|
Erik Ragatz
|
| |
John Heyman
|
|
|
Chairman of the Board
|
| |
Chief Executive Officer & Director
|
|
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 10 | | | |
| | | | | 10 | | | |
| | | | | 11 | | | |
| | | | | 11 | | | |
| | | | | 12 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 1 | | | |
| | | | | 18 | | | |
| | | | | 29 | | | |
| | | | | 33 | | | |
| | | | | 33 | | | |
| | | | | 46 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 50 | | | |
| | | | | 56 | | | |
| | | | | 56 | | | |
| | | | | 56 | | | |
| | | | | 58 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 59 | | | |
| | | | | 60 | | | |
| | | | | 61 | | | |
| | | | | 62 | | |
| | | | | 65 | | | |
| | | | | 68 | | | |
| | | | | 69 | | | |
| | | | | 69 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 74 | | | |
| | | | | 75 | | | |
| | | | | 76 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | 80 | | | |
| | | | | 80 | | | |
| | | | | 81 | | | |
| | | | | 82 | | | |
| | | | | 83 | | | |
| | | | | 88 | | | |
| | | | | 90 | | | |
| | | | | 91 | | | |
| | | | | A-1 | | | |
| | | | | B-1-1 | | | |
| | | | | B-2-1 | | | |
| | | | | C-1 | | |
| | |
TEV/ Adj. EBITDA
|
| |||||||||
| | |
2024E
|
| |
2025E
|
| ||||||
Selected Connected Home Companies | | | | | | | | | | | | | |
Legrand S.A. (“Legrand”)
|
| | | | 14.7x | | | | | | 13.9x | | |
Logitech International S.A.
|
| | | | 17.5x | | | | | | 15.6x | | |
Ubiquiti Inc.
|
| | | | 13.6x | | | | | | 12.1x | | |
Alarm.com Holdings, Inc.
|
| | | | 21.3x | | | | | | 19.8x | | |
Sonos, Inc. (“Sonos”)
|
| | | | 12.4x | | | | | | 9.4x | | |
Selected Residential / Commercial Product Distribution Companies | | | | | | | | | | | | | |
Watsco, Inc.
|
| | | | 20.4x | | | | | | 18.3x | | |
Pool Corporation
|
| | | | 20.0x | | | | | | 18.3x | | |
SiteOne Landscape Supply, Inc.
|
| | | | 18.9x | | | | | | 17.2x | | |
Beacon Roofing Supply, Inc.
|
| | | | 9.6x | | | | | | 9.1x | | |
Selected Technology / Electronics Distribution Companies | | | | | | | | | | | | | |
CDW Corporation
|
| | | | 17.4x | | | | | | 16.2x | | |
WESCO International, Inc.
|
| | | | 7.9x | | | | | | 7.4x | | |
Arrow Electronics, Inc.
|
| | | | 7.9x | | | | | | 6.5x | | |
Rexel S.A.
|
| | | | 7.1x | | | | | | 6.8x | | |
Avnet, Inc.
|
| | | | 7.9x | | | | | | 7.0x | | |
Resideo
|
| | | | 7.0x | | | | | | 6.3x | | |
The Company (Wall Street Research)
|
| | | | 9.7x | | | | | | 8.9x | | |
The Company (Management)
|
| | | | 9.3x | | | | | | 7.8x | | |
|
Implied Per Share Reference Ranges Based On:
|
| |
Merger Consideration
|
| |||||||||
|
CY2024E Adj. EBITDA
|
| |
CY2025E Adj. EBITDA
|
| | | | | | | |||
|
$8.47 – $13.25
|
| | | $ | 9.37 – $15.08 | | | | | $ | 10.75 | | |
Announcement Date
|
| |
Target
|
| |
Acquirer
|
| |
Group
|
| |
TEV/ LTM
EBITDA |
|
May 2023 | | |
Wasco Holding B.V.
|
| |
Rexel S.A.
