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1、BUSINESS SERVICESREPORT1H 2023Explore M&A Activity,Capital Market Conditions and Current Trends for the Business Services Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMInvestment Banking and Sec

2、urities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT2H 2022 2H 2022|VOL 10|ISSUE 2Morgan HoffmanMorgan HoffmanAssociateBusiness Services TBUSINESS SERVICES 1H23:WHAT TO KNOW SometimesSometimes badbad thingsthings meanmean goodgood thingsthings.Disasters,Disa

3、sters,pandemicpandemic-relatedrelated shifts,shifts,andand housinghousing shortagesshortages meanmean construction,construction,engineering,engineering,andand infrastructureinfrastructure companiescompanies areare poisedpoised forfor growthgrowth.Sure,Sure,moneymoney maymay bebe hardhard toto borrow

4、borrow forfor some,some,butbut wellwell-positionedpositioned corporationscorporations andand flushflush PEPE operationsoperations areare positionedpositioned toto makemake somesome movesmoves.GovernmentGovernment initiativesinitiatives andand incentivesincentives areare puttingputting cashcash inin

5、thethe handshands ofof homeownershomeowners andand statestate andand locallocal governments,governments,andand theythey areare readyready toto spendspend.BuildingBuilding MomentumMomentum BehindBehind MotherMother NatureNature andand UncleUncle SamSamThe companies that build,fix,maintain,repair,and

6、replace are seeing a boom in activity fueled by a unique combination of shifting work habits,government infrastructure investment,some rotten weather luck,and a depleted stock of available housing inventory.In business,bad things can lead to good things.The COVID-19 pandemic and supply chain related

7、 inflation led to a couple of government programs that are goosing demand for businesses that provide a variety of services in construction,infrastructure development,even the construction of a network of electric vehicle charging stations.Meanwhile,a spate of climate disasters the$113 billion Hurri

8、cane Ian gut punch,wildfires,floods,and insane heat waves uncorked federal disaster recovery funds to help people,businesses,and communities rebuild.1,2,3A critical shortage of an estimated 3.8 million housing units,both rentals and privately owned,is sparking a renaissance in home building and even

9、 residential conversions of office space left vacant as people continue to work from home.4,5 Were watching how markets react as demand rises for firms who can address these issues.We see Private Equity on the sidelines with dry powder.We know they look at the same market conditions all smart people

10、 do,and were waiting for them to pounce.6In the middle market,home to a lot of construction,maintenance,and specialty services such as HVAC and electrical,theres a feeling of optimism across the sector.Were expecting valuations will stabilize or rise as 2023 moves forward,we get some certainty about

11、 interest rates,and the memory of this springs bank failures fade.As macroeconomic factors normalize,mergers and acquisitions may too.Any slowdowns shown in the back half of 2022 and first half of 2023 may be providing opportunities.Those with experience and savvy have seen it all before.True,bank c

12、redit has tightened and issuing bonds is getting expensive,but companies with loaded balance sheets,and PE with cash are getting deals done.Others are getting creative,demanding sellers notes or2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.S

13、DR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic Basket

14、M&A Market ActivityAbout SDR VenturesBUSINESS SERVICES CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any s

15、ecurities.Andy LimesAndy LimesCo-Founder Business Services TScott MitchellScott MitchellManaging DirectorBusiness Services T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT2H 202

16、2 2H 2022|VOL 10|ISSUE 23hitting private credit markets.As smaller players look for exits,and those with cash see a chance to scale,were optimistic that the ice is starting to thaw on the M&A market.7,8,9,10,11 Tailwinds,Tailwinds,Investment,Investment,andand ImprovementsImprovements When businesses

17、 look to grow,they go where the money is.Right now,theres a lot of money being driven by government programs and priorities.It only makes sense these will open opportunities for those who can do the work.By the start of 2023,the$1.2 trillion federal Bipartisan Infrastructure and Jobs Act of 2021 was

18、 putting shovels to dirt.Nearly 3,000 bridge repair and replacement projects were underway,plans were in place for water system upgrades,high-speed internet expansion,and a network of electric vehicle charging stations.These arent unskilled jobs.They require highly trained contractors,engineers,buil

