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VRA Viewpoints

At VRA Partners, we are students of business and the trends that will impact our clients and prospective clients. From our years of advising leading middle market companies, we understand the importance of identifying critical industry trends so that we can assist our clients capitalize on emerging trends in their respective industries.

VRA Viewpoints is a snapshot of our thoughts on certain of those ever changing industry trends. Our clients operate in a dynamic world, and we see many trends creating positive opportunities for growth. Here is a look at what we are seeing from the VRA viewpoint.

Building Products & Materials Newsletter
The VRA Partners building products team recently returned from the NAHB International Builders’ Show (IBS). This year’s show moved to Las Vegas after multiple years in Orlando, and the excitement of “Sin City” appeared to rub off on the conference attendees. With over 900 exhibitors, IBS is one of the best venues for measuring the pulse of the building products industry heading into the new year. To that end, we were encouraged (and pleasantly surprised) by the strong attendance, positive mood and chatter of much improved sales activity.
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Meter Data Analytics
For decades utilities have used data analysis to glean insights from historical data. Traditionally, that information was based on small sets of data or was manually entered into databases. Over the past few years, utilities have strived to implement Advanced Meter Infrastructure ("AMI") and Meter Data Management ("MDM"). Capital investment to deploy smart-meter technology at utility meter points is high, so it has taken time for utilities to build out smart grid infrastructure. As new smart grid systems have grown in prominence, utilities now deal with a confluence of vast amounts of data that can be used more sophisticated and detailed analysis than was previously available.
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Frequently Asked Questions from Business Owners
The investment bankers at VRA Partners have well over 100 years of combined experience assisting family business owners as they contemplate an eventual sale of all or part of their business. For most business owners, the business represents a substantial portion of personal wealth. It is therefore crucial to understand the sale process even if he or she is many years form a potential transaction.
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Distribution - Ten Factors Driving up Distribution Company Valuations
Based on our discussions with strategic and financial buyers who regularly bid on and acquire distribution companies, there is a strong and growing consensus that purchase price multiples have increased dramatically over the past several years. It seems that distributors that might have sold for a 5x EBITDA multiple in 2005 or 2007 are now selling for 7x, and distributors that might have sold for a 6x multiple back then are attracting offers for 8x EBITDA or more.
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Distribution - Some Cooling in End Markets and M&Activity
Based on June quarter results reported thus far by publicly traded distributors, market conditions appear to be cooling off a bit after several quarters of strong demand. Overall results were mixed, with strength in some sectors such as industrial MRO and PVF, weakness in electronics and technology distribution, and mixed results in most other sectors.
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