Generated by pitch-agent · open-design · model: claude-opus-4.7
Fictional illustrative sample. Companies, tickers, and all figures are invented for demo purposes only — not investment advice, not sourced from live markets or filings.
Hartfield & Co. — Investment Banking
Coverage & AdvisoryProject AtlasApril 2026
Strictly Confidential — Discussion Materials

# Project Atlas

Strategic alternatives review for the Board of Directors of NorthPeak Industries, Inc.
Demo data / fictional sample
Prepared forBoard of Directors
NorthPeak Industries, Inc. (NYSE: NPK)
Prepared byHartfield & Co.
Industrials & Industrial Tech, M&A
DateApril 24, 2026
EngagementStrategic alternatives — sell-side, IPO, recapitalization, status quo
Sample statusAll companies, tickers, dates, market metrics, valuation outputs, and source labels are fictional placeholders for Open Design demonstration only.
Volume IV · Edition 02
Hartfield & Co.
Project Atlas · §1Sector Context03 / 10
Section 1 · Sector context

## Industrial automation is recoupling with capex.

Sector EV / EBITDA '26E14.8×+1.4× vs. 5-yr avg
Median EV / Revenue2.7×+0.3×
YTD M&A volume$48.2B+22% YoY
PE dry powder, sector-tagged$184B+9%
NPK relative perf., 12M+18.4%−6pp vs. peers

### Sector EV/EBITDA — rolling 36 months

Source: demo dataset — fictional placeholders
Sector EV/EBITDA 5-year average
"Strategics with clean balance sheets and PE sponsors are competing again on industrial-tech assets — bid–ask is the narrowest it's been since 2021."

Three signals point to a re-opening window for NorthPeak. (i) Strategic acquirers in adjacent automation segments have re-prioritized inorganic growth in their FY26 capital plans. (ii) The mid-cap PE bid is back, with 17 sector-tagged funds raised in the past 9 months. (iii) Public market multiples have re-rated +1.4× since Q4'24, narrowing the discount the company would absorb in a process today.

Strategic interest
8 likely
Sponsor interest
12 likely
Process tone
Targeted
Hartfield & Co.
Project Atlas · §2Trading Comparables04 / 10
Section 2 · Trading comps

## Where NorthPeak trades today.

Twelve listed peers selected on revenue scale ($0.6–4.5B), industrial-automation exposure, and adjusted EBITDA margin profile. NorthPeak's headline 12.5× '26E EV/EBITDA sits in line with the peer median (12.4×) — the softer equity story is growth and mix: lower disclosed organic growth (4.8% vs. 7.1% median) and a thinner high‑margin services contribution.

Selection criteria

- '26E revenue $0.6B–$4.5B
- ≥35% revenue from industrial automation, controls, or test & measurement
- Adj. EBITDA margin between 14% and 32%
- Listed on a major US, EU, or APAC exchange (excl. micro-caps)
- 2+ sell-side analysts publishing forward estimates

Company | Country | Mkt Cap ($M) | EV ($M) | Rev '26E ($M) | EBITDA '26E ($M) | EV/Rev | EV/EBITDA | Org. growth
--- | --- | --- | --- | --- | --- | --- | --- | ---
Aldenberg Controls | US | 3,847 | 4,210 | 1,612 | 329 | 2.6× | 12.8× | +6.8%
Brunswick Automation | DE | 2,194 | 2,488 | 982 | 176 | 2.5× | 14.1× | +5.4%
Calder Industrial Tech | US | 5,720 | 6,012 | 2,140 | 462 | 2.8× | 13.0× | +8.1%
Daiyo Precision | JP | 1,962 | 1,734 | 904 | 148 | 1.9× | 11.7× | +4.9%
EvoControl Systems | US | 3,310 | 3,580 | 1,210 | 278 | 3.0× | 12.9× | +9.2%
Fenstra Industrials | NL | 1,485 | 1,612 | 720 | 118 | 2.2× | 13.7× | +5.0%
Greythorne Robotics | UK | 2,012 | 2,124 | 740 | 188 | 2.9× | 11.3× | +11.2%
NorthPeak Industries | US | 1,884 | 2,108 | 1,040 | 168 | 2.0× | 12.5× | +4.8%
Pinevale Test & Meas. | US | 4,120 | 4,388 | 1,720 | 402 | 2.6× | 10.9× | +7.1%
Sierra Drives | US | 2,840 | 3,012 | 1,180 | 248 | 2.6× | 12.1× | +8.4%
Trentham Sensors | UK | 1,118 | 1,194 | 582 | 96 | 2.1× | 12.4× | +5.7%
Vortex Automation | US | 3,540 | 3,728 | 1,330 | 312 | 2.8× | 12.0× | +8.7%
Median (excl. NPK) | — | 2,840 | 3,012 | 1,180 | 248 | 2.6× | 12.4× | +7.1%
Mean (excl. NPK) | — | 2,923 | 3,099 | 1,193 | 251 | 2.5× | 12.4× | +7.3%

Hartfield & Co.
Project Atlas · §3Precedent Transactions05 / 10
Section 3 · Precedents

## M&A market has paid 11.8–14.2× for assets like NorthPeak.

14 transactions screened, 9 retained based on size, sector overlap, and disclosure quality. Strategic-led deals carry a +1.6× premium over sponsor-led on EV/EBITDA, consistent with synergy capture in adjacent OEM channels.