19、ders,and electricians.The U.S.Department of Transportation in quick order made 26 awards totaling$1.5 billion for road and rail improvements and another$20 billion for public transit upgrades.Money is flowing to airports and seaports,water systems,and defense against climate change events.If its inf

20、rastructure,chances are theres some real money headed that way,and Uncle Sam is footing the bill.12,13 By no means is government assistance(read:money)limited to big time infrastructure.As climate related disasters rip across the country floods in Vermont,hurricanes in the South,tornadoes in the Mid

21、west,and wildfires across the West federal money follows as homeowners and businesses need to clean up and rebuild.These arent government workers doing debris removal,excavation,construction,wiring,HVAC and landscaping.These are private businesses working with private owners using federal assistance

22、.The federal government sent$3.3 billion to Floridas Gulf Coast to help rebuild after last years Hurricane Ian.Meanwhile,private insurance companies were expected to shell out$113 billion to help clients rebuild.Buckle up,scientists say the developing El Nio weather pattern could bring us more of th

23、e worst in 2023.Someone will need to clean up and rebuild.Nature provides the disaster,property owners provide the demand,businesses provide the service,and somebody else pays the tab.2,14,15,16,17Another pot of government money(well,encouragement through tax credits available to homeowners if they

24、spend)is the program to weatherize,insulate,and“green up”private homes.Under the Inflation Reduction Act,in a provision aimed at helping businesses be more environmentally friendly and juice clean-energy programs,there are incentives for homeowners as well.Tax benefits are there for those who instal

25、l energy-efficient windows and doors,solar panels,water heaters,HVAC and even home electric vehicle(EV)charging stations.And its likely homeowners wont be doing this work DIY and will need to hire experts.Theres even$1 billion for development of energy-efficient affordable housing.And yes,the compan

26、ies that provide these services have noticed.18,19 The torrent of government money is fueling competition across the country as communities scramble to lure new companies using federal bucks to fund construction of green energy facilities and manufacturing plants,whether thats solar panels and wind

27、turbines or simply the batteries to store that green energy.These new plants will require an army of companies to engineer,build,wire,plumb,cool(or heat)them.Government money doesnt build anything.Companies with skilled workers do.And when new facilities are completed,someone will need to maintain t

28、he roof,cut the grass,and haul away the trash.These are all services.These are all opportunities.20HousingHousing is is BackBack (But(But withwith a a Twist)Twist)Its no secret theres a housing crisis in the United States.And the design,construction,and engineering sector is bullish about its prospe

29、cts.To quote Winston Churchill,perhaps out of context,“Never let a good crisis go to waste.”Americans need homes.The sale of existing homes were down in 2023 as homeowners with existing low interest mortgages appear unwilling to trade them in for a new mortgage at 7%.The inventory of existing homes

30、for sale in May hit the lowest level in nearly 25 years.That opens the door for new home construction.Big builders are feeling good.As the Wall Street Journal reported this spring,for would-be homebuyers in many markets,“new construction has become the only game in town.”Big builders who held back o

31、n construction and land acquisition in 2022 amid rate-hike uncertainty find themselves with ready cash at just the right time.The number of permits for new single-family construction in June hit its highest level in a year.21,22,23,241H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banki

32、ng and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT2H 2022 2H 2022|VOL 10|ISSUE 24And if owners of existing homes arent giving up their low mortgage,they are sprucing up the home they already have.Every dream kitchen,bathroom refresh,and home offi

33、ce requires a small army of servicers.Were seeing continued interest in renovation and restoration M&A.25,26 But single-family homes arent the only housing game in town.A new trend,spurred by soaring high rise office tower vacancies in city downtowns have political leaders and builders reimagining v

34、acant towers as new apartment or condo developments.At the start of 2H23,office security company Kastle reported an average office vacancy rate at nearly 50%across 10 large cities,including Chicago,New York,and Los Angeles.In response to the combination of housing demand and vacant offices,cities ac

