State of M&A in Kansas City 2019

CC Capital Advisors

2019

The St a t e o f M&A i n Kansas C i t y CC CAPI TAL ADV ISORS

{~CC Capital Advisors

Parkville,MO

KansasCity,MO

hasbeenacquiredby

OverlandPark,KS

hasbeenacquiredby

hasbeenacquiredby

Pittsburgh,PA

Tulsa,OK

Chicago, IL

Theundersigned servedas exclusive financialadvisor toM.A.EnergyResources.

Theundersigned servedas financial advisor toWattMasterControls.

Theundersigned servedas financialadvisor toAndersonMetalsCorporation, Inc.

KansasCity,MO

Brussels,Belgium SauermannGroup

hasbeenacquiredby

Onaway,MI

hasacquired

hasacquired

Vaughan,ON

and its financial sponsors ledby

E Instruments International

Onaway,MI

Langhorne,PA

Theundersigned servedas financial advisor toPIE&G.

Theundersigned servedas financialadvisor toSauermannGroup.

Theundersigned servedas exclusive financial advisor toEnvironmentalEnergy, Inc.

$65,000,000

McLean,VA

OverlandPark,KS

Mansfield,PA

hasbeenacquiredby

Dallas,TX

Denver,CO

and itsbroadband subsidiary

have sold

Tri-Co Connections, LLC

Lombard, IL

haveentered intoa credit facilitywith

via its financial sponsor

Osborne,KS

to

Evanston, IL

Dulles,VA

Dallas,TX

Theundersignedservedasexclusive financialadvisor to J&JDriveAway, Inc.

Theundersigned servedas exclusivefinancialadvisor toTri-CountyREC, Inc .

Theundersigned servedas exclusive financial advisor toStarSeed, Inc.

December 2018

Brighton,CO

KansasCity,MO

Omaha,NE

hasacquired themunicipalelectricutilityof

hasacquired

hasbeenacquiredby

Delavan,WI

Frederick,CO

Greeley,CO

YEAR IN REVIEW CCCA had a successful 2019 advising several high-quality local companies across a number of industries and types of transactions. Deal volume continues to increase, with 15 transactions over the last 24 months, as valuations rise and companies search for growth.

Theundersigned servedas exclusive financial advisor toUnitedPower.

Theundersigned servedas exclusive financial advisor to ImperialBeef, LLC

Theundersigned servedas exclusive financialadvisor toBERKSGroup.

Lee’s Summit,MO

OverlandPark,KS

hasbeenacquiredby

Belmont,NC

has sold theassetsof itspublic safety network consultingbusiness to

has sold twoplastic injectionmolding plants to

OverlandPark,KS

and its financial sponsor

PortMatilda,PA

Indianapolis, IN

Grinnell, IA

Theundersigned servedas exclusive financial advisor toBlack&Veatch

Theundersigned servedas exclusive financialadvisor toDriveawayUSA.

Theundersigned servedas exclusive financial advisor toWilbertPlasticsServices.

Th e e nd o f a memorable decade MUCH LIKE THE KANSAS CITY CHIEFS, M&A activity ended this memorable decade on a high note as we witnessed record levels of transactions nationally and in our region. On a global scale, cross-border activity was down amidst several geopolitical factors, notably involving relations with China as well as concerns over Brexit and increased tensions in the Middle East. Domestically, strong M&A performance was evident as the stock markets reached new highs, private equity firms continued to raise unprecedented funds, unemployment reached record lows, the Federal Reserve eased rates, and companies capitalized on the desire to grow through strategic consolidation. We anticipate these favorable economic conditions will continue to provide momentum for the start of the new decade.

The 2019 CC Capital Advisors State of M&A Report tracked 207 transactions involving Kansas City-area companies. This is the highest number of transactions reported since we began publishing this report in 2004, and an increase of 6.2% year-over-year. The area once again saw the Technology sector lead the way, with strong activity in Manufacturing and Professional Services as well. Private Equity was active in our region with a reported 71 total tractions, or 34% of the total. and increasing Private Equity activity. Even though global M&A transaction volume was down in comparison to 2018, global M&A transaction value was in line with last year, primarily driven by the increase in megadeals in the US. North America transaction values were up 10% versus 2018, while activity in Europe, the Middle East and Africa was down 13% and Asia down 6%. M&A volume continues to progress behind the tailwinds of record liquidity

Deal volume in the US was particularly active, with notable deals including United Technologies Corporation acquiring Raytheon Company in a merger of equals transaction for $89 billion, Bristol-Myers Squibb acquiring Celgene Corp. for $74 billion, and AbbVie Inc. purchasing Allergan PLC for $63 billion. A few noteworthy 2019 transactions in our region include the sale of Bayer’s Animal Health Unit located in Shawnee, KS to Elanco Animal Health for $7.6 billion, the combined sale of Tallgrass Energy LP and GP to The Blackstone Group for a total equity value of $6.8 billion, the sale of the prepaid wireless business of Sprint to DISH Network Corporation for $1.4 billion, and the additional sale of Jefferies Financial Group’s 31% equity stake in National Beef Packing Company to Marfrig Global Foods S.A. for $970 million (raising Marfrig’s stake in National Beef to 82%).

