Filed by the Registrant |
☒
|
Filed by a party other than the Registrant |
☐
|
☐ |
Preliminary Proxy Statement
|
☐ |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
☐ |
Definitive Proxy Statement
|
☒ |
Definitive Additional Materials
|
☐ |
Soliciting Material under §240.14a-12
|
☐ |
No fee required.
|
☒ |
Fee paid previously with preliminary materials.
|
☐ |
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
|
EV / EBITDA
|
||||||||
2021
|
2022
|
|||||||
Integer Holdings Corporation
|
15.4x
|
12.8x
|
||||||
Nolato AB
|
13.9x
|
12.5x
|
||||||
UFP Technologies, Inc.
|
11.8x
|
8.5x
|
||||||
Maximum
|
15.4x
|
12.8x
|
||||||
75th Percentile
|
14.7x
|
12.7x
|
||||||
Mean
|
13.7x
|
11.3x
|
||||||
Median
|
13.9x
|
12.5x
|
||||||
25th Percentile
|
12.9x
|
10.5x
|
||||||
Minimum
|
11.8x
|
8.5x
|
||||||
The Company at the February 25th Closing Price ($17.42)
|
15.8x
|
10.5x
|
||||||
The Company at the Per Share Merger Consideration ($24.25)
|
23.4x
|
15.6x
|
($ in millions)
|
||||||||||
Target
|
Acquiror
|
Date of
Transaction
Announcement
|
Implied
Enterprise
Value
|
EV / EBITDA
|
||||||
LTM
|
FTM
|
|||||||||
Resonetics, LLC(1)(2)
|
The Carlyle Group, Inc.
|
November 30, 2021
|
$2,250
|
-----
|
-----
|
|||||
Medbio, Inc.(1)(2)(3)
|
Protective Industries Inc. (subsidiary of Berwind Corporation)
|
November 22, 2021
|
-----
|
-----
|
-----
|
|||||
Oscor Inc. (and certain affiliates)(1)(2)
|
Integer Holdings Corporation
|
October 29, 2021
|
$220
|
-----
|
-----
|
|||||
International Rubber Products, Inc.(1)(2)(3)
|
Integrated Polymer Solutions, Inc.
|
February 18, 2021
|
-----
|
-----
|
-----
|
|||||
NN, Inc. (Life Sciences division)(1)(2)
|
MW Industries, Inc.
|
August 24, 2020
|
$825
|
-----
|
-----
|
|||||
IWG High Performance Conductors, Inc.(1)(2)
|
Teleflex Incorporated
|
February 20, 2020
|
$260
|
-----
|
-----
|
|||||
Providien, LLC(1)(2)
|
Carlisle Companies Incorporated
|
October 21, 2019
|
$332
|
-----
|
-----
|
|||||
Orchid Orthopedic Solutions, LLC(1)(2)(3)
|
Nordic Capital Fund IX (affiliate of Nordic Capital Limited)
|
January 22, 2019
|
-----
|
-----
|
-----
|
|||||
Avalign Technologies, Inc.(1)(2)(3)
|
Linden Capital Partners LLC
|
December 28, 2018
|
-----
|
-----
|
-----
|
|||||
Integer Holdings Corporation (AS&O business)(1)(2)
|
MedPlast, Inc.
|
May 3, 2018
|
$600
|
-----
|
-----
|
|||||
Cadence, Inc.(1)(2)(3)
|
Kohlberg & Company, L.L.C.
|
April 18, 2018
|
-----
|
-----
|
-----
|
|||||
Paragon Medical, Inc.(4)
|
NN, Inc.
|
April 3, 2018
|
$375
|
15.6x
|
-----
|
|||||
Spectrum Plastics Group, Inc.(1)(2)(3)
|
AEA Investors LP
|
January 31, 2018
|
-----
|
-----
|
-----
|
|||||
Cirtec Medical Systems, LLC(1)(2)(3)
|
3i Group plc
|
July 5, 2017
|
-----
|
-----
|
-----
|
|||||
Tecomet, Inc.(1)(2)(3)
|
Charlesbank Capital Partners, LLC
|
May 1, 2017
|
-----
|
-----
|
-----
|
|||||
Vention Medical, Inc. (Advanced Technologies business)(2)
|
Nordson Corporation
|
February 20, 2017
|
$705
|
14.7x
|
-----
|
|||||
Vention Medical, Inc. (Device Manufacturing Service business)(1)(2)(3)
|
MedPlast Inc.
|
February 20, 2017
|
-----
|
-----
|
-----
|
|||||
Specialty Silicone Fabricators, Inc.(1)(2)(3)
|
Trelleborg AB
|
June 13, 2016
|
-----
|
-----
|
-----
|
Marle International SAS(1)(2)(3)
|
IK Investment Partners Limited
|
May 25, 2016
|
-----
|
-----
|
-----
|
|||||
Alcoa, Inc. (Remmele Medical Operations business)(1)(2)(3)
|
LISI SA
|
April 11, 2016
|
-----
|
-----
|
-----
|
|||||
Creganna-Tactx Medical(1)(2)
|
TE Connectivity LTD.