35、ross the country are making it easier,even offering tax breaks,to convert vacant offices into housing.Thats more money on the table for the companies that will do the engineering and design,interior demolition and construction,the plumbing,the wiring,the window replacement,and interior finishings an

36、d appliance installation.Imagine the number of skilled contractors involved in replacing a single skyscrapers HVAC system,managing elevators,and installing private bathrooms and kitchens.And spurred by rising homeless rates,there are initiatives to convert underused hotels,motels and aging apartment

37、 buildings into long-term housing for people living in shelters or on the streets.As far back as 2021,California offered up$2.75 billion for such projects.27,28,29,30 Of course,converting an office tower into housing isnt easy.Some have huge amounts of floor space that make it difficult to provide n

38、atural light throughout an apartment.Some need to be modernized or need windows that can be opened.But its not pie in the sky.Its happening.In Washington,D.C.,where the city hopes to draw 15,000 new residents downtown,a review in 1H23 found 380 conversions were underway and another 2,100 earmarked f

39、or conversion.The“Great Conversion”isnt easy,but smart teams are on the job.Engineering firms to figure it out are in high demand,even incorporating AI to manage algorithms that quickly help find candidate buildings.Its a new idea,but developers and cities are pushing hard and fast.31,32,33,34 LetsL

40、ets BuildBuild SomethingSomething:MergersMergers&AcquisitionsAcquisitions To close out 1H23,homebuilding powerhouse D.R.Horton spent an estimated$100 million to expand operations on the Gulf Coast acquiring Truland Homes with plans to merge it with current operations in red-hot Alabama and northwest

41、 Florida.While D.R.Horton is the nations largest builder,Truland is no bit player with revenue of$244 million in 2022 from selling 512 homes with an average price of nearly half a million dollars.D.R.Horton operates in 110 markets in 33 states and closed on nearly 89,000 homes in 2022.The company en

42、ded 2022 in December by acquiring Arkansas-based Riggins Custom Homes for an estimated$107 million.35,36 In home and business restoration and renovation,Denver-based BluSky Restoration Contractors in June announced a merger with Pennsylvania-based Mammoth Restoration.The two will move forward with B

43、luSkys name with a combined 61 offices in 26 states across the country.BluSky will augment Mammoths capabilities with commercial roofing and healthcare restoration.Company officials said the merger was the 13th step in its strategic growth plans over the past six years.37 Early in 1H23,ISG,an archit

44、ecture,engineering,environmental,and planning firm,added to its team.Acquiring Iowa-based ETHOS Design Group added brain power to its 500+employees spread over 12 business units and 20 disciplines.The addition of ETHOS will bolster ISGs Des Moines,Iowa,offices and add to the companys architecture an

45、d interior design capabilities.Terms were not disclosed.39 In February 2023,BMS CAT,a portfolio company of AEA,acquired Colorado Premier Restoration.As an industry leader in full-service restoration to commercial and residential customers,“CPR”will play an instrumental role in the growth of “BMS”in

46、overall national presence in water,mold,fire and smoke damage restoration while delivering an enhanced level of customer service.381H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPOR

47、T2H 2022 2H 2022|VOL 10|ISSUE 25 Engineering and construction firm Black&Veatch in May acquired Texas-based electrical contractor Bird Electric to strengthen its grid solutions portfolio.Terms were not disclosed,but the deal adds Birds 600 employees,expanding Black&Veatchs reach serving electric uti

48、lity clients.Bird will also add capabilities in EV charging networks,renewables,and connectivity,areas where Black&Veatch is eyeing growing demand.Black&Veatch in 2022 reported$4.3 billion in revenue from both public and private customers.40 Not every deal is monster.Were seeing deals in these busin

49、ess services fields up and down the scale.In May,publicly traded Construction Partners(NASDAQ symbol ROAD),a civil infrastructure company that contracts with governments across six Southern states for road construction and maintenance,acquired the Huntsville,Alabama operations of Tennessee-based Sou