TO P D E A LS I N 2019* $7.6 billion — Sale of Bayer AG’s animal health business to Elanco Animal Health Inc. $6.8 billion 1 — Sale of Tallgrass Energy GP and Tallgrass Energy LP to The Blackstone Group

$1.4 billion — Sale of Sprint’s prepaid wireless business to DISH Network $970 million — Sale of 31% interest in National Beef to Marfrig Global Foods

* This list of top deals is compiled from the limited number of transactions for which terms were disclosed. Many deals do not disclose pricing and thus are not included on this list. 1) Total equity value of the combined sale of Tallgrass Energy LP and GP

DEALS BY INDUSTRY

Deals 33

Deals 32

Deals 32

Deals 30

Deals 28

Deals 14

Deals 16

Deals 11

Deals 6

Deals 5

Architecture/ Engineering Construction

Consumer Products & Services

Energy/Utility & Infrastructure

Financial Institutions

Food/Agriculture & Animal Health

Healthcare/ Life Sciences

Manufacturing & Distribution

Professional Services/ Advisory

Technology/Media and Telecom

Transportation & Logistics

TOP DEAL MAKERS

Mariner Wealth Advisors EPR Properties Creative Planning Xact Data Discovery Banner Solutions

9

4 4

3 3

0

2

4

6

8

10

N U M B E R O F T R A N S A C T I O N S

LOCAL BUYER, LOCAL SELLER, OR BOTH

TRANSACTION GEOGRAPHY

CROSS BORD E R 12 Transactions

Local Buyer and Local Seller 32 Deals

MISSOURI 87 Deals

KANSAS 108 Deals

Local Seller 87 Deals

207 TOTAL DEALS

I N T E RNAT I ONA L 24 Transactions

Local Buyer 88 Deals

3 4 % Private Equity

STRATEGIC VS FINANCIAL

6 6 % Strategic

HISTORICAL M&A ACTIVITY BY QUARTER

YEAR Q1

Q2

Q3

Q4 TOTAL

15 YEAR LOOKBACK

207 195 137 132 144 126 128

2019 2018 2017 2016 2015 2014 2013

59 52 28 40 39 33 34

57 52 27 32 43 26 29

41 44 45 32 25 37 32

50 47 37 28 37 30 33

TOTAL

YEAR 2019

207 195 137 132 144 126 128 151 149 160 114 130 182 112 101 104

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

2019 LOCAL M&A ACTIVITY BY MONTH AND QUARTER

Q1 Total

Jan

Feb

Mar

59

22

17

20

Q2 Total

Apr

May

Jun

57

21

13

23

Q3 Total

Jul

Aug

Sep

41

13

14

14

Q4 Total

Oct

Nov

Dec

50

16

18

16

Trends to Consider 2019 started strong and ended stronger as fears of a global economic slowdown and disruptive trade wars failed to negatively impact the capital markets. The S&P 500 finished with a gain of more than 28% for the year, the second highest increase in the 2000s, while the 10-year treasury hovered near historic lows for most of 2019. With the economy in strong shape, the spotlight will turn to global geopolitical tensions and the upcoming US presidential election. As we move into 2020, the following are key trends to consider:

US ELECTION Uncertainty around the election has the potential to impact businesses and the M&A markets in 2020. Key items of focus include the future of trade and tax policies, as well as potential shifts in the regulatory environment. Lack of clarity surrounding tax practices going forward, including the corporate- friendly overhaul enacted in 2017, will lead US businesses to closely monitor the candidates and will create some uncertainty as we approach the primaries and general election. TRADE POLICY Global trade was a significant focus in 2019, largely driven by the US-China trade wars. With the phase one deal freshly signed, the trade negotiations between the two countries will continue to create a certain level of economic uncertainty. Many tariffs will remain in place on both sides, in some cases at a lower rate, continuing to impact companies across multiple industries. China has agreed to greatly increase US products and services purchased, reduce barriers to certain agricultural products, and attempt to better protect corporate intellectual property. The repercussions of the phase one trade deal, as well as further developments and negotiations between the two sides, will be closely tracked in the coming year.

MONETARY POLICY At the end of 2018, Federal

With low interest rates, financing is readily available for companies considering a potential acquisition, and ample sources of capital will continue to drive M&A activity into the new decade. Signs point to another strong year for M&A activity in spite of potential headwinds. Positive overall economic trends, low interest rates, the availability of capital and the desire of companies to acquire capabilities via M&A should outpace any potential slowdown in activity. How can business owners properly position themselves in this environment? Do you have a strategy in place to take advantage challenges to confront and factors to evaluate when contemplating the purchase or sale of a business. If your company is considering a transaction in 2020 – or just looking for strategic advice on issues such as succession planning or raising capital — be sure to engage a qualified advisor who can help provide the integrity and experience you need to make important growth decisions. of historically high valuation multiples? There are many

Reserve Chairman Jerome Powell and the rest of the central bank signaled higher interest rates would be necessary to control inflation heading into the following year. As it turned out, 2019 saw a central bank pivot to a more dovish stance as rates were cut three times. Inflation remains modestly below the central bank’s two percent target and unemployment dropped to its lowest level in 50 years, providing the Fed validation for keeping rates lower during this time. In December, the Federal Reserve signaled a steady rate target as an acknowledgment of the improved economic outlook. All eyes will be on this important indicator as we approach the general election. RECORD LIQUIDITY Private Equity has amassed record levels of liquidity, estimated at $1.5 trillion, and continues to raise increasing amounts of new funds. Due to durational limits in these funds, there exists an increasing sense of urgency to deploy this abundance of capital. Companies are also sitting on record amounts

of liquidity and will continue to focus on growth through

acquisitions, particularly looking to increase capabilities and improve efficiencies through technology.

