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FOCUS Government,
Aerospace and Defense Group
Q2 2014 Report
Vol. 7, No. 2
In this Issue
Seasoned, Systematic, Successful
SM
2 Thales Avionics Acquires
LiveTV from JetBlue
Investment Banking and Advisory Services
The FOCUS government, aerospace, and defense practice
provides three highly tailored investment banking services to
emerging middle market and larger GAD sector firms:
Sellside Engagements
Buyside Engagements
Capital Formation
M&A Activity in the
GAD Sector
3 Performance: S&P 500
vs. GAD
GOVERNMENT Sector Q2
2014
4 AEROSPACE Sector Q2
2014
DEFENSE Sector Q2 2014
5 Selected GAD Transactions
Q1 and Q2 2014
7 Recent FOCUS GAD
Transactions
9 FOCUS GAD Team
Thales Avionics Inc. Acquires LiveTV, LLC from
JetBlue Airways for $399m
LiveTV, LLC was founded in 1997 and provides in-flight
satellite entertainment and connectivity solutions for commercial airlines in over 700 aircraft in the United States and
internationally. These solutions offer multiple channels of
stored content, such as movies, television series, and sporting
events; regional and global live television solutions; wireless
video; regional satellite radio; as well as connectivity services.
With over 500 employees, it is estimated that the Floridabased company is projected to have revenues of over $150m
in 2014.
Thales Avionics, Inc., a subsidiary of Thales SA, is an avionics and electronics specialist, serving customers such as Boeing, Airbus, and Dassault. With the acquisition of LiveTV,
LLC, Thales has strengthened their inflight entertainment
center (IFEC) product and service offerings with connectivity as a key value proposition.
As part of this transaction, JetBlue Airways has entered into
a long-term agreement with LiveTV, LLC to continue providing support for its live TV and inflight connectivity product, Fly-Fi.
The largest competitors in the IFEC market continue to be
Panasonic Avionics serving over 3,700 aircraft, with revenue
of approximately $861m and Gogo Inc. serving over 2,000
aircraft and an additional 395 under contract, with revenue
of approximately $353m. The continued focus on wireless
enabled IFEC demonstrates the substantial opportunity for
airlines in creating new, sustainable revenue streams. (March
13, 2014)
M&A Activity in the GAD Sector
GAD M&A Transactions by Quarter (Q1 2013 to Q2 2014)
35
■ Government
■ Aerospace
■ Defense
Number of Transactions
30
25
20
15
10
5
0
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Source: Capital IQ
www.focusbankers.com/GAD
2
Atlanta • Los Angeles • Washington, DC
Q2 2014
Performance: S&P 500 vs. GAD (7/1/13-6/30/14)
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
Ju
lJu 08-2
l- 0
Ju 17-2 13
l
Au -26 013
g- -20
Au 06- 13
g 2
Au -15- 013
g 2
Se -26- 013
p- 20
Se 05- 13
p 2
Se -16- 013
p- 20
Oc 25- 13
t- 20
Oc 04- 13
t- 20
Oc 15- 13
t 2
No -24- 013
v 2
No -04- 013
v 2
No -13- 013
v 2
De -22- 013
c 2
De -04- 013
c 2
De -13- 013
c- 2
Ja 24- 013
n- 20
Ja 06- 13
n- 2
Ja 15- 014
n 2
Fe -27- 014
b- 20
Fe 05- 14
b- 2
Fe 14- 014
b- 2
Ma 26- 014
r 2
Ma -07- 014
r 2
Ma -18- 014
r- 2
Ap 27- 014
r-0 20
Ap 7- 14
r- 20
Ap 16- 14
r 2
Ma -28 014
y -2
Ma -07 014
y -2
Ma -16 014
y- -2
Ju 28- 014
n- 2
Ju 06- 014
n- 2
Ju 17- 014
n- 20
26 14
-2
01
4
-10.00%
■ GAD Government Group (Market Cap)—Index Value
■ GAD Aerospace Group (Market Cap)—Index Value
■ GAD Defense Group (Market Cap)—Index Value
■ S&P 500 Index (^SPX)—Index Value
GOVERNMENT Sector Q2 2014
Stock Price Date
7/7/14
Total Enterprise Value
Latest ($ million)
Company Name
American Science & Engineering Inc.