50、thern Site Contractors,an excavation,grading and utilities contractor.Construction Partners leadership called the$1.1 million deal a strategic move vital to its vertical integration in the fast-growing Huntsville market.Company President Fred J.Smith specifically mentioned the addition of Southern S

51、ites team of skilled construction workers.41HelpHelp WantedWanted.LotsLots ofof HelpHelpTheres a saying in the trucking industry:if you bought it,a truck brought it.Well,if you moved into it,burned it,swamped it,renovated it,drove over it,landed a plane at it,or shopped at it,someone had to build an

52、d maintain it.Business Services is an immense sector,but it includes all the businesses and services that make daily life possible.Amazon delivery is nice,but it takes highways and bridges to get your package there.Home delivery is nice,but first you need a home to have it delivered to.The dirty job

53、s of construction,paving,wiring,HVAC,renovation,and maintenance mean demand for the skilled businesses that provide those services.Nobody likes to think about making money off someones misery.But weve had some misery and it has generated a lot of business.American infrastructure is struggling and ge

54、tting worse.More violent storms and frequent floods are straining our system of roads and bridges and ports.Housing is in short supply.How we use our cities for business appears to be in transition.42 The good news for these business services is in an age where many worry the new wave of AI will sta

55、rt to take jobs away from people,swaths of the Business Services sector appear immune for now.Construction,electrical engineering and installation,plumbing,repair,maintenance,demolition,and renovation and restoration take skilled workers and companies.We are optimistic that a combination of consumer

56、 demand and government incentives and programs will drive the sector forward,and we anticipate continued PE and strategic interest as companies look to scale and evolve to meet emerging demands.44 1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR

57、 Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT6TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsSource:PitchBook Financial Data and AnalyticsNote:This data represents re

58、corded transactions only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Office

59、s at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.1H 2023|VOL 11|ISSUE 1Strategic50%Financial50%38 111 223 75 153 243 17 -50 100 150 200 250 300Educationand TrainingBusinessProcessOutsourcingFacility andIndustrialServicesHumanResourcesMarketingServicesConsulting&Professi

60、onalServicesOtherCommercialServices720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT7ACTIVE BUYERSSource:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only,and i

61、s not all-inclusive.Nevertheless,they are typically representative of the industry.FIRMRECENT SUBSIDIARY ACQUISITIONSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSFIRMRECENT SUBSIDIARY ACQUISITIONS1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Se

62、curities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORTPUBLIC BASKET8EDUCATION AND TRAININGBUSINESS SERVICES SEGMENTS VS.S&P 500Segment Market Cap Performance Trailing 12 MonthsSource:PitchBook Financial Data and AnalyticsBUSINESS PROCESS OUTSOURCING1H 2023|VO

63、L 11|ISSUE 1-30%-20%-10%0%10%20%30%40%50%Jun-22Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23Education&TrainingBusiness Process OutsourcingFacility Services and Industrial ServicesHuman ResourcesMarketing ServicesConsulting&Professional ServicesS&P 500 Company Na

64、meSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAPearsonPSON7,425$10.37$(0.9%)(8.4%)86.3%3.1%15.5%1.7x11.3x25.8x1.7x7.7xGraham HoldingsGHC2,710571.48(4.1%)(5.4%)83.8%6.2%10.9%0.8x7.2xNM0.7xNMS

65、trategic EducationSTRA1,66867.84(24.5%)(13.4%)69.1%7.0%11.6%1.6x13.8xNM1.5x9.1xStrideLRN1,60237.23(5.1%)19.0%78.6%7.2%14.7%1.0 x6.7x14.3x0.9x5.6xPerdoceo EducationPRDO82812.27(8.6%)(11.7%)78.4%2.8%20.8%0.5x2.4x8.6x0.5x2.1xSegment Average(8.6%)(4.0%)79.2%5.3%14.7%1.1x8.3x16.2x1.1x6.2xSegment Median(5

66、.1%)(8.4%)78.6%6.2%14.7%1.0 x7.2x14.3x0.9x6.7xMarket Stats Operating Stats LTM Multiples NTM Multiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDACognizant Technology Solutions