2019 KANSAS C I T Y AR E A T RANSACT I ONS

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q1 JANUARY Architecture Engineering & Construction Healthcare/Life Sciences

St. John-Mittelhauser & Associates, Inc

Entirety

Terracon Consultants, Inc Olathe, KS

Chicago, IL

Open Options, Inc

Merger

Life Unlimited, Inc

Liberty, MO

Kansas City, MO

Professional Services/Advisory The Garretson Resolution Group, Inc Professional Services/Advisory ProfessionalChats, LLC Technology/Media/Telecom The Unravel Corporation

Entirety

Epiq Systems, Inc

Kansas City, KS

Cincinnati, OH

Entirety Entirety

Ruby Receptionists, Inc Portland, OR RSM Marketing Services Wichita, KS

Lee's Summit, MO

Lenexa, KS

CentralSquare Technologies

Technology/Media/Telecom Lucity, Inc

Entirety

Lake Mary, FL

Overland Park, KS

Manufacturing/Distribution

Metal Doors & Frame Company Entirety

Walsh Door & Security Des Moines, IA

North Kansas City

Mariner Wealth Advisors, LLC Prime Capital Investments Advisors, LLC

Professional Services/Advisory Martin Financial Group

Entirety

Overland Park, KS New Albany, IN

Professional Services/Advisory Longer Investments, Inc

Assets

Overland Park, KS Fayetteville, AR

Equipment Management, Service and Repair, Inc

Healthcare/Life Sciences

Entirety

CSA, LLC

Lee’s Summit, MO Wilmington, OH

Manufacturing/Distribution

NSC Minerals, Ltd

Entirety

US Salt, LLC

Kansas City, MO

Saskatoon, Canada

Blue Valley Ban Corporation

Heartland Financial USA, Inc

Financial Institutions

Castle Creek Capital, LLC

Dubuque, IA

Overland Park, KS

Consumer Products & Services Groom & Sons' Ace Hardware Entirety

Westlake Ace Hardware Lenexa, KS

McKinney, TX

Consumer Products & Services Calvary Chapel of Kansas City K300CH-FX Station Educational Media Foundation, Inc

Rocklin, CA

Overland Park, KS

Consumer Products & Services Beauty Brands, LLC

Assets

Absolute Beauty, LLC Kansas City, MO

Lenexa, KS

Aviation and Truck Equipment Business Shawnee Mission Hyundai, Inc

Manufacturing/Distribution

Wabash National Corporation

AFI Partners, LLC

New York, NY

Lafayette, IN

Reed Automotive Group, Inc

Consumer Products & Services Group 1 Automotive, Inc

Kansas City, MO

Houston, TX

Consumer Products & Services Lawn-Corps, Inc

Entirety

St. Louis Composting, Inc Valley Park, MO

Belton, MO

Professional Services/Advisory The Weinberg Group, Inc

Entirety

ProPharma Group, Inc Overland Park, KS Washington, DC

Innovative Foodservice Group

Consumer Products & Services J.E.S. Restaurant Equipment, Inc

Entirety

Kansas City, KS

Greenwood, SC

Tallgrass Energy GP, LLC (100%) & Tallgrass Energy, LP (44%)

Energy/Utility & Infrastructure

Minority Stake

The Blackstone Group New York, NY

Leawood, KS

Professional Services/Advisory Slagle, Bernard & Gorman, PC Merger

Swanson Midgley, LLC Kansas City, MO

Kansas City, MO

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q1 FEBRUARY

Generali Global Assistance, Inc

Consumer Products & Services Arthur J. Gallagher & Company

Trip Mate, Inc

Bethesda, MD

Rolling Meadows, IL

L-3 Mobile Vision, Inc

Technology/Media/Telecom L3 Technologies, Inc

Safe Fleet Holdings, LLC Belton, MO

New York, NY

Healthcare/Life Sciences Manufacturing/Distribution

OMS Rehab

Merger Entirety Entirety

Rehab Medical, Inc

Indianapolis, IN

Kansas City, MO Kansas City, MO

Adapt Laser Systems

Boyne Capital Partners Miami, FL

Consumer Products & Services CigaWatt, Inc

Liberated Solutions, Inc Independence, MO Blue Springs, MO

Manufacturing/Distribution

Bublitz Material Handling, Inc Merger

Riekes Equipment

Omaha, NE

North Kansas City, MO

Forensics, Review and eDiscovery Services

Technology/Media/Telecom QUiVX

Xact Data Discovery

Mission, KS

Walnut Creek, CA

Critical Alert Systems, LLC Joseph Hollander & Craft, LLC

Technology/Media/Telecom Sphere3 Consulting

Entirety

Westbrook, ME

Kansas City, MO

Professional Services/Advisory Rosengreen Law Firm, LLC Merger

Overland Park, KS Leawood, KS

Wassenaar, Netherlands

Technology/Media/Telecom Tacx Onroerend en Roerend Goed, BV

Entirety

Garmin

Olathe, KS

One Taco Republic and Three BRGR Restaurants

Consumer Products & Services Bread & Butter Concepts

Whitney VinZant

Kansas City, MO

Kansas City, MO

Mariner Wealth Advisors, LLC Mariner Wealth Advisors, LLC

Professional Services/Advisory RTB Consulting, LLC

Entirety

Overland Park, KS Cincinnati, OH

Professional Services/Advisory Authent Advisors

Entirety

Overland Park, KS Corte Madera, CA

Manufacturing/Distribution

Mid-America Fittings, Inc

Entirety Entirety Entirety Entirety

Wynnchurch Capital, LLC Rosemont, IL

Overland Park, KS Wall Township, NJ

Technology/Media/Telecom Health Care Software, Inc

WellSky

Lenexa, KS

Financial Institutions

The Johnston Group, LLC

Creative Planning

Overland Park, KS Minneapolis, MN

Energy/Utility & Infrastructure Reliable Propane

Ferrellgas Partners, LP Liberty, MO

Sikeston, MO

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q1 MARCH

American Trailer Rental Group Multi Service Technology Solutions, Inc LTN Global Communications, Inc

