Company: AFG Holdings, Inc.
Symbol: AFGL
Description: They are a leading original equipment manufacturer that designs and manufactures highly-engineered, mission critical equipment and provides complementary consumable products, parts and aftermarket services
Trade Date: 7/19
Shares: 18.2 million
Price Range: $15.00-$18.00
Underwriter(s): Goldman Sachs, Credit Suisse, Simmons & Company International, Barclays, Citigroup, Evercore ISI, Wells Fargo Securities
Co-Manager(s): Jefferies, Raymond James, Tudor, Pickering, Holt & Co.
Terms Added: 7-9-18
Business: They serve a diverse range of customers in the global oil and gas and general industrial end markets. They have a proven track record in new technology development and product commercialization, as well as decades of experience working with their customers to manufacture state-of-the-art, specialized equipment that meets their stringent requirements. Their fully-integrated business model allows them to optimize their supply chain, deliver high quality products and control their cost structure, resulting in high margins and a compelling cash flow profile. They have minimal debt and significant liquidity, which will enable them to continue pursuing strategic organic growth initiatives and acquisitions of synergistic businesses. They believe they are well-positioned to capture additional market share through these initiatives and acquisitions, while taking advantage of improving secular trends and fundamentals in their end markets.
Financials: For the year ended December 31, 2017, they generated pro forma net income of approximately $72.3 million, Adjusted EBITDA of approximately $46.2 million (consisting of $9.4 million for the period from January 1, 2017 to June 8, 2017 and $36.8 million for the period from June 9, 2017 to December 31, 2017) and Adjusted EBITDA margin of approximately 10.5%. For the three months ended March 31, 2018, they generated net income of approximately $7.5 million, Adjusted EBITDA of approximately $26.1 million and Adjusted EBITDA margin of approximately 15.3%. As of March 31, 2018, their backlog of contracted work was approximately $482 million.
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