67、CTSH33,128$65.28$7.1%14.1%92.1%2.2%18.2%1.7x9.1x14.6x1.6x9.3xTTEC HoldingsTTEC1,59933.84(9.1%)(23.3%)43.9%3.1%11.5%1.0 x8.8x18.2x1.0 x8.5xUnisysUIS2723.982.6%(22.1%)27.2%(6.7%)(0.9%)0.2xNMNM0.2x2.3xStarTekSRT1182.92(29.3%)(22.1%)64.5%(1.3%)7.7%0.8x11.2xNM0.8x7.6xSegment Average(7.2%)(13.4%)56.9%(0.7

68、%)9.1%0.9x9.7x16.4x0.9x7.0 xSegment Median(3.3%)(22.1%)54.2%0.5%9.6%0.9x9.1x16.4x0.9x8.1xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT9PUBLI

69、C BASKET(CONTINUED)FACILITY AND INDUSTRIAL SERVICESSource:PitchBook Financial Data and AnalyticsHUMAN RESOURCESMARKETING SERVICES1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT1

70、0PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsCONSULTING AND PROFESSIONAL SERVICES1H 2023|VOL 11|ISSUE 1 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAHoul

71、ihan LokeyHLI6,691$98.31$12.4%12.8%96.0%13.0%21.1%3.5x16.6x26.1x3.1xNMFTI ConsultingFCN6,463190.20(3.6%)19.8%92.5%12.8%10.8%2.2x20.2x30.4x1.9xNMExponent(Consulting Services)EXPO4,74493.32(6.4%)(5.8%)82.8%0.9%26.4%8.8x33.5xNM8.7x26.7xCBIZCBZ2,67053.287.7%13.7%97.6%7.0%14.1%2.2x15.9x22.8x2.1x15.2xICF

72、InternationalICFI2,337124.3913.4%25.6%96.7%11.3%9.0%1.7x19.0 x37.5x1.5x14.1xHuron Consulting GroupHURN1,63184.915.6%17.0%97.1%8.5%10.4%1.7x16.7x27.9x1.6x12.8xResources ConnectionRGP52815.71(7.9%)(14.5%)67.8%(11.1%)11.5%0.5x4.8x8.5x0.6x6.9xSegment Average3.0%9.8%90.1%6.1%14.8%3.0 x18.1x25.5x2.8x15.2x

73、Segment Median5.6%13.7%96.0%8.5%11.5%2.2x16.7x27.0 x1.9x14.1xMarket Stats Operating Stats LTM Multiples NTM Multiples 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT47%54%42%50%10%10%11%9%43%36%47%41

74、%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity11U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2023.LOWER MIDDLE MARKET

75、PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics2020202220212023*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B5001,5002,5003,5004,5002022 Q22022 Q32022 Q42023 Q12023 Q2Dea

76、ls ClosedDeals ClosedCapital Invested5.9x6.1x6.5x6.5x6.8x7.0 x7.1x7.7x8.0 x8.3x8.5x8.1x8.6x9.0 x9.1x10.0 x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2020202120222023 YTD$10-25mm$25-50mm$50-100mm$100-250mm1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SD

77、R Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORT12SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSULTINGCOMPREHENSIVE BUSINESS SERVICESEXPERTISEOur robust experience in the Business Services Industry makes us an ideal fit to help ide

78、ntify and execute the right M&A options for your business.Through,buy-side analysis,sell-side execution or private capital formation,we can help you maximize the potential of your company and take advantage of the many opportunities that this industry has to offer.Our Business Services investment ba

79、nking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Business Services Industry,including:CONTACT USEducation and TrainingBusiness Process OutsourcingFacility and Industrial ServicesHuman ResourcesMarketing Services

80、Specialty ConsultingProfessional ServicesCommercial ServicesMorgan HoffmanMorgan HoffmanAssociateBusiness Services TAndy LimesAndy LimesCo-Founder Business Services TScott MitchellScott MitchellManaging DirectorBusiness Services T1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking a