Transportation & Logistics

Fleet Trailer Rentals, LLC Entirety

Walton, OH

Kansas City, KS

Technology/Media/Telecom TicketRX

Entirety

Overland Park, KS Overland Park, KS

Technology/Media/Telecom Niles Media Group, Inc

Entirety

Savage, MD

Liberty, MO

Food/Agriculture & Animal Health

IntelliFarms, LLC

Entirety

Ag Growth International, Inc Winnipeg, Canada Archie, MO

Financial Institutions

Bankers Trust Company Corporate Trust Business

UMB Bank

Kansas City, MO Des Moines, IA

Manufacturing/Distribution

Motion Envelope

Entirety

Tension Corporation

Kansas City, MO Dallas, TX

Professional Services/Advisory Southwood Research, Ltd Entirety

ProPharma Group, Inc

Overland Park, KS Buckinghamshire, United Kingdom

Food/Agriculture & Animal Health Architecture/Engineering & Construction

Iowa Premium Beef, LLC

National Beef Packing Company

Sysco Corporation

Kansas City, MO Houston, TX

Great Plains Roofing and Sheet Metal Central Packaging Products and Equipment, LLC

Western Specialty Contractors

Assets

St. Louis, MO

Kansas City, KS

B2B Industrial Packaging, LLC

Manufacturing/Distribution

Entirety

Addison, IL

Lenexa, KS

Financial Institutions Financial Institutions

Cobalt Ventures, LLC

Medval, LLC

The Advocator Group, LLC Wakefield, MA

Kansas City, MO

Fairport Bancshares, Inc Entirety

Bethany Bankshares, Inc

Bethany, MO

Maysville, MO

Transportation & Logistics

Austin Ventures

MIQ Logistics, LLC

Noatum Logistics

Madrid, Spain

Austin, TX

U.S. Court Reporting Business

Professional Services/Advisory Epiq Systems, Inc

Veritext Corporation

Livingston, NJ

Kansas City, KS

Manufacturing/Distribution

ProPolymer Coatings

Entirety

Tnemec

Kansas City, MO St. Louis, MO

Green Investment Group Limited

Edinburgh, United Kingdom

Energy/Utility & Infrastructure TradeWind Energy, Inc

Savion, LLC

Lenexa, KS

Energy/Utility & Infrastructure TradeWind Energy, Inc

Entirety

Enel SpA

Rome, Italy

Lenexa, KS

Kansas City and St. Louis Operations of Morey's Seafood International

Food/Agriculture & Animal Health

Acuity Capital Partners

Fortune International, LLC Bensenville, IL

Chicago, IL

Technology/Media/Telecom Burly Studios

Entirety

MBB Agency

Leawood, KS

Wichita, KS

Two Lawrence-based Auto Dealerships

Consumer Products & Services Briggs Auto Group

McCarthy Auto Group

Olathe, KS

Manhattan, KS

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q2 APRIL Professional Services/Advisory H&A eDiscovery, Inc

Entirety

Epiq Systems, Inc

Kansas City, KS

Ontario, Canada

Akoya Capital Partners & Landon Capital Partners Chicago, IL

Manufacturing/Distribution

Trinity Technology Group

Entirety

Higginsville, MO

News-Press & Gazette Company

Technology/Media/Telecom Heartland Media, LLC

KQTV

St. Joseph, MO

San Francisco, CA

Transaction Data Systems, Inc

Technology/Media/Telecom Pharm Assess, Inc

Entirety

Ocoee, FL

Overland Park, KS

AGD Insurance Brokerage Services, LLC

RPS Benefits by Design, Inc

Financial Institutions

Merger

Overland Park, KS St. Joseph, MO

Financial Institutions

Liberty Bancorp, Inc

Entirety

Central Bancompany, Inc Jefferson City, MO Liberty, MO

London, United Kingdom

Professional Services/Advisory Digital Spring

Entirety

MMGY Global

Kansas City, MO

Mariner Wealth Advisors, LLC

Professional Services/Advisory Foundations Wealth Management

Entirety

Overland Park, KS Sioux Falls, SD

Consumer Products & Services Hillenmeyer Landscape Services

Entirety

HeartLand, LLC

Olathe, KS

Lexington, KY

Mariner Wealth Advisors, LLC

Professional Services/Advisory Singer Xenos Schechter Sosler Wealth Management

Entirety

Overland Park, KS Coral Gables, FL

AmTrust Agricultural Insurance Services

Producers Ag Insurance Group, Inc Weave Gotcha Covered! Custom Truck One Source Curran Companies & Willcrest Partners