|
| |
Distribution
|
| |
9.2x
|
|
December 2022 | | |
Vivint Smart Home, Inc.
|
| |
NRG Energy, Inc.
|
| |
Product
|
| |
7.2x
|
|
November 2022 | | |
Somfy SA
|
| |
Despature Family
|
| |
Product
|
| |
13.1x
|
|
February 2022 | | |
Sound United, LLC
|
| |
Masimo Corporation
|
| |
Product
|
| |
8.2x
|
|
February 2022 | | |
First Alert, Inc.
|
| |
Resideo Technologies, Inc.
|
| |
Product
|
| |
9.9x
|
|
December 2021 | | |
Hunter Douglas N.V.
|
| |
3G Capital Partners LP
|
| |
Product
|
| |
8.1x
|
|
March 2021 | | |
Tech Data Corporation
|
| |
SYNNEX Corporation
|
| |
Distribution
|
| |
8.4x
|
|
December 2019 | | |
Anixter International Inc.
|
| |
WESCO International, Inc.
|
| |
Distribution
|
| |
9.6x
|
|
November 2019 | | |
Tech Data Corporation
|
| |
Apollo Global Management, Inc.
|
| |
Distribution
|
| |
6.9x
|
|
May 2019 | | |
Control4 Corporation
|
| |
Snap One Holdings Corp. (f/k/a Wirepath Home Systems, LLC) / Hellman & Friedman
|
| |
Product
|
| |
13.0x
|
|
Announcement Date
|
| |
Target
|
| |
Acquirer
|
| |
Group
|
| |
TEV/ LTM
EBITDA |
| | | | ||||||
| | | | | |
LLC
|
| | | | | | | | | | ||||||
June 2019 | | |
PCM, Inc.
|
| |
Insight Enterprises, Inc.
|
| |
Distribution
|
| |
9.0x
|
| | | | ||||||
November 2018 | | |
ARRIS International plc
|
| |
CommScope Holding Company, Inc.
|
| |
Product
|
| |
8.7x
|
| | | | ||||||
February 2018 | | |
Avigilon Corporation
|
| |
Motorola Solutions, Inc.
|
| |
Product
|
| |
16.5x
|
| | | | ||||||
November 2016 | | |
Harman International Industries, Incorporated
|
| |
Samsung Electronics Co., Ltd.
|
| |
Product
|
| |
9.8x
|
| | | | ||||||
April 2016 | | |
Rovi Corporation
|
| |
TiVo Inc.
|
| |
Product
|
| |
11.1x
|
| | | | ||||||
August 2014 | | |
Tri-Northern Acquisition Holdings, Inc.
|
| |
Anixter International Inc.
|
| |
Distribution
|
| |
11.7x
|
| | | | ||||||
All Selected Precedent Product Transactions | | | | | | |||||||||||||||||
Median (Product) | | | | | | | | | | | |
9.9x
|
| | | | ||||||
Mean (Product) | | | | | | | | | | | |
10.6x
|
| | | | ||||||
All Selected Precedent Distribution Transactions | | | | | | | | | | | | | | |||||||||
Median (Distribution) | | | | | | | | | | | |
9.4x
|
| | | | ||||||
Mean (Distribution) | | | | | | | | | | | |
9.4x
|
| | | | ||||||
All Selected Precedent Transactions | | | | | | | | | | | | | | |||||||||
Overall Median | | | | | | | | | | | |
9.6x
|
| | | | ||||||
Overall Mean | | | | | | | | | | | |
10.1x
|
| | | |
|
Implied Per Share Reference Range Based On:
|
| |
Merger Consideration
|
| |||
|
LTM Adj. EBITDA
|
| | | | | | |
|
$7.06 – $11.36
|
| | | $ | 10.75 | | |
|
Implied Per Share Reference Range
|
| |
Merger Consideration
|
| |||
|
$9.12 – $15.68
|
| | | $ | 10.75 | | |
Announcement
Month and Year |
| |
Acquiror
|
| |
Target
|
|
Smart Living | | | | | | | |
May 2019 | | |
Wirepath Home Systems, LLC
d/b/a SnapAV |
| | Control4 Corporation | |
February 2022 | | | Resideo Technologies, Inc. | | | First Alert, Inc. | |
