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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
BENTLEY ASSOCIATES L.P. 3
OVERVIEW OF BENTLEY ASSOCIATES
Background
Bentley Associates is an independent investment banking boutique offering the focused attention and
expertise of seasoned Wall Street professionals
Founded in 1990
Comprised of over 25 senior level investment bankers, typically with 20 to 25 years of experience
Prior to joining Bentley, our bankers have enjoyed careers at Bear Stearns, CIBC, Citicorp, Dean Witter
Reynolds, DLJ, JPMorgan Chase, Merrill Lynch, PaineWebber, PricewaterhouseCoopers, Prudential Securities,
and Salomon Smith Barney
Bentley has formal, contractual 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
We maintain active relationships with more than 900 middle and small market private equity firms
We provide a full spectrum of investment banking services to our clients:
Mergers and Acquisitions: exclusive sales and divestitures, mergers, acquisitions, recapitalizations
Private Placements: mezzanine debt and private equity
Strategic Advisory: IPO advisory, public company special committees, tender defense and response
Bentley was nominated as “Boutique Investment Banking Firm of the Year” by The M&A Advisor in 2013 and
2016
BENTLEY ASSOCIATES L.P. 4
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Industry Focus1
A 24/7 focus on Travel and Leisure
Focus on “butts-in-seats” and “heads-on-pillows” yield management
We are “a mile deep” with experience in the “inch-wide” vertical of Travel and Leisure
The #1 ranked M&A track record on Wall Street
Total M&A 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
Bentley
Associates (1)
Credit Suisse Morgan
Stanley
JPMorgan
Chase
Deutsche
Bank
UBS Citigroup Jefferies BofA Merrill
Lynch
Goldman
Sachs
Blackstone
22
13 13
11
9 98 8
7 76
Nu
mb
er o
f M&
A T
ran
sac
tio
ns
BENTLEY ASSOCIATES L.P. 5
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Industry Focus
Areas of focus include:
Business Service Companies Online / Offline Distribution
Corporate / Leisure Travel Agencies Social Networking Companies
Deal Publishers Technology / Software Providers
Hotel Representation Companies Tour Operators
Meeting / Event Companies Travel Publications
Meta-Search Companies Vacation Rental / Exchange Companies
Mobile Applications and Technology Wholesalers
BENTLEY ASSOCIATES L.P. 6
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Primary Services
Financial Advisory
Sellside Management Buyouts
Buyside Special Committee Assignments
Divestitures and Spinoffs Valuation Assignments
Financing
Venture Capital
Growth Equity
Senior and Mezzanine Debt
Strategic Advisory
Customized consulting
Contracted corporate development
Creation of strategic partnerships
BENTLEY ASSOCIATES L.P. 7
OVERVIEW OF BENTLEY ASSOCIATES
Select Transactions and Assignments
DH Enterprise &
Associates
has completed a
bankruptcy sale to
has completed an
equity sale to has been acquired by
Sell-Side Advisor Strategic Advisory Sell-Side Advisor Valuation Analysis Valuation Analysis Sell-Side Advisor Sell-Side Advisor
December 2015 March 2015 March 2014 April 2013 February 2012 November 2012 January 2011
has acquired has acquired has acquired has been acquired by has been acquired by has been acquired by has been acquired by
Convention Housing
Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor
July 2010 April 2009 November 2008 April 2008 March 2008 March 2008 September 2006
has been acquired by 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
Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor
October 2005 October 2005 April 2005 January 2005 March 2004 September 2002 October 2001
BENTLEY ASSOCIATES L.P. 8
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Transactions
has completed a
bankruptcy sale to
has completed an
equity sale to has acquired has been acquired by has acquired has acquired
Convention Housing
Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor
December 2015 March 2014 November 2012 November 2011 January 2011 July 2010 April 2009
s
has been acquired by has acquired has been acquired by has been acquired by has been acquired by has been acquired by Senior Term Loan
Ansco Investment
Company
MEDIA MARKET GROUP LLC
Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Placement Agent
March 2009 November 2008 April 2008 March 2008 March 2008 December 2007 December 2007
has been acquired by Senior Term Loan has been acquired by has been acquired by Series C Preferred Stock has been acquired by has been acquired by
9013-3877 Quebec
$94 million
Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor Placement Agent Sell-Side Advisor Sell-Side Advisor
August 2007 January 2007 December 2006 September 2006 June 2006 December 2005 November 2005
Hotels and DiscountsHotels and DiscountsHotelReservations.comHotelReservations.com
Hotels and DiscountsHotels and DiscountsHotelReservations.comHotelReservations.com
BENTLEY ASSOCIATES L.P. 9
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Transactions
has been acquired by has invested in Series A Convertible Notes has been acquired by Series B Preferred Stock has been acquired by Series A Convertible Notes
$10 million $26.3 million $15.25 million
Sell-Side Advisor Buy-Side Advisor Placement Agent Sell-Side Advisor Placement Agent Sell-Side Advisor Placement Agent
October 2005 October 2005 October 2005 April 2005 March 2005 January 2005 December 2004
created from merger of Series I Preferred Stock has been acquired by has acquired has acquired has acquired has been acquired by
$533 million $55 million
Buy-Side Advisor Placement Agent Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor
March 2004 August 2003 April 2003 October 2002 September 2002 July 2002 July 2002
has acquired has been acquired by has acquired
has been acquired by has been acquired by has been acquired by
$425 million $150 million $41 million $53 million
Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor
Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor
November 2001 October 2001 February 2001
January 2001 December 2000 July 2000
Aviation
Group, Inc.
