Group Tennessee, Inc. provides electrical construction

services.

Oct-21 The Plumbing & Air Service Co. Southern HVAC CorporationThe Plumbing & Air Service Co. offers plumbing, heating, ventilation

and air conditioning repairing services.

Oct-21 TRC Companies, Inc. Warburg Pincus LLCTRC Companies, Inc. provides engineering, consulting and

construction management solutions.




Announced



Oct-21 Connecticut Drywall Finishing, Inc. Management BuyoutConnecticut Drywall Finishing, Inc. offers commercial union drywall

finishing services, such as taping, sanding and painting.

Oct-21 Thermatech Northwest, Inc. Alliance Environmental Group, LLCThermatech Northwest, Inc. is a contractor that offers environmental

remediation and demolition services.

Oct-21 Fred Wilson & Associates, Inc. Chen Moore And Associates, Inc.Fred Wilson & Associates, Inc. provides electrical, transportation, civil

engineering and consulting services to public and private sectors.

Oct-21 J.J. White, Inc. Clough North America Holding, Inc.J.J. White, Inc. is an engineering and contracting company that

provides industrial maintenance and related construction services.

Oct-21 Kovert Hawkins Architects, Inc. Tower Pinkster Titus Associates Inc. Kovert Hawkins Architects, Inc. is an architectural firm.

Oct-21 Fulghum Macindoe & Associates, Inc. Ardurra Group, Inc.Fulghum Macindoe & Associates, Inc. offers environmental, civil,

structural, electrical and construction engineering services.

Oct-21 FESS Fire Protection, Inc. Impact Fire Services, LLCFESS Fire Protection, Inc. is a fire protection contractor and portable

fire extinguisher distributor.

Oct-21 Englekirk Structural Engineers, Inc. WSP Global Inc.Englekirk Structural Engineers, Inc. provides consulting structural

engineering design services.

Oct-21 State Mechanical Services, L.L.C. MechanAir Holdings, LLCState Mechanical Services, L.L.C. provides engineering, design,

installation and maintenance services to HVAC businesses.

Oct-21 Morrison-Shipley Engineers, Inc Halff Associates, Inc.Morrison-Shipley Engineers, Inc provides civil engineering, land

surveying, aerial mapping, 3D laser scanning and BIM services.

Oct-21 Weinkauf Plumbing & Heating, Inc. Management BuyoutWeinkauf Plumbing & Heating, Inc. provides plumbing and HVAC

services for commercial, residential and industrial customers.

Oct-21 Dowdey, Anderson & Associates, Inc. Pape-Dawson Engineers, Inc.Dowdey, Anderson & Associates, Inc. is an engineering and design

firm that provides land development services.

Oct-21 Optimation Technology, Inc. Total Production SolutionsOptimation Technology, Inc. provides engineering, automation,

construction and maintenance services for manufacturing clients.

Oct-21 California Building Products, Inc. TopBuild Corp.California Building Products, Inc. provides residential and commercial

insulation, fireplaces and gutter installations services.

Oct-21 Bighorn Construction and Reclamation, LLC Bridgelink Engineering, LLCBighorn Construction and Reclamation, LLC provides construction

services to customers in various industries.

Oct-21 Perfect Power Wash, LLC Incline Management, L.P.Perfect Power Wash, LLC provides commercial and residential

exterior restoration services in the United States.

Oct-21 JAX Cool Controlled Environment Systems, Inc.JAX Cool provides thermal construction services focused on low-

temperature construction.

Oct-21 New England Electrical Contracting Corporation Pfingsten Partners, L.L.C.New England Electrical Contracting Corporation offers electrical

services for the telecom, cellular, electrical vehicle and utility markets.

Oct-21 Strittmatter Air Conditioning & Heating, Inc. Granite Comfort Holdings LPStrittmatter Air Conditioning & Heating, Inc. provides air

conditioning, heating, roofing and plumbing services.

Oct-21 GEOD Corporation MFS Consulting Engineers And Surveyors, DPCGEOD Corporation provides aerial mapping and land surveying

services.

Oct-21 A Greater Austin Development Co., Ltd. Tulcan, L.P.A Greater Austin Development Co., Ltd. provides industrial,

commercial and government concrete construction services.




Announced



Oct-21 N.A. Cohen Group, Inc. Coffman Engineers, Inc.N.A. Cohen Group, Inc. provides electrical engineering and

illumination design services.

Oct-21 Hart & Cooley, LLC DuraVent, Inc.Hart & Cooley, Inc. manufactures and supplies HVAC products for

residential and commercial markets in the U.S.

Oct-21 Progressive Roofing, LLC Bow River Capital PartnersProgressive Roofing, LLC provides roofing, emergency and repair,

maintenance and design build services in the United States.

Oct-21 Southern HVAC Corporation North American Essential Home ServicesSouthern HVAC Corporation provides AC repair, furnace repair,

HVAC sales and installation services.