February 2022 | | | Masimo Corporation | | | Viper Holdings Corporation d/b/a Sound United, LLC | |
Distribution | | | | | | | |
August 2014 | | | Anixter Inc. | | | Tri-Northern Acquisition Holdings, Inc. | |
June 2019 | | | Insight Enterprises, Inc. | | | PCM, Inc. | |
January 2020 | | | WESCO International, Inc. | | | Anixter International Inc. | |
November 2020 | | | American Securities LLC | | | Foundation Building Materials, Inc. | |
December 2020 | | | American Securities LLC | | | Beacon Roofing Supply, Inc. | |
January 2021 | | | Clayton, Dubilier & Rise, LLC | | | Wolseley UK Limited | |
September 2021 | | | TopBuild Corp. | | | DI Super Holdings, Inc. | |
September 2021 | | | Specialty Building Products, LLC | | | Reeb Millwork Corporation | |
May 2022 | | | Beijer Ref AB (publ) | | | Heritage Distribution Holdings | |
March 2023 | | | Distribution Solutions Group, Inc. | | | HIS Company, Inc. | |
May 2023 | | | Rexel S.A. | | | Wasco Holding B.V. | |
July 2023 | | | TopBuild Corp. | | | SPI LLC d/b/a Specialty Products & Insulation | |
Management Projections – Base Case (“Base Case Projections”)
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales(1)
|
| | | $ | 1,157 | | | | | $ | 1,233 | | | | | $ | 1,327 | | | | | $ | 1,430 | | | | | $ | 1,540 | | |
Contribution Margin(2)
|
| | | $ | 493 | | | | | $ | 529 | | | | | $ | 571 | | | | | $ | 616 | | | | | $ | 663 | | |
Contribution Margin %
|
| | | | 42.6% | | | | | | 42.9% | | | | | | 43.1% | | | | | | 43.1% | | | | | | 43.0% | | |
Adjusted EBITDA(3)
|
| | | $ | 130 | | | | | $ | 155 | | | | | $ | 178 | | | | | $ | 188 | | | | | $ | 200 | | |
Adjusted EBITDA Margin %
|
| | | | 11.2% | | | | | | 12.6% | | | | | | 13.4% | | | | | | 13.1% | | | | | | 13.0% | | |
Summary Unlevered Free Cash Flow – Base Case
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
9M 2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales
|
| | | $ | 889 | | | | | $ | 1,233 | | | | | $ | 1,327 | | | | | $ | 1,430 | | | | | $ | 1,540 | | |
Adjusted EBITDA
|
| | | $ | 106 | | | | | $ | 155 | | | | | $ | 178 | | | | | $ | 188 | | | | | $ | 200 | | |
Adjusted EBIT(4)
|
| | | $ | 75 | | | | | $ | 120 | | | | | $ | 139 | | | | | $ | 147 | | | | | $ | 148 | | |
Unlevered Free Cash Flow(5)
|
| | | $ | 64 | | | | | $ | 79 | | | | | $ | 96 | | | | | $ | 104 | | | | | $ | 116 | | |
Tax Attribute Utilization Projections(5)
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
9M 2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Realized Tax Benefit
|
| | | $ | 16.0 | | | | | $ | 15.9 | | | | | $ | 11.8 | | | | | $ | 11.8 | | | | | $ | 10.2 | | |
Tax Receivable Agreement Payment
|
| | | $ | 13.6 | | | | | $ | 13.6 | | | | | $ | 10.0 | | | | | $ | 10.0 | | | | | $ | 8.7 | | |
Tax Receivable Agreement Benefit(6)
|
| | | $ | 2.4 | | | | | $ | 2.4 | | | | | $ | 1.8 | | | | | $ | 1.8 | | | | | $ | 1.5 | | |
R&D Tax Credits
|
| | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | | | | $ | 2.0 | | |