(NasdaqGS:ASEI)
CACI International Inc. (NYSE:CACI)
MAXIMUS, Inc. (NYSE:MMS)
NCI, Inc. (NasdaqGS:NCIT)
NIC Inc. (NasdaqGS:EGOV)
The KEYW Holding Corporation
(NasdaqGS:KEYW)
Versar Inc. (AMEX:VSR)
Summary Statistics
High
Low
Mean
Median
LTM Total
Revenue
($ million)
LTM EBITDA
($ million)
GOVERNMENT
TEV/Total
Revenues LTM
—Latest
TEV/EBITDA
LTM—
Latest
LTM Period
Date (Used for
LTM Figures)
$405.1
$190.2
$28.1
2.1X
14.4X
3/31/2014
$2,919.7
$2,780.3
$120.4
$965.1
$3,571.8
$1,564.3
$329.9
$253.5
$328.5
$253.9
$18.0
$65.7
0.8X
1.8X
0.4X
3.8X
8.9X
11.0X
6.7X
14.7X
3/31/2014
3/31/2014
3/31/2014
3/31/2014
$587.0
$284.7
$16.4
2.1X
35.8X
3/31/2014
$27.6
$110.5
$1.2
0.2X
23.0X
3/28/2014
$2,919.7
$27.6
$1,115.0
$587.0
$3,571.8
$110.5
$900.7
$284.7
$328.5
$1.2
$101.7
$28.1
3.8X
0.2X
1.6X
1.8X
35.8X
7.5X
16.3X
14.4X
Source: Capital IQ; stock prices as of 7/7/2014
www.focusbankers.com/GAD
3
Atlanta • Los Angeles • Washington, DC
AEROSPACE Sector Q2 2014
Stock Price Date
7/7/14
Company Name
Total Enterprise Value
Latest ($ million)
AAR Corp. (NYSE:AIR)
Astronics Corporation (NasdaqGS:ATRO)
CPI Aerostructures Inc. (AMEX:CVU)
Esterline Technologies Corp. (NYSE:ESL)
Gilat Satellite Networks Ltd.
(NasdaqGS:GILT)
HEICO Corp. (NYSE:HEI)
LMI Aerospace Inc. (NasdaqGS:LMIA)
Orbital Sciences Corp. (NYSE:ORB)
Triumph Group, Inc. (NYSE:TGI)
ViaSat Inc. (NasdaqGS:VSAT)
Summary Statistics
High
Low
Mean
Median
AEROSPACE
LTM Period
TEV/EBITDA
Date (Used for
LTM—
LTM Figures)
Latest
8.4X
2/28/2014
17.4X
3/29/2014
11.0X
3/31/2014
11.4X
5/2/2014
$196.3
$75.0
$12.5
$367.9
TEV/Total
Revenues LTM
—Latest
0.8X
3.2X
1.6X
2.1X
$220.3
$10.5
0.9X
18.1X
3/31/2014
$3,656.8
$461.0
$1,558.4
$5,095.3
$3,295.5
$1,103.6
$402.2
$1,353.7
$3,763.3
$1,351.5
$240.0
$43.1
$147.5
$601.6
$177.3
3.3X
1.1X
1.2X
1.4X
2.4X
15.2X
10.7X
10.6X
8.5X
18.6X
4/30/2014
3/31/2014
3/31/2014
3/31/2014
4/04/2014
$5,095.3
$137.5
$2,154.1
$1,602.0
$3,763.3
$84.9
$1,281.7
$1,227.6
$601.6
$10.5
$187.2
$162.4
3.3X
0.8X
1.8X
1.5X
18.6X
8.4X
13.0X
11.2X
$1,645.5
$1,303.6
$137.5
$4,197.7
LTM Total
Revenue
($ million)
$2,083.4
$406.9
$84.9
$2,046.8
$190.1
LTM EBITDA
($ million)
Source: Capital IQ; stock prices as of 7/7/2014
DEFENSE Sector Q2 2014
Stock Price Date
7/7/14
Company Name
Total Enterprise Value
Latest ($ million)
AeroVironment, Inc. (NasdaqGS:AVAV)
Breeze-Eastern Corporation (AMEX:BZC)
Cubic Corporation (NYSE:CUB)
Ducommun Inc. (NYSE:DCO)
Dynamics Research Corporation
(NasdaqGM:DRCO)
GenCorp Inc. (NYSE:GY)
Kratos Defense & Security Solutions, Inc.