Date | Target | Acquirer | Type | EV ($M) | Rev ($M) | EBITDA ($M) | EV/Rev | EV/EBITDA | Premium
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Mar 2025 | Quanta Drives | Schneider Electric | Strategic | 2,840 | 1,012 | 212 | 2.8× | 13.4× | +38%
Nov 2024 | Hilltop Sensors | Honeywell | Strategic | 1,720 | 612 | 122 | 2.8× | 14.1× | +42%
Sep 2024 | Marquette Automation | KKR Industrial Fund VI | Sponsor | 3,140 | 1,180 | 262 | 2.7× | 12.0× | +27%
Jun 2024 | Bramwell Test & Meas. | Fortive | Strategic | 1,490 | 540 | 108 | 2.8× | 13.8× | +44%
Feb 2024 | Easton Controls | Carlyle Industrial Tech | Sponsor | 2,210 | 912 | 184 | 2.4× | 12.0× | +24%
Oct 2023 | Crestmark Robotics | Emerson Electric | Strategic | 2,640 | 1,008 | 192 | 2.6× | 13.8× | +36%
Jul 2023 | Driscoll Industrial | Apollo | Sponsor | 1,940 | 820 | 168 | 2.4× | 11.5× | +22%
Apr 2023 | Yardley Precision | ABB | Strategic | 1,212 | 462 | 92 | 2.6× | 13.2× | +39%
Dec 2022 | Westgate Automation | Bain Capital | Sponsor | 2,510 | 1,070 | 222 | 2.3× | 11.3× | +19%
Median — strategic (n=5) | — | — | 2,640 | 1,008 | 192 | 2.8× | 13.8× | +39%
Median — sponsor (n=4) | — | — | 2,360 | 966 | 203 | 2.4× | 11.8× | +23%

Hartfield & Co.
Project Atlas · §4Valuation Football Field06 / 10
Section 4 · Valuation

## Six methods, one indicative range.

Indicative per-share equity value across six methodologies, intersected with the current $42.10 trading price (April 22 close). The composite range of $48 – $63 per share implies a 14–50% premium versus today.

"There is real-money upside in every method we ran. The Board's question is which path captures it with the lowest execution risk."
Trading CompsEV/EBITDA '26E · 11.0–14.0×
$41 – $54
Precedent Trans. — SponsorEV/EBITDA · 11.0–13.0×
$44 – $52
Precedent Trans. — StrategicEV/EBITDA · 13.0–15.5×
$54 – $66
DCF (base case)WACC 9.0% · g 2.5%
$50 – $63
LBO Analysis5-yr · 22% IRR floor
$45 – $54
52-week rangePublic market
$36 – $48
$30$40$50$60$70
Composite range
$48 – $63
Premium to current
+14% / +50%
Implied EV
$2.6B – $3.4B
Hartfield & Co.
Project Atlas · §5DCF & Sensitivity07 / 10
Section 5 · DCF

## A discounted-cash-flow that does the work.

5-year explicit forecast, terminal value via perpetuity growth. WACC of 9.0% blends a 4.4% risk-free rate, 5.8% ERP, levered β of 1.10 and 28% target leverage. Working-capital cycle held flat at 47 days; capex at 4.2% of revenue.

Revenue CAGR (FY26–FY30E)+6.4%
Adj. EBITDA margin (terminal)19.5%
WACC (base)9.00%
Terminal growth (base)2.50%
Implied EV (base)$2,920M
Implied equity value / share$56.40

### Sensitivity — implied equity value / share

| Terminal growth rate
--- | ---
1.5% | 2.0% | 2.5% | 3.0% | 3.5%
WACC | 8.0% | $54.20 | $58.10 | $62.80 | $68.40 | $75.30
8.5% | $50.90 | $54.20 | $58.10 | $62.70 | $68.20
9.0% | $47.80 | $50.70 | $56.40 | $58.00 | $62.60
9.5% | $45.10 | $47.50 | $50.40 | $53.80 | $57.80
10.0% | $42.60 | $44.70 | $47.20 | $50.10 | $53.60