81、nd Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORTADDITIONAL REFERENCES131.“Is Climate Change Causing Droughts,Heatwaves,Wildfires And Floods?”BBC News,Esme Stallard and Mark Poynting,21 Jul.,2023 https:/ 2.“Hurricane Insurance Claims:10 Things You S

82、hould Know,”Yahoo!Finance via Kiplinger,Jul.19,2023 https:/ 3.“FEMAs Disaster Relief Fund:Budgetary History And Projections,”Congressional Budget Office,Nov.,2022 https:/www.cbo.gov/publication/58840 4.“Americas Housing Shortage Is Keeping Home Prices High,”Axios,Emily Peck,Jun.20,2023 https:/ 5.“Wh

83、at Would It Take To Turn More Offices Into Housing?”New York Times,Emma Goldberg,Dec.27,2022 https:/ 6.“Private Equity Embraces New Investment Strategies,”PwC,2023 https:/ 7.“Middle-Market M&A Players Expect Conditions To Stabilize In 2023,”Marketwatch,Steve Gelsi,Jan.11,2023 https:/ 8.“What Is The

84、Banking Crisis Of 2023?Is It Over?”The Street,Laura Rodini,May 25,2023 https:/ Acquiring Who?M&A Activity In The Construction&Real Estate Industry In The US Decreased By 13%In Q1 2023,”World Construction Network,Jun.8,2023 https:/ And Scale:How Incumbents Can Use M&A To Grow New Business,”McKinsey D

85、igital,Markus Berger de Leon et al.,Dec.21,2022 https:/ 11.“US Deals 2023 Midyear Outlook,”PwC,2023 https:/ 12.“Understanding Infrastructure Legislation,”Investopedia,Jim Probasco,May 27,2023 https:/ 13.“FACT SHEET:One Year Into Implementation Of Bipartisan Infrastructure Law,Biden-Harris Administra

86、tion Celebrates Major Progress In Building A Better America,”The White House(U.S.President),Nov.15,2022 https:/www.whitehouse.gov/briefing-room/statements-releases/2022/11/15/fact-sheet-one-year-into-implementation-of-bipartisan-infrastructure-law-biden-%E2%81%A0harris-administration-celebrates-majo

87、r-progress-in-building-a-better-america/1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORTADDITIONAL REFERENCES(CONTINUED)1414.“Scientists Say Extreme Heat Should Inspire More Aggr

88、essive Action On Climate Change,”NPR,Richard Martin and Lauren Sommer,Jul.20,2023 https:/www.npr.org/2023/07/20/1188869581/scientists-say-extreme-heat-should-inspire-more-aggressive-action-on-climate-cha#:text=Theyre%20more%20intense%20and,first%20half%20of%20the%201900s.15.“Individuals And Househol

89、ds Programs,”U.S.Government,FEMA,accessed Jul.21,2023 https:/www.fema.gov/assistance/individual/program 16.“Federal Support For Hurricane Ian Tops$3.3 Billion,”U.S.Government,FEMA,Dec.5,2022 https:/www.fema.gov/press-release/20221205/federal-support-hurricane-ian-tops-33-billion#:text=WASHINGTON%20%

90、2D%2D%20More%20than%20%243.31,help%20survivors%20jumpstart%20their%20recovery.17.“When El Nio Exacerbates Global Warming:Record Heat,Record Flooding,Record Wildfires,”CNBC,Catherine Clifford,Jul.17,2023 https:/ 18.“Save More With Tax Credits For Energy-Efficient Home Improvements,”Kiplinger,Rocky Me

91、ngle,Mar.17,2023 https:/ 19.“Answered:What Insulation Tax Credits And Rebates Are Available?”Sealed,accessed Jul.21,2023 https:/ Towns Chase Americas$3 Trillion Climate Gold Rush,”Wall Street Journal,Phred Dvorak and Amrith Rakumar,Apr.23,2023 https:/ 21.“Never Waste A Good Crisis,”KloudLearn,Apr.26