(NasdaqGS:KTOS)
ManTech International Corporation
(NasdaqGS:MANT)
Summary Statistics
High
Low
Mean
Median
DEFENSE
LTM Period
TEV/EBITDA
Date (Used for
LTM—
LTM Figures)
Latest
61.1X
1/25/2014
11.8X
3/31/2014
12.5X
3/31/2014
7.5X
3/29/2014
$8.9
$9.6
$97.6
$78.7
TEV/Total
Revenues LTM
—Latest
2.3X
1.3X
0.9X
0.8X
$1,469.1
$109.2
1.1X
15.2X
2/28/2014
$1,041.0
$897.9
$66.8
1.2X
15.6X
3/30/2014
$1,027.2
$2,116.1
$155.0
0.5X
6.6X
3/31/2014
$1,001.8
$2,440.4
$144.8
0.4X
5.7X
9/30/13
$1,657.7
$113.6
$884.4
$1,027.2
$2,116.1
$85.9
$983.1
$897.9
$155.0
$8.9
$75.1
$78.7
2.3X
0.5X
1.2X
1.1X
61.1X
6.6X
18.6X
12.5X
$543.8
$113.6
$1,220.9
$586.8
LTM Total
Revenue
($ million)
$232.3
$85.9
$1,339.6
$740.5
$1,657.7
LTM EBITDA
($ million)
Source: Capital IQ; stock prices as of 7/7/2014
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4
Atlanta • Los Angeles • Washington, DC
M&A Activity in the GAD Sector
Selected GAD Transactions Q1 and Q2 2014*
GOVERNMENT
Vector Capital Acquires CollabNet, Inc.
Trowbridge & Trowbridge, LLC Acquires Assets
from EMW, Inc.
ManTech International Corp. Acquires 7Delta, Inc.
AEROSPACE
Dixie Aerospace, LLC Acquires Flight Line
Products, LLC
Vector Capital has acquired CollabNet, Inc., the provider
of public SaaS and onsite cloud developer tools, services,
and infrastructure to the Department of Defense and
cabinet level agencies, from Norwest Venture Partners,
Benchmark Capital, Intel Capital and other shareholders.
( January 1, 2014)
Trowbridge & Trowbridge, LLC has acquired assets
related to the GSA Alliant Small Business Contract from
EMW, Inc. This contract is a multiple award IDIQ to
provide federal government agencies with integrated information technology solutions. ( June 5, 2014)
ManTech International Corp. has acquired 7Delta, Inc., a
provider of information technology services to the civilian
and defense sectors of the U.S. Government for an undisclosed amount. 7Delta will be integrated into ManTech’s
Mission Solutions & Services Group. (April 30, 2014)
Dixie Aerospace, LLC, a Wencor Group company, has
acquired Flight line Products, LLC for an undisclosed
amount. Flight Line Products, LLC is a producer of interior products for the commercial airline industry and will
support Wencor Group’s focus on complete aircraft seat
MRO services and capabilities. ( January 1, 2014)
SafetyCare Technologies, LLC Acquires Avalon
Technology, Inc.
SafetyCare Technologies, LLC has acquired Avalon
Technology, Inc., a provider of mobile computing and
telecommunications services to the U.S. Army, Department of Justice (DOJ), Federal Deposit Insurance Corporation (FDIC), Department of Veterans Affairs (VA),
U.S. Department of Agriculture (USDA), Department of
Transportation (DOT), U.S. Customs and Border Protection (CBP), and other government agencies. (May 7, 2014)
Dovel Technologies, Inc. Acquires RN
Solutions, Inc.
The management of Lee Aerospace Inc. has acquired the
company in a management buyout for $23m. Lee Aerospace is a manufacturer and distributor of aircraft windows,
frost panes, aircraft recognition light lenses, flight deck,
wing spars, sheet metal assemblies, and cured composite
parts. ( January 29, 2014)
Arotech Corporation Acquires UEC
Electronics, LLC
Arotech Corp. has acquired UEC Electronics, LLC, a provider of designs, development, prototypes, and manufacturing of electronic components and subsystems for the
military, aerospace, and industrial markets for $41.54m.