BENTLEY ASSOCIATES L.P. 10
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Strategic Advisory
DH Enterprise &
Associates
Strategic Advisory Financial Modeling Valuation Analysis Valuation Analysis Affiliate Partnership Affiliate Partnership Affiliate Partnership
March 2015 August 2014 April 2013 February 2012 June 2011 February 2011 July 2010
PARK AVENUE
TRAVEL
Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership Affiliate Partnership
March 2010 January 2010 December 2009 November 2009 October 2009 September 2009 June 2009
Affiliate Partnership Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
February 2009 August 2008 January 2007 2007 December 2006 August 2006 August 2005
BENTLEY ASSOCIATES L.P. 11
OVERVIEW OF BENTLEY ASSOCIATES
Travel and Leisure Group – Strategic Advisory
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
November 2004 June 2004 November 2003 June 2003 May 2003 May 2003 February 2003
Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory Strategic Advisory
January 2003 July 2002 April 2002 February 2002 May 2000
Strategic Advisory Strategic Advisory Strategic Advisory
2000 August 1999 1999
Citigroup Venture Capital
BENTLEY ASSOCIATES L.P. 12
OVERVIEW OF BENTLEY ASSOCIATES
Other Representative Transactions
has acquired has acquired Benefits Enrollment Business
has been acquired by
Unemployment
Compensation Business has
acquired a subsidiary of
PeopleSoft Consulting
Group
has been acquired by
c
Fairness Opinion Fairness Opinion Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor
December 2006 December 2004 October 2003 June 2003 April 2003 March 2002 February 2002
has been acquired by Web Hosting Division has
been acquired by
TPA Accounts Division has
been acquired by has acquired has been acquired by has been acquired by
Plan Administrators
Comm-ServicesCorp.
$130 million
Sell-Side Advisor Fairness Opinion Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor
January 2002 November 2001 October 2001 September 2001 August 2001 July 2001 July 2001
has been acquired by has been acquired by Entertainment Business has
been acquired by has been acquired by has been acquired by has acquired has acquired
$300 million $200 million $140 million
Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor
July 2001 May 2001 April 2001 April 2001 January 2001 July 2000 February 2000
SpringbowSpringbow
BENTLEY ASSOCIATES L.P. 13
OVERVIEW OF BENTLEY ASSOCIATES
Other Representative Transactions
has been acquired by Telecommunications Group
has been acquired by has acquired has acquired has acquired has acquired has been acquired by
$325 Million $60 million $95 million $28 million $38 million $1.7 billion
Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Buy-Side Advisor Sell-Side Advisor
January 2000 January 2000 January 2000 December 1999 December 1999 December 1999 September 1999
has acquired the Palo Alto
Internet Exchange has been acquired by
Information Systems Division
has been acquired by has been acquired by has been acquired by has acquired
$75 million $6.8 billion $92 million $675 million $200 million
Buy-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Sell-Side Advisor Buy-Side Advisor
June 1999 June 1999 April 1999 March 1999 March 1999 September 1998
BENTLEY ASSOCIATES L.P. 14
OVERVIEW OF BENTLEY ASSOCIATES
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; fsena@bentleylp.com
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; jhirs@bentleylp.com
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