Financial Institutions

AmTrust Financial Services, Inc

Amarillo, TX

New York, NY

Consumer Products & Services WomenSpirit

Entirety

Kansas City, MO

Kansas City, MO

Manufacturing/Distribution

Terex Corporation

Assets

Kansas City, MO

Westport, CT

Manufacturing/Distribution

Precision Aerospace, LLC

Entirety

Kansas City, MO

Phoenix, AZ

Manufacturing/Distribution Food/Agriculture & Animal Health

Specialty Products, Inc

Entirety

VersaFlex

Kansas City, KS

Lakewood, WA

Aratana Therapeutics, Inc

Entirety

Elanco Animal Health Greenfield, IN

Leawood, KS

Artisan Technology Group, LLC

Technology/Media/Telecom Engage Mobile Solutions, LLC Entirety

Kansas City, MO

Kansas City, MO

Five Megaplex Movie Theaters

Financial Institutions

Unknown

EPR Properties

Kansas City, MO

-

Financial Institutions

TCN/SIG Telehousing

Two Data Centers QTS Realty Trust, Inc

Overland Park, KS Groningen, Netherlands

Thou Mayest Coffee Roasters

Consumer Products & Services Quay Coffee

Entirety

Kansas City, MO

Kansas City, MO

Manufacturing/Distribution

Xeleum Lighting, LLC

Entirety

EiKO Global, LLC

Shawnee, KS

Boynton Beach, FL

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q2 MAY Healthcare/Life Sciences

McBee Associates, Inc

Entirety Entirety Entirety Entirety

Netsmart Technologies, Inc Overland Park, KS Wayne, PA

Technology/Media/Telecom Complia, LLC

NIC, Inc

Olathe, KS San Diego Shelton, CT

Denver, CO

Technology/Media/Telecom Zego

Paylease, Inc

Kansas City, MO Kansas City, MO

Technology/Media/Telecom Decision Insight

TABS Analytics

Summit Bank of Kansas City

Citizens Bank & Trust Company

Financial Institutions

Entirety

Kansas City, MO Lee's Summit, MO

Consumer Products & Services Travel Clean Express Car Wash

Entirety

GO Car Wash

Phoenix, AZ

Overland Park, KS

Kanstul Musical Instruments

Manufacturing/Distribution

Entirety

B.A.C. Musical Instruments Kansas City, MO Anaheim, CA

Technology/Media/Telecom Blue Rivet, LLC

Entirety

MBB Agency

Leawood, KS

Kansas City, MO

ImageFIRST Healthcare Laundry Specialists

Consumer Products & Services Faultless Laundry Company, Inc Consumer Products & Services Cinetopia, LLC

Majority Stake

King of Prussia, PA Kansas City, MO

Entirety

AMC Entertainment Holdings Leawood, KS

Beaverton, OR

Midstream Energy Asset Management

Financial Institutions

Advisory Research, Inc

Tortoise Capital Advisors

Leawood, KS

Chicago, IL

Manufacturing/Distribution Architecture/Engineering & Construction

Kim Supply, Inc

Assets

Kleen Rite Corporation

Columbia, PA

Kansas City, MO

Integrated Electronics, Inc Entirety

Echo Systems

Omaha, NE

Lenexa, KS

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q2 JUNE Professional Services/ Advisory Technology/Media/ Telecom Financial Institutions Architecture/Engineering & Construction

Momentum Strategy Group

Entirety

Axiom Strategies

Kansas City, MO Brandon, FL

Hallmark Business Connections

Entirety

InComm, Inc

Atlanta, GA

Kansas City, MO

KCB Bank, Inc

Entirety

Academy Bank

Kansas City, MO Kearney, MO

Environmental Services, Inc and Geotechnical & Environmental Consultants, Inc

Entirety

Terracon Consultants, Inc

Olathe, KS

Lenexa, KS

Healthcare/Life Sciences Rx-Net, Inc

Entirety

OmniSYS LLC

Dallas, TX

Shawnee, KS

Architecture/Engineering & Construction

DaVinci Roofscapes, LLC

Entirety

Royal Building Products, Inc Houston, TX

Kansas City, KS

Manufacturing/ Distribution

Pulse Aerospace, Inc

Entirety

AeroVironment, Inc

Simi Valley, CA Lawrence, KS

Financial Institutions Professional Services/ Advisory Consumer Products & Services Food/Agriculture & Animal Health Technology/Media/ Telecom