Total Tax Benefits
|
| | | $ | 4.4 | | | | | $ | 4.4 | | | | | $ | 3.8 | | | | | $ | 3.8 | | | | | $ | 3.5 | | |
Value Creation Plan Forecast Summary
|
| ||||||||||||||||||||||||||||||
$ in millions
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |
2028E
|
| |||||||||||||||
Net Sales
|
| | | $ | 1,197 | | | | | $ | 1,342 | | | | | $ | 1,502 | | | | | $ | 1,678 | | | | | $ | 1,870 | | |
Contribution Margin
|
| | | $ | 515 | | | | | $ | 588 | | | | | $ | 666 | | | | | $ | 754 | | | | | $ | 849 | | |
Adjusted EBITDA(6)
|
| | | $ | 144 | | | | | $ | 180 | | | | | $ | 217 | | | | | $ | 262 | | | | | $ | 312 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Perquisites/ Benefits(3)
($) |
| |
Other
($)(4) |
| |
Total
($) |
| |||||||||||||||
John Heyman
|
| | | | 4,180,312.50 | | | | | | 8,881,983.25 | | | | | | 44,855.04 | | | | | | 1,837,500.00 | | | | | | 14,944,650.79 | | |
Mike Carlet
|
| | | | 1,179,375.00 | | | | | | 2,685,210.25 | | | | | | 36,399.24 | | | | | | 1,286,250.00 | | | | | | 5,187,234.49 | | |
GPaul Hess
|
| | | | 1,096,125.00 | | | | | | 2,288,277.25 | | | | | | 33,641.28 | | | | | | 730,750.00 | | | | | | 4,148,793.53 | | |
| | |
RSUs
|
| |
PSUs
|
| |
Restricted Shares
|
| |||||||||||||||||||||||||||
Name
|
| |
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| ||||||||||||||||||
John Heyman
|
| | | | 357,295 | | | | | | 3,840,921.25 | | | | | | 466,190.00 | | | | | $ | 5,011,542.50 | | | | | | 2,746 | | | | | | 29,519.50 | | |
Michael Carlet
|
| | | | 128,927 | | | | | | 1,385,965.25 | | | | | | 119,770.00 | | | | | $ | 1,287,527.50 | | | | | | 1,090 | | | | | | 11,717.50 | | |
GPaul Hess
|
| | | | 112,446 | | | | | | 1,208,794.50 | | | | | | 99,148.00 | | | | | $ | 1,065,841.00 | | | | | | 1,269 | | | | | | 13,641.75 | | |
| | |
Shares Beneficially Owned
|
| |||||||||
Name of Beneficial Owner
|
| |
Shares
|
| |
Percentage
|
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
H&F Investors(1)
|
| | | | 55,424,435 | | | | | | 72.4% | | |
FPR Partners, LLC(2)
|
| | | | 7,537,800 | | | | | | 9.9% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
John Heyman(3)
|
| | | | 1,956,651 | | | | | | 2.53% | | |
Michael Carlet(4)
|
| | | | 549,461 | | | | | | * | | |
GPaul Hess(5)
|
| | | | 355,564 | | | | | | * | | |
Erik Ragatz(6)
|
| | | | — | | | | | | — | | |
Jacob Best(6)
|
| | | | — | | | | | | — | | |
Annmarie Neal(6)
|
| | | | — | | | | | | — | | |
Tom Hendrickson(7)
|
| | | | 29,868 | | | | | | * | | |
Adalio Sanchez(8)
|
| | | | 43,145 | | | | | | * | | |
Amy Steel Vanden-Eykel(9)
|
| | | | 34,567 | | | | | | — | | |
Kenneth R. Wagers III(10)
|
| | | | 38,379 | | | | | | * | | |
All directors and executive officers as a group (14 Persons)(11)
|
| | | | 3,782,665 | | | | | | 4.83% | | |
| | |
Page
|
| |||
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-1 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