|
February 2, 2016
|
$895
|
-----
|
-----
|
|||||
Lake Region Medical, Inc.(2)
|
Greatbatch, Inc.
|
August 27, 2015
|
$1,727
|
11.6x
|
-----
|
|||||
Precision Engineered Products, LLC(4)
|
NN, Inc.
|
August 17, 2015
|
$615
|
8.9x
|
-----
|
|||||
AdvancedCath Technologies, LLC(1)(2)
|
TE Connectivity LTD.
|
February 18, 2015
|
$190
|
-----
|
-----
|
|||||
Precision Wire Components, LLC(1)(2)(3)
|
Creganna-Tactx Medical
|
October 29, 2014
|
-----
|
-----
|
-----
|
|||||
Symmetry Medical Inc. (OEM Solutions business)(4)
|
Tecomet Inc.
|
August 4, 2014
|
$450
|
9.4x
|
-----
|
|||||
Avalon Laboratories, LLC(1)(2)
|
Nordson Corporation
|
August 4, 2014
|
$180
|
-----
|
-----
|
|||||
Lake Region Medical, Inc.(1)(2)
|
Accellent Inc.
|
February 3, 2014
|
$390
|
-----
|
-----
|
|||||
Maximum
|
28.2x
|
20.0x
|
||||||||
75th Percentile
|
15.6x
|
13.3x
|
||||||||
Mean
|
$573
|
14.0x
|
12.0x
|
|||||||
Median
|
$392
|
13.3x
|
11.4x
|
|||||||
25th Percentile
|
11.2x
|
10.0x
|
||||||||
Minimum
|
7.4x
|
6.9x
|
||||||||
The Company at the February 25th Closing Price ($17.42)
|
$143
|
15.8x
|
10.5x
|
|||||||
The Company at the Per Share Merger Consideration ($24.25)
|
$212
|
23.4x
|
15.6x
|
(1) |
EV/LTM EBITDA data was confidential.
|
(2) |
EV/FTM EBITDA data was confidential.
|
(3) |
Enterprise Value data was confidential.
|
(4) |
EV/FTM EBITDA data was not available.
|
($ in millions)
|
||||||||||
Target
|
Acquiror
|
Date of
Transaction
Announcement
|
Implied
Enterprise
Value
|
EV / EBITDA
|
||||||
LTM
|
FTM
|
|||||||||
Medbio, Inc.(1)(2)(3)
|
Protective Industries Inc. (subsidiary of Berwind Corporation)
|
November 22, 2021
|
-----
|
-----
|
-----
|
|||||
Oscor Inc. (and certain affiliates)(1)(2)
|
Integer Holdings Corporation
|
October 29, 2021
|
$220
|
-----
|
-----
|
|||||
International Rubber Products, Inc.(1)(2)(3)
|
Integrated Polymer Solutions, Inc.
|
February 18, 2021
|
-----
|
-----
|
-----
|
|||||
Surgical Specialties Corporation(1)(2)(3)
|
Corza Health, Inc.
|
January 29, 2021
|
-----
|
-----
|
-----
|
|||||
IWG High Performance Conductors, Inc.(1)(2)
|
Teleflex Incorporated
|
February 20, 2020
|
$260
|
-----
|
-----
|
|||||
Providien, LLC(1)(2)
|
Carlisle Companies Incorporated
|
October 21, 2019
|
$332
|
-----
|
-----
|
|||||
Collagen Matrix, Inc.(1)(2)(3)
|
Linden Capital Partners LLC
|
August 2, 2019
|
-----
|
-----
|
-----
|
|||||
Cardiac Science Corporation(1)(2)(3)
|
ZOLL Medical Corporation
|
June 11, 2019
|
-----
|
-----
|
-----
|
|||||
Medical Instrument Development Laboratories, Inc.(1)(2)(3)
|
HOYA Medical Singapore Pte. Ltd.
|
October 18, 2018
|
-----
|
-----
|
-----
|
|||||
Clinical Innovations, LLC(1)(2)
|
EQT Partners AB
|
October 18, 2017
|
$250
|
-----
|
-----
|
|||||
G&H Orthodontics, Inc.(1)(2)(3)
|
Altaris Capital Partners, LLC
|
September 12, 2017
|
-----
|
-----
|
-----
|
|||||
Cirtec Medical Systems, LLC(1)(2)(3)
|
3i Group plc
|
July 5, 2017
|
-----
|
-----
|
-----
|
|||||
Fotona Holdings, LLC(1)(2)(3)
|
Asia-Germany Industrial Promotion Limited
|
April 20, 2017
|
-----
|
-----
|
-----
|
|||||
Vention Medical, Inc. (Advanced Technologies business)(2)
|
Nordson Corporation
|
February 20, 2017
|
$705
|
14.7x
|
-----
|
|||||
Angiotech Pharmaceuticals, Inc.(1)(2)(3)
|
Vivo Capital LLC
|
December 19, 2016
|
-----
|
-----
|
-----
|
|||||
Vascular Solutions, Inc.(4)(5)
|
Teleflex Incorporated
|
December 2, 2016
|
$993
|
-----
|
-----
|
|||||
Specialty Silicone Fabricators, Inc.(1)(2)(3)
|
Trelleborg AB
|
June 13, 2016
|
-----
|
-----
|
-----
|
|||||
Smith & Nephew plc (Gynecology business)(1)(2)
|
Medtronic plc
|
May 18, 2016
|
$350
|
-----
|
-----
|
Synergetics USA, Inc.