Wave Financial, Inc

Entirety

H&R Block, Inc

Kansas City, MO Toronto, Canada

Mariner Wealth Advisors, LLC

SMS Capital Management, Inc

Entirety

Overland Park, KS Bellaire, TX

Fast & Easy Services

Entirety

Inland Truck Parts Company Overland Park, KS Grand Junction, CO

Unknown

Grain Facility

Bartlett and Company, Inc

Kansas City, MO San Luis Potosi, Mexico

Balance Innovations, LLC

Entirety

The Brink's Company

Richmond, VA

Lenexa, KS

18 US-based Multi- screen Cinema Properties

Financial Institutions

Cineworld Group, PLC

EPR Properties

Kansas City, MO Brentford,

United Kingdom

Manufacturing/ Distribution

Berg Wholesale

Entirety

Banner Solutions

Kansas City, MO Tualatin, OR

Healthcare/Life Sciences Practice Insight, LLC

Entirety Entirety Entirety

eSolutions, Inc

Overland Park, KS Houston, TX

Transportation & Logistics Driveaway USA

Team Drive-Away

Shawnee, KS

Lee's Summit, MO

Healthcare/Life Sciences Watson Imaging Center

Diagnostic Imaging Centers Kansas City, MO St. Louis, MO

Consumer Products & Services Food/Agriculture & Animal Health

Big Splash Car Wash

Entirety

GO Car Wash

Phoenix, AZ

Grandview, MO

Dairy Farmers of America, Inc

St. Albans Cooperative Creamery, Inc Entirety

Kansas City, KS St. Albans, VT

Pompano Beach, FL

Healthcare/Life Sciences Pathfinder Health Innovations, Inc Entirety

Central Reach

Kansas City, MO

US-based Lab in De Soto, KS

London, United Kingdom

Healthcare/Life Sciences Oncimmune

Biodesix

Boulder, CO

Manufacturing/ Distribution Manufacturing/ Distribution

Air Industrial Resource, Inc

Entirety

Sullair, LLC

Chicago, IL

Kansas City, MO

Douglas Pump Service

Entirety

C&B Equipment, Inc

Wichita, KS

Overland Park, KS

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q3 JULY Technology/Media/Telecom QDiscovery

Entirety

Xact Data Discovery

Mission, KS

New London, CT

Financial Institutions

Regal Cinemas, Inc

Cinematic Facility

EPR Properties

Kansas City, MO Knoxville, TN

Assets of Oklahoma City Branch Isle of Capri Casino Kansas City

Manufacturing/Distribution Hunton Group, Inc

O'Connor Company, Inc

Lenexa, KS

Houston, TX

Consumer Products & Services Professional Services/ Advisory Professional Services/ Advisory

Eldorado Resorts

Twin River Casino Hotel

Lincoln, RI

Reno, NV

CAH Holdings, Inc

Employee Benefits Unit Virtus, LLC

Overland Park, KS Birmingham, AL

Integrity Marketing Group, LLC

American Senior Benefits

Entirety

Dallas, TX

Olathe, KS

National Real Estate Insurance Group

Financial Institutions

Entirety

Tim Norris

Kansas City, MO Kansas City, MO

Technology/Media/Telecom NEXTFactor Enterprises, Inc Entirety

MMGY Global

Kansas City , MO Vancouver, Canada

Edgewater Growth Capital Partners, LP

Manufacturing/Distribution JZ Capital Partners Limited 9.5% stake in Orizon Aerostructures

Chicago, IL

New York, NY

Prepaid Wireless Business

Technology/Media/Telecom Sprint Corporation

DISH Network Corporation Englewood, CO

Overland Park, KS

Pony Express Community Bank

Financial Institutions

Entirety

First Option Bank

Osawatomie, KS St. Joseph, MO

Food/Agriculture & Animal Health Professional Services/ Advisory

Superior Cake Products, Inc

Hostess Brands, Inc

Sara Lee Frozen Bakery

Oak Brook, IL

Kansas City, MO

Zimmerman Axelrad Meyer Stern & Wise Pc

Entirety

Spencer Fane, LLP

Overland Park, KS Houston, TX

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q3 AUGUST

Technology/Media/Telecom Lockpath, Inc

Entirety

NAVEX Global, Inc

Lake Oswego, OR Overland Park, KS

Technology/Media/Telecom WorkSpace Communications, LLC

Cloud Customer Base Altigen Communications, Inc San Jose, CA

Overland Park, KS

Professional Services/ Advisory Consumer Products & Services Food/Agriculture & Animal Health

Truss, LLC

Entirety

Hub International

Chicago, IL

Kansas City, MO

Ngen Technologies USA Corporation

Entirety

Liberated Solutions, Inc

Independence, MO Dallas , TX

Three Kansas City Locations

t.Loft

Blue Hand Holdings, LLC Lenexa, KS

Kansas City, MO

Financial Institutions

George K. Baum & Company Municipal Securities Business

Stifel Financial Corporation St. Louis, MO

Kansas City, MO

Manufacturing/Distribution Vanguard Packaging

Entirety

Dunes Point Capital

Rye, NY

Kansas City, MO

Food/Agriculture & Animal Health

Atlas Team

Entirety

Deveron UAS Corporation Toronto, Canada

Kansas City, MO

West Lothian, United Kingdom

Technology/Media/Telecom A2E Limited

Entirety

Pivot International, Inc

Lenexa, KS

Technology/Media/Telecom Nxt-ID, Inc

FitPay, Inc

Garmin

Lenexa, KS

Melbourne, FL

Food/Agriculture & Animal Health

Animal Health Unit (Shawnee)

Leverkusen, Germany

Bayer AG

Elanco Animal Health

Greenfield, IN

Manufacturing/Distribution Midwest Acoustics, Inc

Merger

Image Flooring, LLC

Lenexa, KS

Kansas City, MO

Consumer Products & Services Consumer Products & Services

Kansas City Royals Baseball Corporation John Sherman

David Glass

Kansas City, MO Kansas City, MO

Great Range Capital

HeartLand, LLC

Sterling Investment Partners Westport, CT

Mission Woods, KS

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q3 SEPTEMBER Technology/Media/Telecom Beyond IT, Inc

