Overview of Bentley Associates · 2017-09-20 · Overview of Bentley Associates . BENTLEY...

The Leader in M&A,

Financing, and Strategic

Advisory Services for the

Travel and Leisure Industries

BENTLEY ASSOCIATES L.P. CONFIDENTIAL

BENTLEY ASSOCIATES L.P.

Overview of Bentley Associates

BENTLEY ASSOCIATES L.P. 2

OVERVIEW OF BENTLEY ASSOCIATES

Relationship Team

BENTLEY ASSOCIATES L.P.

Travel and Leisure Group

Frank Sena Managing Director

Justin Hirs Director

Associates and Analysts



Background

➢ Bentley Associates is an independent middle-market investment bank offering the focused attention and

expertise of seasoned Wall Street professionals

Founded in 1990 and headquartered in New York City

Nominated as “Investment Banking Firm of the Year” by the Association for Corporate Growth in 2017

and “Boutique Investment Banking Firm of the Year” by The M&A Advisor in 2013 and 2016

➢ Comprised of over 25 senior-level investment bankers, typically with 20 to 25 years of experience

In addition to its travel services group, coverage industries include business services, retail, energy,

financial institutions, healthcare, industrials, media/telecom, real estate, and technology

Previous careers at Bear Stearns, CIBC, Citicorp, Dean Witter Reynolds, DLJ, JPMorgan Chase, Merrill

Lynch, PaineWebber, PricewaterhouseCoopers, Prudential Securities, and Salomon Smith Barney

➢ We maintain active relationships with more than 900 middle and small market private equity firms

➢ Bentley has referral relationships with Morgan Stanley Wealth Management, Bank of America Merrill Lynch,

and Wells Fargo Advisors

These firms refer their middle-market clients based on our demonstrated investment banking expertise



Travel and Leisure Group – Industry Focus1and Expertise

➢ A 24/7 focus on Travel and Leisure

Unique emphasis on the intermediaries who deliver travel products to the end consumer

We are “a mile deep” with experience in the “inch-wide” vertical of travel and leisure services

➢ The #1 ranked M&A track record on Wall Street

Total M&A Travel Services Transactions (2005 – present)

1 Includes transactions completed by Travel and Leisure professionals while at previous firms.

0

2

4

6

8

10

12

14

16

18

20

22

24

BentleyAssociates (1)

Credit Suisse Morgan Stanley JPMorgan Chase Citigroup Deutsche Bank UBS Jefferies BofA MerrillLynch

Goldman Sachs Blackstone

23

15

13

1110

9 98

7 76

Nu

mb

er

of

M&

A T

ran

sact

ion

s



Travel and Leisure Group – Areas of Focus

Distribution Software & Technology Services

➢ Online/Offline Travel Agencies ➢ Systems/Reservation Software

➢ Travel Media

➢ Leisure/Corporate Travel ➢ Booking Engines

➢ Hotel Representation Firms

➢ Air/Hotel/Car eCommerce ➢ Back-Office Software

➢ Travel Content Providers

➢ Vacation/Home Rental ➢ Meta-Search Companies

➢ Review Sites

➢ Tour Operators ➢ Mobile Apps/Technology

➢ Deal Publishers/Aggregators

➢ Meeting/Event Companies ➢ CRM/Guest Services Software

➢ Activity Providers ➢ Social Networking Platforms

➢ Travel Wholesalers



Travel and Leisure Group – Primary Services

Financial Advisory

➢ Sellside M&A ➢ Recapitalizations

➢ Buyside M&A ➢ Management Buyouts

➢ Divestitures and Spinoffs ➢ Valuation Assignments

Capital Raising

➢ Venture Capital

➢ Growth Equity

➢ Senior and Mezzanine Debt

➢ Venture Debt

Strategic Advisory

➢ Creation of Strategic Partnerships

➢ Contracted Corporate Development

➢ Customized Consulting



Select Transactions and Assignments

has been acquired by has been acquired by has completed a bankruptcy

sale to

has completed an

equity sale to has been acquired by

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Valuation Analysis Sell-Side Advisor Sell-Side Advisor

September 2017 December 2015 March 2014 February 2012 November 2012 January 2011

has acquired has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by

Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

July 2010 April 2008 March 2008 March 2008 September 2006 October 2005

has invested in has been acquired by has been acquired by created from merger of has acquired has been acquired by

$26.3 million $533 million $425 million

Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor

October 2005 April 2005 January 2005 March 2004 September 2002 October 2001



Travel and Leisure Group – Transactions

Vacation Rental

Technology Firm Cruise Technology Firm

Online Travel

Agency

has been acquired by has been acquired by has completed a bankruptcy

sale to

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

Pending Pending Pending September 2017 December 2015 March 2014

has completed an

equity sale to has acquired has been acquired by has acquired has acquired has been acquired by

Convention Housing

Ansco Investment

Company

Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor

November 2012 November 2011 January 2011 July 2010 April 2009 March 2009

s

has acquired has been acquired by has been acquired by has been acquired by has been acquired by Senior Term Loan

MEDIA MARKET GROUP LLC

Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Placement Agent

November 2008 April 2008 March 2008 March 2008 December 2007 December 2007

Hotels and DiscountsHotels and Discounts HotelReservations.comHotelReservations.comHotels and DiscountsHotels and Discounts HotelReservations.comHotelReservations.com




has been acquired by Senior Term Loan has been acquired by has been acquired by Series C Preferred Stock has been acquired by