Oct-21 Bernhard, LLC DIF Capital PartnersBernhard, LLC provides full-service design-build, mechanical,

electrical and plumbing services.

Oct-21 PowerGrid Services, LLC The Sterling Group, L.P.PowerGrid Services, LLC provides construction and maintenance

services to the utility sector.

Oct-21 Triangle Site Design Bowman Consulting Group Ltd.Triangle Site Design provides civil engineering and land planning

services.

Oct-21 Coopercraft Communications, Inc. Mobile Communications America, Inc.Coopercraft Communications, Inc. installs and upgrades security

systems, telecommunication systems and cabling infrastructure.

Oct-21 WatershedSolar Development, LLC Shaw Industries Group, Inc.WatershedSolar Development, LLC installs solar energy systems on

engineered geosynthetic turf closure systems.

Oct-21 PEDCO E & A Services, Inc IMEG Corp.PEDCO E & A Services, Inc provides engineering, architectural and

interior design services to clients in the Midwest.


0

500

1,000

1,500

2,000

2,500

1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005 2009 2013 2017 2021

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0.000

0.002

0.004

0.006

0.008

0.010

0.012

0.014

0.016

0.018

Annual starts per capita are still ~23% below the long-term historical average (2)

Footnotes:(1) Represents the U.S. civilian, noninstitutionalized population reported every 10 years(2) Historical average represents 1964 to 2021(3) Represents the December 2021 seasonally adjusted annual rate

INDUSTRY INDICATORS

Source: U.S. Department of Commerce


BUILDING PERMITS

(Number of Housing Units in Thousands)

TOTAL HOME SALES

(Seasonally Adjusted Annual Home Sales in Thousands)

Total starts now eclipse the long-term historical average (2)

Source: U.S. Department of Commerce, U.S. Census Bureau

TOTAL HOUSING STARTS

(Annual Starts in Thousands)

ANNUAL HOUSING STARTS PER CAPITA

(Annual Starts Per Capita)

U.S .Population (1)

(millions) 124.5 147.1 165.0 182.8 198.6 217.6 231.9 262.1

Source: U.S. Census Bureau, National Association of Realtors

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Existing Homes Sold New Homes Sold


$500

$432

$348 $337 $355 $360$392

$453$487 $504

$530$569 $562 $544 $561

$596$635

$673

$0

$100

$200

$300

$400

$500

$600

$700

$800

(As of December 2021; $ in Billions)

INDUSTRY INDICATORS (CONT.)

NON-RESIDENTIAL BUILDING CONSTRUCTION BY TYPE

($ in Billions)


THE LIRA REMODELING ACTIVITY INDICATOR

Source: U.S. Department of Commerce Source: Joint Center for Housing Studies

(As of December 2021; $ in Billions)

CONSTRUCTION SPENDING BY TYPE

($ in Billions)

NON-RESIDENTIAL BUILDING CONSTRUCTION (2008-2025P)

Source: FMI’s Construction Outlook

5.5%0.7%

$0

$20

$40

$60

$80

$100

Commercial Office Manufacturing

Healthcare Transportation Lodging

Communication Amusement & Rec.

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Four-Quarter Moving Total in Billions Four-Quarter Moving Rate of Change

$100

$250

$400

$550

$700

$850

Residential Nonresidential Buildings Nonresidential, Nonbuilding

The information, opinions and views contained in this presentation were prepared by BlackArch Partners LLC (“BlackArch Partners”), and as such constitute BlackArch Partners’ judgment, and are subject to change without notice. The information presented in this presentation is provided for informational purposes by BlackArch Partners, and as such, is not a research report, as such term is defined by applicable law and regulations, nor is it intended to be a solicitation regarding any securities transaction and or investment relationship.

While the information contained herein is believed by BlackArch Partners to be reliable, BlackArch Partners makes no representation or warranties as to the accuracy, reliability or completeness of such information. The information, products and services discussed in this presentation are provided on an "AS IS," "WHERE IS" and "WHERE AVAILABLE" basis. BlackArch Partners does not warrant the information or services provided herein or your use of the information contained herein generally, either expressly or impliedly, for any particular purpose and expressly disclaims any implied warranties, including but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. BlackArch Partners will not be responsible for any loss or damage that could result from the utilization of any information or services made available to you via this presentation.

The financial instruments discussed in this presentation may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without BlackArch Partners’ prior written consent. BlackArch Partners and/or its affiliates may seek to provide investment banking services for companies mentioned in this presentation.

Securities offered through BlackArch Securities LLC, member of FINRA and SIPC.

BlackArch Partners | 227 West Trade Street | Suite 2200 | Charlotte, NC 28202 | Phone (704) 414-6300 | Fax (704) 332-0423 | www.blackarchpartners.com

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