| | | | A-5 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-10 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-15 | | | |
| | | | A-16 | | | |
| | | | A-18 | | | |
| | | | A-18 | | | |
| | | | A-20 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-23 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | |
| | |
Page
|
| |||
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-27 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-33 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-40 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-47 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-52 | | | |
| | | | A-52 | | |
| | |
Page
|
| |||
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-54 | | | |
| | | | A-55 | | | |
| | | | A-64 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | |
| | |
Page
|
|
Acceptable Confidentiality Agreement
|
| |
73
|
|
Adverse Recommendation Change
|
| |
45
|
|
Affiliate
|
| |
73
|
|
Affiliate Transaction
|
| |
73
|
|
Agreement
|
| |
1
|
|
Alternative Financing
|
| |
60
|
|
Ancillary Documents
|
| |
73
|
|
Antitrust Laws
|
| |
73
|
|
Appraisal Shares
|
| |
3
|
|
Authorizations
|
| |
27
|
|
Bankruptcy and Equity Exception
|
| |
14
|
|
Book-Entry Shares
|
| |
4
|
|
Business Day
|
| |
73
|
|
Certificate of Merger
|
| |
2
|
|
Certificates
|
| |
4
|
|
Chosen Courts
|
| |
87
|
|
Closing
|
| |
2
|
|
Closing Date
|
| |
2
|
|
Code
|
| |
73
|
|
Commitment Letters
|
| |
36
|
|
Company
|
| |
1
|
|
Company 401(k) Plan
|
| |
74
|
|
Company Acquisition Agreement
|
| |
44
|
|
Company Balance Sheet
|
| |
16
|
|
Company Benefit Plan
|
| |
74
|
|
Company Board
|
| |
1
|
|
Company Bonus Program
|
| |
54
|
|
Company Bylaws
|
| |
11
|
|
Company Charter
|
| |
11
|
|
Company Common Stock
|
| |
1
|
|
Company Disclosure Letter
|
| |
10
|
|
Company Equity Awards
|
| |
74
|
|
Company ESPP
|
| |
74
|
|
Company Intellectual Property
|
| |
74
|
|
Company Material Adverse Effect
|
| |
74
|
|
Company PSU
|
| |
75
|
|
Company Recommendation
|
| |
14
|
|
Company Restricted Share
|
| |
76
|
|
Company RSU
|
| |
76
|
|
Company SEC Documents
|
| |
15
|
|
Company Service Provider
|
| |
76
|
|
| | |
Page
|
|
Company Stock Option
|
| |
76
|
|
Company Stock Plans
|
| |
76
|
|
Company Stockholder Approval
|
| |
14
|
|
Company Takeover Proposal
|
| |
76
|
|
Company Termination Fee
|
| |
70
|
|
Compensation Committee
|
| |
76
|
|
Confidentiality Agreement
|
| |
49
|
|
Consent
|
| |
77
|
|
Continuing Employee
|
| |
53
|
|
Contract
|
| |
77
|
|
Converted PSU
|
| |
7
|
|
Converted RSU
|
| |
7, 8
|
|
COVID-19
|
| |
77
|
|
COVID-19 Response
|
| |
77
|
|
Credit Agreement
|
| |
77
|
|
Debt Commitment Letter
|
| |
36
|
|
Debt Documents
|
| |
61
|
|
Debt Financing
|
| |
77
|
|
Debt Financing Commitment
|
| |
36
|
|
Debt Financing Sources
|
| |
77
|
|
Debt Financing Sources Related Party
|
| |
77
|
|
DGCL
|
| |
1
|
|
DOJ
|
| |
50
|
|
Effective Time
|
| |
2
|
|
Electronic Delivery
|
| |
85
|
|
Enforcement Expenses
|
| |
71
|
|
Environmental Laws