(April 1, 2014)
Dovel Technologies, Inc. has acquired RN Solutions, Inc.,
a federal contractor providing information technology services. This acquisition will strengthen Dovel Technologies’
current footprint in the Federal Health IT space. (May 12,
2014)
Costar Technologies, Inc. Acquires CohuHD, Inc.
Costar Technologies, Inc. has acquired CohuHD, Inc. for
$9.5m cash with a $0.5m earn-out. This acquisition will
increase Costar’s current offering in the specialty surveillance camera and hardware segment, with CohuHD’s 30x
optical zoom cameras, machine vision rugged cameras, and
long-range cameras. ( June 4, 2014)
www.focusbankers.com/GAD
Lee Aerospace Inc. Acquired by Management
5
Accurus Aerospace Corp. Acquires McCann
Aerospace Machining Corp.
Accurus Aerospace Corp. has acquired McCann Aerospace
Machining Corp., a specialized manufacturer of thin wall
aluminum monolithic parts, hard metals, and complex titanium components. It serves aerospace and defense contractors in North America, Europe, and Asia. (April 2, 2014)
Atlanta • Los Angeles • Washington, DC
GAL Aerospace Corp. Acquires AeroQuest Inc.
Zodiac Aerospace Acquires Greenpoint
Technologies, Inc.
GAL Aerospace Corp. has acquired AeroQuest Inc., a
designer and manufacturer of aircraft interior components,
such as showers, countertops, window shades, cabinetry,
and wall paneling. AeroQuest will operate as a subsidiary
of GAL Aerospace Corp. (April 3, 2014)
Zodiac Aerospace has acquired Greenpoint Technologies,
Inc. for an undisclosed amount. Greenpoint provides VIP
interior completions and modifications for Boeing aircraft. The company serves high net-worth individuals and
Heads-of-State. ( June 5, 2014)
Roberts Tool Company, Inc. Acquires Excel
Manufacturing, Inc.
Lockheed Martin Corp. Acquires Deposition
Sciences, Inc.
Roberts Tool Company, Inc. has acquired Excel Manufacturing, Inc., a manufacturer of fixed-wing and rotary aircraft hydraulic actuators and control system components.
Excel will continue to operate as a subsidiary of Roberts
Tool Company. (April 9, 2014)
Lockheed Martin Corp. has acquired Deposition Sciences,
Inc. from Advanced Lighting Technologies. Deposition
Sciences is a designer, developer, manufacturer, and marketer of optical thin film coatings for military and aerospace customers in the United States and internationally.
This business will be integrated into the Lockheed Martin
Aeronautics business area. ( June 18, 2014)
Wencor Group, LLC Acquires XTRA
Aerospace Inc.
Wencor Group, LLC has acquired XTRA Aerospace Inc.
for an undisclosed amount. XTRA Aerospace provides
specialized repair services for a wide variety of electrical
and mechanical systems across in-production commercial
aircraft. (April 9, 2014)
DEFENSE
L-3 Communications Holdings Inc. Acquires Data
Tactics Corporation
L-3 Communications Holdings Inc. has acquired Data
Tactics Corporation, a provider of big data analytics, cyber
security, and cloud computing solution services primarily to the U.S. Department of Defense, for an undisclosed
amount. (March 5, 2014)
Trive Capital LLC Acquires ISR Group, Inc.
Trive Capital LLC has acquired substantially all of the
assets of ISR Group Inc., which provides mission essential services through unmanned systems and support, for
$18.6m. This consideration will consist of ~$18.2m of
credit and a ~$0.4m cash payment. (May 13, 2014)
Levine Leichtman Capital Partners Acquires
Nobles Worldwide, Inc.
Moelis Capital Partners LLC Acquires PATS
Aircraft, LLC
Moelis Capital Partners LLC has acquired PATS Aircraft, LLC from Wayzata Investment Partners LLC for an
undisclosed amount. PATS Aircraft designs, manufactures,
and certifies aerospace components and systems. Some
of the products it produces are auxiliary fuel systems, avionic support systems, avionic racks and trays, and electrical
interface systems. ( June 4, 2014)
Aerosync Engineering & Consulting Inc. Acquires
Dixie Air Parts Supply, Inc.
Aerosync Engineering & Consulting Inc. has acquired
Dixie Air Parts Supply, Inc. for an undisclosed amount.