Entirety Entirety

Xact Data Discovery

Mission, KS

Houston, T

Consumer Products & Services Ceres Commodities, LLC

The Redwood Group, LLC Mission, KS

Newport, HY

Specialized Builder's Hardware, Inc

Manufacturing/Distribution

Assets

Banner Solutions

Kansas City, MO

Anaheim, CA

Food/Agriculture & Animal Health

Company Kitchen, LLC

Entirety

365 Retail Markets

Troy, MI

Merriam, KS

Professional Services/Advisory Centralized Showing Service, Inc

Entirety

ShowingTime, Inc

Chicago, IL

Overland Park, KS

Metcalf Partners Wealth Management

Financial Institutions

Cornerstone Financial

Merger

Overland Park, KS Lenexa, KS

Juice Merchandising Corporation Packaging Products Corporation

Manufacturing/Distribution

Entirety

Apex Plastics

Brookfield, MO

Kansas City, MO

Pacific Packaging Products, Inc

Manufacturing/Distribution

Entirety

Wilmington, MA

Mission , KS

Financial Institutions

America’s Best 401k

Entirety

Creative Planning

Overland Park, KS Overland Park, KS

Financial Institutions

Platte County Bancshares, Inc Platte Valley Bank of Missouri

Central Bancompany, Inc Jefferson City, MO Platte City, MO

Mariner Wealth Advisors, LLC

Professional Services/Advisory Snow Creek Wealth Management

Entirety

Overland Park, KS Nashville, TN

Manufacturing/Distribution

Pasek Corporation

Entirety

DH Pace Company, Inc Olathe, KS

Boston, MA

Global Aviation Services, LLC

PrimeFlight Aviation Services, Inc

Transportation & Logistics

CSA Air, Inc

Sugar Land, TX

Kingsford, MI

Technology/Media/Telecom Murdock Marketing, LLC

Entirety

GlynnDevins, Inc

Kansas City, MO

Oklahoma City, OK

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q4 OCTOBER

United Consumers Credit Union

Financial Institutions

Cross Roads Credit Union

Entirety

Independence, MO Kansas City, MO

Healthcare/Life Sciences

UVANTA Kansas City

Entirety

Pharmscript, LLC

Somerset, NJ

Lenexa, KS

Battery Ventures and Other Investors

Healthcare/Life Sciences

ClearCare, Inc

WellSky

Lenexa, KS

Boston, MA

Technology/Media/Telecom Priority Vendor Technologies Entirety

C2FO

Leawood, KS

Uttar Pradesh, India

Architecture/Engineering & Construction Food/Agriculture & Animal Health

Pacific Mutual Door Company, Inc

Hardwoods Distribution, Inc Mid-Kansas Cooperative Association

Entirety

Langley, Canada

Kansas City, MO

Mid-West Fertilizer, Inc

Entirety

Moundridge, KS

Paola, KS

Financial Institutions

Bank of the Prairie

Entirety

Country Club Bank

Kansas City, MO

Olathe, KS

Healthcare/Life Sciences

AbleVets, LLC

Entirety

Cerner Corporation

North Kansas City, MO Chantily, VA

Transportation & Logistics

Team Drive-Away

Entirety

United Road

Romulus, MI

Olathe, KS

Enterprise and Cloud Billing Business

Technology/Media/Telecom Ericsson

Kansys, Inc

Olathe, KS

Stockholm, Sweden

Manufacturing/Distribution Manufacturing/Distribution Healthcare/Life Sciences

Castle Creations, Inc

Entirety

Pivot International, Inc Lenexa, KS

Olathe, KS

Textured Coatings of America Assets

Tnemec

Kansas City, MO

Panama City, FL

Medidal Corporation

Entirety Entirety Entirety

eSolutions, Inc

Overland Park, KS Chicago, IL

Technology/Media/Telecom Open Relay, LLC Professional Services/Advisory Gray Plant Mooty, Inc