|
Valeant Pharmaceuticals International, Inc.
|
September 2, 2015
|
$188
|
21.0x
|
19.6x
|
|||||
AdvancedCath Technologies, LLC(1)(2)
|
TE Connectivity LTD.
|
February 18, 2015
|
$190
|
-----
|
-----
|
|||||
FH Orthopedics S.A.S(1)(2)(3)
|
LBO France Gestion SAS
|
October 30, 2014
|
-----
|
-----
|
-----
|
|||||
Avalon Laboratories, LLC(1)(2)
|
Nordson Corporation
|
August 4, 2014
|
$180
|
-----
|
-----
|
|||||
AccessClosure, Inc.(1)(2)
|
Cardinal Health, Inc.
|
April 1, 2014
|
$320
|
-----
|
-----
|
|||||
Maximum
|
28.2x
|
24.4x
|
||||||||
75th Percentile
|
18.0x
|
15.8x
|
||||||||
Mean
|
$326
|
15.9x
|
13.5x
|
|||||||
Median
|
$250
|
15.5x
|
12.8x
|
|||||||
25th Percentile
|
11.9x
|
10.3x
|
||||||||
Minimum
|
9.3x
|
7.7x
|
||||||||
The Company at the February 25th Closing Price ($17.42)
|
$143
|
15.8x
|
10.5x
|
|||||||
The Company at the Per Share Merger Consideration ($24.25)
|
$212
|
23.4x
|
15.6x
|
(1) |
EV/LTM EBITDA data was confidential.
|
(2) |
EV/FTM EBITDA data was confidential.
|
(3) |
Enterprise Value data was confidential.
|
(4) |
EV/FTM EBITDA data was not available.
|
(5) |
EV/LTM EBITDA multiple was greater than 30.0x.
|
Historical Information
|
Management Projections
|
|||||||||||||||||||||||||||||||
($ in millions)
|
2019A
|
2020A
|
2021A
|
2022P
|
2023P
|
2024P
|
2025P
|
2026P
|
||||||||||||||||||||||||
Total Operating Income
|
$
|
(2
|
)
|
$
|
(3
|
)
|
$
|
0
|
$
|
5
|
$
|
8
|
$
|
11
|
$
|
15
|
$
|
21
|
||||||||||||||
Income Tax Expense
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
(0
|
)
|
||||||||||||||||
Post-tax Operating Income
|
$
|
(2
|
)
|
$
|
(3
|
)
|
$
|
0
|
$
|
5
|
$
|
7
|
$
|
11
|
$
|
14
|
$
|
20
|
||||||||||||||
Depreciation & Amortization
|
3
|
5
|
5
|
6
|
7
|
8
|
8
|
9
|
||||||||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
(Inc.)/ Dec. in Working Capital
|
(5
|
)
|
0
|
(7
|
)
|
3
|
(11
|
)
|
(3
|
)
|
(2
|
)
|
(4
|
)
|
||||||||||||||||||
Capital Expenditures
|
(5
|
)
|
(4
|
)
|
(3
|
)
|
(6
|
)
|
(7
|
)
|
(8
|
)
|
(9
|
)
|
(10
|
)
|
||||||||||||||||
Unlevered Free Cash Flow
|
$
|
(9
|
)
|
$
|
(2
|
)
|
$
|
(3
|
)
|
$
|
8
|
$
|
(3
|
)
|
$
|
8
|
$
|
12
|
$
|
15
|
Name/Title of Rollover Shareholder
|
Number of
Rollover
Shares
|
Value of Rollover
Shares Based on Per-
Share Merger
Consideration
|
Number of Class A
Units to be Issued for
Rollover Shares
|
Value of Class A
Units to be
Issued for the
Rollover Shares
|
||||||||||||
Scott Longval, President, Chief Executive Officer and a Director
|
20,619
|
$
|
500,011
|
500,011
|
$
|
500,011
|
||||||||||
Michael P. Geraci, Senior Vice President, Sales and Marketing
|
4,124
|
$
|
100,007
|
100,007
|
$
|
100,007
|
||||||||||
Mark Gorder, Director
|
103,093
|
$
|
2,500,005
|
2,500,005
|
$
|
2,500,005
|
||||||||||
Doug Pletcher, Vice President, Medical and Business Development
|
4,124
|
$
|
100,007
|
100,007
|
$
|
100,007
|
||||||||||
Philip I. Smith, Chairman of the Board of Directors
|
4,124
|
$
|
100,007
|
100,007
|
$
|
100,007
|
||||||||||
Total
|
136,084
|
$
|
3,300,037
|
3,300,037
|
$
|
3,300,037
|