|
| |
77
|
|
Equity Commitment Letter
|
| |
36
|
|
Equity Financing
|
| |
78
|
|
Equity Financing Sources
|
| |
78
|
|
ERISA
|
| |
21
|
|
ERISA Affiliate
|
| |
78
|
|
Exchange Act
|
| |
78
|
|
Exchange Fund
|
| |
4
|
|
Exchange Ratio
|
| |
78
|
|
Excluded Shares
|
| |
3
|
|
FDI Laws
|
| |
78
|
|
Fee Letter
|
| |
36
|
|
Financing Agreement
|
| |
78
|
|
FIRPTA Certificate
|
| |
64
|
|
FTC
|
| |
50
|
|
Governmental Entity
|
| |
15
|
|
Hazardous Materials
|
| |
78
|
|
| | |
Page
|
|
HSR Act
|
| |
15
|
|
Indebtedness
|
| |
78
|
|
Indemnified Persons
|
| |
55
|
|
Information Statement
|
| |
47
|
|
Intellectual Property
|
| |
79
|
|
Intervening Event
|
| |
79
|
|
IT Assets
|
| |
79
|
|
Judgments
|
| |
26
|
|
knowledge
|
| |
79
|
|
Law
|
| |
79
|
|
Lease
|
| |
23
|
|
Leased Real Property
|
| |
79
|
|
Leases
|
| |
23
|
|
Legal Restraints
|
| |
66
|
|
Liens
|
| |
79
|
|
Listed Intellectual Property
|
| |
28
|
|
Malicious Code
|
| |
30
|
|
Material Contract
|
| |
24
|
|
Material Customer
|
| |
25
|
|
Material Supplier
|
| |
26
|
|
Measurement Date
|
| |
11
|
|
Merger
|
| |
1
|
|
Merger Consideration
|
| |
3
|
|
Merger Sub
|
| |
1
|
|
Multiemployer Plan
|
| |
80
|
|
New Plans
|
| |
53
|
|
Non-US Company Plan
|
| |
22
|
|
Notice of Adverse Recommendation Change
|
| |
46
|
|
Open Source Software
|
| |
80
|
|
Outside Date
|
| |
68
|
|
Parent
|
| |
1
|
|
Parent Common Stock
|
| |
80
|
|
Parent Common Stock Value
|
| |
80
|
|
Parent Equity Plan
|
| |
80
|
|
Parent Material Adverse Effect
|
| |
80
|
|
Parent Related Party
|
| |
80
|
|
Paying Agent
|
| |
4
|
|
Payoff Letter
|
| |
58
|
|
Permitted Liens
|
| |
80
|
|
Person
|
| |
81
|
|
Personal Data
|
| |
81
|
|
Phantom Equity Interests
|
| |
81
|
|
Phantom Option
|
| |
81
|
|
| | |
Page
|
|
Pre-Closing Bonus Period
|
| |
54
|
|
Principal Stockholders
|
| |
82
|
|
Privacy and Data Security Requirements
|
| |
82
|
|
Proceeding
|
| |
26
|
|
Process
|
| |
82
|
|
Processing
|
| |
82
|
|
Proprietary Software
|
| |
29
|
|
Qualifying Company Takeover Proposal
|
| |
45
|
|
Remedial Action
|
| |
52
|
|
Representatives
|
| |
82
|
|
Required Information
|
| |
82
|
|
Required Regulatory Approvals
|
| |
82
|
|
Sanctioned Jurisdiction
|
| |
82
|
|
Sanctioned Person
|
| |
82
|
|
Sanctions
|
| |
83
|
|
SEC
|
| |
83
|
|
Section 262
|
| |
3
|
|
Securities Act
|
| |
83
|
|
Senior Employee
|
| |
41
|
|
Sponsor Director
|
| |
56
|
|
Stockholders Agreement
|
| |
12
|
|
Subsidiary
|
| |
83
|
|
Superior Proposal
|
| |
83
|
|
Support Agreement
|
| |
1
|
|
Surviving Corporation
|
| |
2
|
|
Tax Return
|
| |
83
|
|
Taxes
|
| |
83
|
|
Taxing Authority
|
| |
83
|
|
TRA
|
| |
84
|
|
TRA Parties
|
| |
84
|
|
TRA Waiver
|
| |
58
|
|
Trade Control Laws
|
| |
84
|
|
Transactions
|
| |
84
|
|
Unvested Company RSU
|
| |
7, 8
|
|
Vested Company RSU
|
| |
6, 8
|
|
Voting Company Debt
|
| |
12
|
|
Voting Subsidiary Debt
|
| |
13
|
|
willful and material breach
|
| |
70
|
|
Written Consent
|
| |
47
|
|