$94 million

Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor Placement Agent Sell-Side Advisor

August 2007 January 2007 December 2006 September 2006 June 2006 December 2005

has been acquired by has been acquired by has invested in Series A Convertible Notes has been acquired by Series B Preferred Stock

9013-3877 Quebec

$10 million $26.3 million

Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Placement Agent Sell-Side Advisor Placement Agent

November 2005 October 2005 October 2005 October 2005 April 2005 March 2005

has been acquired by Series A Convertible Notes created from merger of Series I Preferred Stock has been acquired by has acquired

$15.25 million

Sell-Side Advisor Placement Agent Buy-Side Advisor Placement Agent Sell-Side Advisor Buy-Side Advisor

January 2005 December 2004 March 2004 August 2003 April 2003 October 2002




has acquired has acquired has been acquired by has acquired has been acquired by has acquired

$533 million $55 million $425 million

Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor

September 2002 July 2002 July 2002 November 2001 October 2001 February 2001

has been acquired by has been acquired by has been acquired by


Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

January 2001 December 2000 July 2000

AviationGroup, Inc.



Travel and Leisure Group – Strategic Advisory

DH Enterprise &

Associates

DH Enterprise &

Associates

Strategic Advisory Strategic Advisory Financial Modeling Valuation Analysis Valuation Analysis Affiliate Partnership

May 2016 March 2015 August 2014 April 2013 February 2012 June 2011

Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership

February 2011 July 2010 March 2010 January 2010 December 2009 November 2009

PARK AVENUE TRAVEL

Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Strategic Advisory Strategic Advisory

October 2009 September 2009 June 2009 February 2009 August 2008 January 2007



Travel and Leisure Group – Strategic Advisory

Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory

January 2007 December 2006 August 2006 August 2005 November 2004 June 2004


November 2003 June 2003 May 2003 May 2003 February 2003 January 2003


July 2002 April 2002 May 2000 2000 August 1999 1999

Citigroup Venture Capital



Other Representative Transactions

has acquired has acquired Benefits Enrollment Business has

been acquired by

Unemployment Compensation

Business has acquired a

subsidiary of

c

Fairness Opinion Fairness Opinion Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor

December 2006 December 2004 October 2003 June 2003 April 2003 March 2002

PeopleSoft Consulting Group

has been acquired by has been acquired by

Web Hosting Division has been

acquired by

TPA Accounts Division has been

acquired by has acquired

Plan Administrators

$130 million

Sell-Side Advisor Sell-Side Advisor Fairness Opinion Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor

February 2002 January 2002 November 2001 October 2001 September 2001 August 2001

has been acquired by has been acquired by has been acquired by has been acquired by Entertainment Business has been

acquired by has been acquired by

Comm-ServicesCorp.

Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor

July 2001 July 2001 July 2001 May 2001 April 2001 April 2001

SpringbowSpringbow



Other Representative Transactions

has been acquired by has acquired has acquired has been acquired by Telecommunications Group has

been acquired by has acquired

$300 million $200 million $140 million $325 Million $60 million

Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor

January 2001 July 2000 February 2000 January 2000 January 2000 January 2000

has acquired has acquired has acquired has been acquired by has acquired the Palo Alto

Internet Exchange has been acquired by

$95 million $28 million $38 million $1.7 billion $75 million $6.8 billion

Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor

December 1999 December 1999 December 1999 September 1999 June 1999 June 1999

Information Systems Division has

been acquired by has been acquired by has been acquired by has acquired


Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor

April 1999 March 1999 March 1999 September 1998



Relationship Team Biographies

FRANK SENA, MANAGING DIRECTOR

Frank Sena began his career with Cambridge Technology Group where he held management positions at two

successful startup software companies. After business school, he joined the Investment Banking Department of Salomon

Smith Barney in their Technology Group, where he worked with clients in the telecommunications equipment,

information technology services, Internet, software and PC hardware sectors. In 1998, he joined CIBC World Markets as

an Executive Director in the Mergers & Acquisitions Group where he worked with clients from various industries, including

travel services, leisure, lodging, gaming and technology. In 2003, Mr. Sena joined Libra Securities, as Managing Director

and Head of the Travel & Leisure Investment Banking Group. During his career, Mr. Sena has completed an extensive

array of travel and leisure transactions in the areas of mergers, acquisitions, fairness opinions, private financings and

financial advisory assignments. He and his team joined Bentley in early 2009. Mr. Sena received his B.S. from Yale

University and his M.B.A. from the Wharton School, University of Pennsylvania.

Contact information: (212) 763-0361; [email protected]

JUSTIN HIRS, DIRECTOR

Justin Hirs joined Bentley Associates in 2009, focusing on mergers and acquisitions, financings, and strategic advisory

assignments for companies in the travel, leisure, and hospitality industries. Prior to Bentley Associates, Mr. Hirs held roles

at Libra Securities, a boutique investment bank founded by Drexel Burnham Lambert professionals. Mr. Hirs also held a

previous position at J.P. Morgan in 2001 in the Private Banking Group. Mr. Hirs has completed over 55 investment

banking assignments and has extensive experience working within the travel and leisure, e-commerce, and technology

industries. Mr. Hirs received a B.S. from the Wharton School, concentrating in finance and management, and a B.A. in

Economics from the University of Pennsylvania. He is also a CFA charter holder.

Contact information: (212) 763-0362; [email protected]

Overview of Bentley Associates · 2017-09-20 · Overview of Bentley Associates . BENTLEY...

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