Dixie Air Parts Supply, Inc. supplies the U.S. Military and
its allies with spare aircraft parts, electronic parts, and avionics. ( June 5, 2014)
www.focusbankers.com/GAD
Levine Leichtman Capital Partners has acquires Nobles
Worldwide, Inc. from Inverness Graham Investments,
Avante Mezzanine Inc., and Fidus Investment Corporation for an undisclosed amount. Nobles Worldwide, Inc.
provides weapon systems, components, and ammunition
feed systems to over 40 platforms within the U.S. military.
(March 31, 2014)
Diversis Capital, LLC Acquires ArmorWorks, Inc.
Diversis Capital LLC has acquired ArmorWorks, Inc.
from William Perciballi & C Squared Ventures Capital
Inc. for $3m. ArmorWorks, Inc. is a developer and manufacturer of armor and survivability products to the military
and law enforcement agencies worldwide. (May 28, 2014)
*Source: Transaction material sourced from S&P Capital IQ
Database
6
Atlanta • Los Angeles • Washington, DC
Recent FOCUS GAD Transactions
“Cybersecurity has been a
target area of growth for
our firm and the Endeavor
acquisition provides us the
necessary skill sets and
customer base through
which we can offer these
services to a wide range
of defense and civilian
agencies. FOCUS provided
an outstanding service and
with their help we were
able to look at a number
of potential candidates
before finalizing Endeavor
as the ideal fit.” Payal
Tak, President and CEO,
TELESIS
“It was time to put Avialec under the wing of a larger progressive organization with
financial firepower to realize the many opportunities before us. Given their cross border
transaction experience and broad U.S. coverage, FOCUS was the perfect firm to help us
realize our goals. The transaction was managed in a timely manner with little disruption to
our business. I could not have done it without them.” Barrie Prescott, CEO, Avialec
www.focusbankers.com/GAD
7
Atlanta • Los Angeles • Washington, DC
Recent FOCUS GAD Transactions (continued)
“John Slater of FOCUS was instrumental in helping the
parties work through a number of difficult issues, while
preserving the positive personal relationships with the
management team which were critical to the company’s
ongoing success post closing.” Jeff Davis, CEO, Acorn
Growth Companies
“We spent more than a decade building our business and
knew how to run it at a level of performance well above
others in our industry, but had no experience selling
a company. For that depth of expertise, we partnered
with FOCUS because of their seasoned team, systematic
approach, and track record of middle market M&A
successes.” Ray Daly, President and
Co-Founder, VERTEX
“Through FOCUS and in particular Manan Shah’s efforts,
we were very successful in creating a good deal of interest
in our firm from a variety of buyers. Zantech management’s
past experience in this sector and reputation was very
comforting in my decision regarding this sale.” R.K. Pillai,
Founder and Owner, Newtek International
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8
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FOCUS Government, Aerospace, and Defense Group
FOCUS GAD Team
By Manan Shah, Partner and Government, Aerospace and Defense Group Team Leader, FOCUS Investment Banking LLC
The FOCUS GAD team consists of seven former C-level
operators and professionals who leverage years of experience in the government, aerospace, and defense sector—
both domestically and abroad—to personally manage your
transaction from inception to a successful close.
• Deliver the most exact, comprehensive research to help
close a deal, deploying a team of research professionals
dedicated to producing precise analysis
• Leverage years of experience in the middle market to
maximize opportunities for a successful transaction
The FOCUS GAD team is uniquely qualified to help you
meet your objectives because, unlike most government,
aerospace, and defense specialty groups, we:
• Have a national presence with global reach—regional
offices ensure that all clients receive personalized service
throughout every phase of a transaction
• Offer strategic advisory services that enhance shareholder value
Members of the FOCUS GAD team attend many
conferences and meetings both in the U.S. and internationally. We are always delighted to receive introductions
to innovative companies in the industry. We hope to see
you at one of these events, and look forward to exploring
your capital market needs as you continue to grow your
enterprise.
• Supply a proven transaction methodology for delivering
results
• Devote significant C-level resources with operating
expertise in the GAD sector to executing transactions
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9
Atlanta • Los Angeles • Washington, DC
FOCUS Government, Aerospace and Defense Team
Manan K. Shah
Partner and Government, Aerospace and Defense
Team Leader, Washington, DC
[email protected]
202-470-1980
Manan K. Shah has over eighteen years of consulting,
management and M&A advisory experience in the government, aerospace, defense, business process outsourcing,
software, and information technology sectors. Manan has
represented numerous clients in the GAD sector ranging
from multi-billion dollar corporations to small minority
owned companies.