92、,2020 https:/ 22.“The Big Are Bullish While Others Set Sights On Spot Wins,”The Builders Daily,Tony Avila,Jul.19,2023 https:/ Dont Want To Sell,So The Market For Brand-New Homes Is Booming,”Wall Street Journal,Nicole Friedman,Jul.19,2023 https:/ 24.“With Existing Home Inventory Low,There Are Economi

93、c Incentives To Build More,”Marketplace.org,Stephanie Hughes,Jul.21,2023 https:/www.marketplace.org/2023/07/21/existing-home-inventory-low-economic-incentives-to-build/25.“Home Improvement Loans Are Fueling the Renovation Boom,”SFGate,Jean Folger,Jun.30,2023 https:/ 26.“Renovations Boom As Local Hou

94、sing Market Slows In Auston,Cedar Park,”Community Impact,Brittany Anderson and Chloe Young,Jul.20,2023 https:/ 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.BUSINESS SERVICES REPORTADDITIONAL REFERENCES(

95、CONTINUED)1527.“Cities Look To Revive Downtowns By Converting Offices To Housing,”PBS Newshour via Associated Press,Apr.24,2023 https:/www.pbs.org/newshour/economy/cities-look-to-revive-downtowns-by-converting-offices-to-housing 28.“Interest Rates And Remote Work Keep Office Space Vacancy High,”U.S.

96、Chamber of Commerce,Curtis Dubay,Jun.27,2023 https:/ 29.“Getting America Back To Work,”Kastle(security),accessed Jul.21,2023 https:/ Administration Announces$2.75 Billion Expansion Of Homekey,”Office of California Governor Gavin Newsome,Sep.9,2021 https:/www.gov.ca.gov/2021/09/09/newsom-administrati

97、on-announces-2-75-billion-expansion-of-homekey/31.“D.C.s Office-To-Residential Pivot Is Happening,”Axios,Cuneyl Dil and Paige Hopkins,Feb 15,2023 https:/ 32.“Engineering Firms And Their Talent Are A Hot Commodity In The M&A Marketplace,”Civil+Structural Engineer,Nicole Schmidt,Mar 15,2023 https:/ An

98、 Algorithm Helps Convert Empty Offices Into Housing,”Marketplace.org,Meghan McCarty Carino an Lydia Morrell,Jun.2,2023 https:/www.marketplace.org/shows/marketplace-tech/how-an-algorithm-helps-convert-empty-offices-into-housing/34.“Too Big?Too Small?No,These Office Buildings Are Just Right For Housin

99、g,”Fast Company,Nate Berg,Mar.17,2023 https:/ 35.“D.R.Horton Acquires Gulf Coast Builder Truland Homes,”Builder,Vincent Salandro,Jul.5,2023 https:/ 36.“D.R.Horton Acquires Riggins Custom Homes In Fayetteville,Arkansas,”Builder,Symone Strong,Dec.16,2022 https:/ 37.“BluSky Restoration Contractors Anno

100、unces Merger With Pennsylvania-Based Mammoth Restoration,”Cision PrWeb,May 25,2023 https:/ 38.“BMS CAT Acquires Colorado Premier Restoration,”Cision PR Newswire,Mar.7,2023 https:/ 39.“ISG Continues To Grow Architecture Team,”Cision PR Newswire,Feb.7,2023 https:/ 40.“Black&Veatch Acquires Texas Elect

101、rical Contractor,”Construction Drive,Matthew Thibault,May 9,2023 https:/ Partners,Inc.Completes Alabama Acquisition,”Cision PR Newswire,May 1,2023 https:/ 1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC

102、.BUSINESS SERVICES REPORTADDITIONAL REFERENCES(CONTINUED)1642.“State And Local Governments Face Persistent Infrastructure Investment Challenges,”Pew Trusts,Fatima Yousoft and Susan Banta,Feb.3,2023 https:/www.pewtrusts.org/en/research-and-analysis/articles/2023/02/03/state-and-local-governments-face-persistent-infrastructure-investment-challenges 43.“8 Jobs AI Will Replace And 8 It Wont(Yet),”Howstuffworks,Dave Roos,Jun.6,2023 https:/ 1H 2023|VOL 11|ISSUE 1