Twenty Thirty Group Lathrop Gage, LLP

London, England Kansas City, MO

Lenexa, KS

Minneapolis, MN

Professional Services/Advisory Charles Rutenberg Realty, LLC Entirety

United Real Estate

Kansas City, MO

Ft. Lauderdale, FL

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q4 NOVEMBER

Solus Alternative Asset Management

Transportation & Logistics

Jack Cooper Transport

Entirety

New York, NY

Kansas City, MO

The Access Group - TranSystems

Technology/Media/Telecom Attache Software

Entirety

Kansas City, MO New South Wales

Consumer Products & Services Magna-Plus, Inc

Entirety

Stouse, LLC

New Century, KS Kansas City, KS

Architecture/Engineering & Construction

Timberlake Engineering Consultants, LLC

Entirety

Custom Engineering, Inc

Independence, MO Columbia, MO

Consumer Products & Services Landmark South Chrysler Dodge Jeep Ram

Entirety

Max Motors II, LLC

Butler, MO

Belton, MO

Food/Agriculture & Animal Health

Continental Grain Company

Remaining Shares of ContiLatin del Peru

Seaboard

Merriam, KS

New York, NY

Professional Services/Advisory Yotabites Consulting, LLC Entirety

ProKarma, Inc

Omaha, NE

Lenexa, KS

Healthcare/Life Sciences

Kansas City Dermatology Entirety

Epiphany Dermatology, PA Waco, TX

Overland Park, KS

Professional Services/Advisory Element, LLC

Entirety

MJH Life Sciences

Cranbury, NJ

Kansas City, MO

Consumer Products & Services Houlihan's Restaurants, Inc Assets

Landry's, Inc

Houston, TX

Leawood, KS

Manufacturing/Distribution

Banner Solutions

Entirety

Tailwind Capital Group

New York, NY

Kansas City, MO

31% Interest in National Beef Packing Company

Food/Agriculture & Animal Health

Jefferies Financial Group

Marfrig Global Foods

Sao Paulo, Brazil

New York, NY

Healthcare/Life Sciences

Suture Express, Inc

Entirety

Medline Industries, Inc

Northfield, IL

Overland Park, KS

Optifour Integrated Wealth Management

Financial Institutions

Entirety

Creative Planning

Overland Park, KS Reston, VA

Consumer Products & Services Haggerty Ace Hardware Entirety

Westlake Ace Hardware

Lenexa, KS

Cooperstown, NY Kansas City, MO

Financial Institutions

Thomas McGee Group

Entirety

RSC Insurance Brokerage, Inc Boston, MA

Financial Institutions

Commerce Trust Company Corporate Trust Business

UMB Bank

Kansas City, MO Kansas City, MO

Charter School Portolio

Financial Institutions

EPR Properties

Rosemawr Management, LLC New York, NY

Kansas City, MO

INDUSTRY

SELLER

UNIT SOLD

BUYER

BUYER LOCATION

SELLER LOCATION

Q4 DECEMBER

Standex International Corporation

Manufacturing/Distribution

Torotel, Inc

Entirety

Salem, NH

Olathe

Voortman Cookies Limited 2 Business Units

Consumer Products & Services Swander Pace Capital

Hostess Brands, Inc

Kansas City, MO San Francisco, CA

Professional Services/Advisory Thruline Marketing

EducationDynamics, LLC

Hoboken, NJ

Lenexa, KS

Healthcare/Life Sciences

CompAlliance, LLC Hogan Financial Management

Entirety

Genex Services

Wayne, PA

Merriam, KS

Financial Institutions

Entirety

Creative Planning

Overland Park, KS Milwaukee, WI

Financial Institutions

Mike Berg & Associates

Entirety

RPS Benefits by Design, Inc Overland Park, KS Albuquerque, NM

Kansas City Regional Association of Realtors

Professional Services/Advisory Five County Realtors

Entirety

Leawood, KS

Nevada, MO

Technology/Media/Telecom Valence Services

Entirety

Veriship, Inc

Overland Park, KS Salt Lake City, UT

Architecture/Engineering & Construction

Cobb Refrigeration, LLC Entirety

Temp-Con, Inc

Olathe, KS

Lenexa, KS

Energy/Utility & Infrastructure Tallgrass Energy, LP

Majority Stake

The Blackstone Group

New York, NY

Leawood, KS

Professional Services/Advisory LV8 Group

Entirety

Lillian James Creative, LLC Kansas City, MO Kansas City, MO

Mariner Wealth Advisors, LLC Mariner Wealth Advisors, LLC Superior Bowen Asphalt Company, LLC Mission Critical Partners, LLC Superior Bowen Asphalt Company, LLC

Professional Services/Advisory David J. Miller Associates, LLP

Tax Practice

Overland Park, KS Chatham, NJ

Professional Services/Advisory G.M. Bremer & Associates Tax Practice

Overland Park, KS El Segundo, CA

Architecture/Engineering & Construction Architecture/Engineering & Construction Architecture/Engineering & Construction

O'Donnell & Sons Construction

Entirety

Kansas City, MO Overland Park, KS

Public Safety Network Consulting Business

Black & Veatch

Port Matilda, PA

Overland Park, KS

Hamm, Inc

Two Asphalt Plants

Kansas City, MO Perry

ABOUT CC CAPITAL ADVISORS CC Capital Advisors, part of Country Club Financial Services, a subsidiary of Country Club Bank, is a Kansas City-based investment banking group that specializes in mergers and acquisitions, corporate fundraising, and financial and strategic planning for public and private corporations throughout the United States and abroad. Its team of professionals has an extensive amount of experience and expertise in a broad range of fields, including engineering and construction services; energy, utility and infrastructure; financial institutions, healthcare, agribusiness and animal health; and manufacturing, transportation and distribution.

JOHN HENSE Managing Director 816-360-8646 BILL CONWAY Managing Director 816-360-8697 CHRIS BRITO Associate 816-360-8694 JACK RUSGIS Analyst 816-859-7462 TYLER CLEMENT Analyst 816-859-7446

TERRY CHRISTENBERRY Managing Director 816-360-8698

STEPHANIE SIDERS Vice President 816-360-8695 JULIAN BUEGERS Associate 816-859-7513 JACK SCHANZE Analyst 816-425-9391 LANEAH KNUTH Executive Assistant 816-425-9403

{~CC Capital Advisors I N T E GR I T Y. E X P E R I E NC E . COMM I TME N T.

The information contained in this report was compiled by CC Capital Advisors from a variety of sources including news reports, S&P Capital IQ, SEC filings, company statements, and information provided by M&A professionals. Many deals did not disclose pricing, and other private transactions may not have been publicly announced. Transactions are subject to change or termination prior to closing. While CC Capital Advisors makes a good faith effort to ensure the accuracy of this report, it is intended for general information purposes only. CC Capital Advisors is not responsible for any errors or omissions in this report.

Country Club Financial Services Inc., dba CC Capital Advisors, Member FINRA, SIPC

{~CC Capital Advisors

I NTEGR I TY. EXPER I ENCE . COMMI TMENT. 2001 Shawnee Mission Pkwy, Ste 110 Mission Woods, KS 66205 816-360-8600 www.cccapitaladvisors.com

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