Brent Costello
Managing Director, Los Angeles
[email protected]
818-613-0096
Brent Costello has more than 30 years’ experience as an
investment banker and M&A and corporate finance lawyer, representing a wide range of clients. He holds a J.D.
from Georgetown University Law Center; and he graduated with a B.A. (cum laude) from Yale University.
Eric Oganesoff
Managing Director, Washington, DC
[email protected]
202-470-1969
Eric Oganesoff, during the past twenty-five years, has conducted over fifty M&A, debt and capital raise transactions
in information technology, manufacturing, government
contracting and wireless technologies. He received a White
House appointment to NASA in 1983.
Paul K. Richey
Regional Managing Director, West, Los Angeles
[email protected]
213-426-2122
Paul Richey, a seasoned executive with more than 40 years
in investment banking, has led M&A activities for privately held companies, several of which have annual revenues in excess of $250 million.
John Slater
Partner, Memphis
[email protected]
404-963-8255
John Slater, a M&A and capital raising veteran of twenty-three
years, has managed more than 200 M&A and capital raising
transactions with aggregate values in excess of $3 billion.
www.focusbankers.com/GAD
10
Gerald Turner
Managing Director, Washington, DC
[email protected]
202-470-1972
Gerald Turner has over twenty-five years of executive level
experience in a wide range of sectors including building
and roofing materials, diverse financial services, and commercial data base management.
Douglas E. Rodgers
Chief Executive Officer, Washington, DC
[email protected]
202-470-1961
Douglas E. Rodgers, CEO and Managing Partner of
FOCUS since early 2002, has executive level management
experience in software, information technology, aerospace,
e-commerce, real estate and construction, manufacturing
and distribution, serving both commercial and government
clients. Mr. Rodgers is an Airline Transport rated pilot
with over 7,000 flight hours.
Bruce J. Holmes, D.E.
Senior Advisor, Washington, DC
[email protected]
757-207-0966
Dr. Bruce J. Holmes, after 33 years with NASA, is a
consultant to industry, government, and universities in
strategy, technology, aviation systems development, and
public-private partnerships. He is known domestically and
internationally for his strategic leadership in the engineering and technological transformation in air transportation.
Dr. Paul A. Robinson
Senior Advisor, Washington, DC
[email protected]
757-418-3516
Dr. Paul A. Robinson has over 25 years as an aerospace
professional, working in research and development, product commercialization, and strategic planning. He joined
NASA to develop and test systems to detect wind shear,
and from this work received an R&D Magazine Award for
one of the 100 most significant new products of the year.
After leaving NASA, Dr. Robinson founded AeroTech
Research, developing turbulence detection systems for aircraft.
Atlanta • Los Angeles • Washington, DC
About FOCUS Investment Banking LLC
FOCUS Investment Banking LLC provides a range of middle market investment
banking services with an emphasis on mergers, acquisitions, divestitures and corporate finance. FOCUS is a national firm serving clients from offices in major cities
across the United States. FOCUS specializes in business units with transactions or
revenues in the $5-300 million range, serving entrepreneurs, corporate owners and
various types of investors across a broad range of industries, throughout the U.S. and
worldwide. FOCUS bankers are seasoned operating and financial executives with
extensive transaction experience. Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker/Dealer and member FINRA/
SIPC. For more information on FOCUS, visit www.focusbankers.com.
© 2014 FOCUS Investment Banking LLC
Mid-Atlantic Region
FOCUS Investment Banking LLC
Headquarters
1133 20th Street, NW
Suite 200
Washington, DC 20036
202.785.9404
202.785.9413 (fax)
Southeast Region
Western Region
FOCUS Investment Banking LLC FOCUS Investment Banking LLC
Atlanta Office
Los Angeles Office
3353 Peachtree Road, NE
355 South Grand Avenue
Suite 1160
Suite 2450
Atlanta, GA 30326
Los Angeles, CA 90071
404.504.8620213.943.1395
404.814.9141 (fax)
213.943.1397 (fax)
Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker Dealer member FINRA/SIPC.