| Exhibits | | | | |
| Exhibit A | | | Form of Written Consent | |
| Exhibit B | | | Form of FIRPTA Certificate | |
Exhibit 107
Calculation of Filing Fee Tables
Schedule 14C
(Form Type)
SNAP ONE HOLDINGS CORP.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed
Maximum Aggregate Value of Transaction |
Fee Rate | Amount of Filing Fee | |
Fees to Be Paid | $877,938,428.25(1)(2)(3) | 0.00014760 |
$129,583.71(4) |
Fees Previously Paid | $0 | $0 | |
Total Transaction Valuation | $877,938,428.25 | ||
Total Fees Due for Filing | $129,583.71 | ||
Total Fees Previously Paid | $0 | ||
Total Fee Offsets | $0 | ||
Net Fee Due | $129,583.71 |
1. | Title of each class of securities to which transaction applies: Snap One Holdings Corp. common stock, par value $0.01 per share (“Common Stock”). |
2. | In accordance with Exchange Act Rule 0-11 and solely for the purpose of calculating the filing fee, the aggregate number of securities to which the transaction applies is estimated to be 81,668,691 shares of Common Stock in the aggregate, consisting of (a) 76,535,644 shares of Common Stock outstanding (which includes 61,543 restricted shares of Common Stock); (b) 3,566,810 shares of Common Stock underlying time-based restricted stock units (excluding Phantom RSUs (as defined below)); (c) 1,542,760 shares of Common Stock underlying performance-based restricted stock units (“PSUs”) (assuming achievement of any applicable performance criteria at actual performance levels for PSUs for which the performance period has been completed as of May 10, 2024 and at maximum levels for all other PSUs); and (d) 23,477 shares of Common Stock related to cash-settled restricted stock units (“Phantom RSUs”). |
3. | In accordance with Exchange Act Rule 0-11 and solely for the purpose of calculating the filing fee, the proposed maximum aggregate value of the transaction was calculated, as of May 10, 2024, based on the sum of (a) 76,535,644 shares of Common Stock outstanding multiplied by $10.75 per share; (b) 3,566,810 shares of Common Stock underlying time-based restricted stock units (excluding Phantom RSUs) multiplied by $10.75 per share; (c) 1,542,760 PSUs (assuming achievement of any applicable performance criteria at actual performance levels for PSUs for which the performance period has been completed as of May 10, 2024 and at maximum levels for all other PSUs) multiplied by $10.75 per share; and (d) 23,477 shares of Common Stock related to Phantom RSUs multiplied by $10.75 per share. |
4. | In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined as the product of the proposed maximum aggregate value of the transaction as calculated in note (3) above multiplied by 0.00014760. |
Table 2: Fee Offset Claims and Sources
Registrant
or Filer Name |
Form or Filing Type |
File Number | Initial
Filing Date |
Filing Date | Fee
Offset Claimed |
Fee
Paid | |
Fee
Offset Claims |
— | — | — | — | — | — | — |
Fee
Offset Sources |
— | — | — | — | — | — | — |