Highlighted cell = base case · all values rounded to nearest $0.10 · pre-synergy

Pre-flight checklist · run by audit-xls
✓ Balance sheet ties ✓ Cash flow reconciles ✓ No hardcoded forecast ✓ Terminal > trough margin ✓ Demo sources labeled ✓ Sensitivity ±2σ
Hartfield & Co.
Project Atlas · §6Strategic Alternatives08 / 10
Section 6 · Strategic alternatives

## Four paths, one we'd recommend pursuing first.

Option A · Status quo

### Continue as standalone public company

~$42Indicative / share

#### For

- Preserves optionality
- No execution risk
- Captures full operating upside if margin plan delivers

#### Against

- Requires re-rating that may not come
- Limited TAM expansion organically
- Activist exposure remains

Option B · Recommended

### Targeted strategic sale process

$58 – $63Indicative / share

#### For

- Strategic premium ~$1.6B in synergies (channel, COGS)
- Limited number of credible bidders → tight, controllable process
- Cleanest tax outcome for long-tenured holders

#### Against

- Antitrust review on top-3 strategics adds 4–6 months
- Customer-overlap concerns require carve-out planning

Option C · IPO of Test & Meas. segment

### Carve-out + spin / partial IPO

$50 – $55Indicative / share

#### For

- Unlocks multiple arbitrage on the higher-growth segment
- Retains controls business as a clean cash compounder

#### Against

- Carve-out cost & complexity (TSAs, ERP)
- IPO-window dependent
- Stranded-cost overhang on RemainCo

Option D · Sponsor-led recap

### Take-private / minority recapitalization

$48 – $54Indicative / share

#### For

- Speed and certainty of execution
- Permits longer-horizon investment without quarterly drag

#### Against

- Lower premium than strategic outcome
- Leverage post-deal limits flexibility
- Roll-over economics complex for management

Hartfield & Co.
Project Atlas · §7Recommendation09 / 10
Section 7 · Recommendation

## Run a narrow, fast strategic process.

Authorize a 4-month Hartfield-led process targeting 3–5 strategic acquirers, with a single contingent sponsor backstop, on a path to signed announcement by August 28, 2026.

A targeted process maximizes the probability of capturing the strategic-premium ($58–$63 per share) while limiting market disclosure risk. Sponsor outreach is held in reserve to discipline pricing. The Board retains full optionality to re-rate & remain public if no offer clears the agreed reservation price.

### Process timeline (indicative)

01Board approval & engagement letter executionApr 30
02Management presentation, CIM, financial model finalizedMay 2 – May 22
03Confidential outreach, NDAs, first-round process letterMay 26 – Jun 12
04First-round bids · selection of 2–3 finalistsJun 30
05Management meetings · diligence room · financing commitmentsJul 1 – Jul 31
06Final bids · negotiation · documentationAug 1 – Aug 26
07Signed announcement (or formal close-out)Aug 28
Hartfield & Co.
Project Atlas · AppendixDisclaimers & Sources10 / 10
Appendix

## Disclaimers, sources, and methodology.

### Important disclosures

These materials have been prepared by Hartfield & Co. for the exclusive use of the Board of Directors of NorthPeak Industries, Inc. They are intended to provide a basis for discussion only and are not, and may not be relied upon as, financial, investment, legal, tax, or accounting advice. Recipients should consult their own professional advisors.

Demo-data notice: NorthPeak Industries, Hartfield & Co., Project Atlas, all people, dates, tickers, financial figures, valuation outputs, process dates, and source labels in this artifact are fictional illustrative placeholders created for Open Design demonstration only. They are not sourced from live market data, filings, third-party vendors, or management materials.

In a live engagement, the financial analysis must be derived only from documented source material such as public filings, licensed third-party data, user-provided management materials, or explicitly labeled assumptions. Each figure should carry a source date and should be traceable to a citation log before external distribution.

Trading multiples, projections, and precedent-transaction metrics in this sample are synthetic and should not be reused as factual market observations. Replace this sample source block with engagement-specific citations, freshness dates, licensing notes, and the firm's required review status.

The nominal valuation outputs presented are indicative and are intended to frame the Board's discussion of strategic alternatives. They are not a recommendation to enter into, or refrain from entering into, any specific transaction. Any decision to pursue a transaction will require independent Board approval, fairness analysis at the appropriate juncture, and customary regulatory and shareholder approvals.

Engagement team
Hartfield & Co. — Industrials & Industrial Tech
Lead: Margaret Eun, Managing Director
Coverage: David Brennan, Director
Execution: Aisha Patel, VP · Lukas Marek, Associate
Demo source status
Synthetic Open Design demo dataset · no live vendor feeds · no filings · no MNPI · no management materials
Generated with
open-design v0.18 · skill: pitch-agent · vertical: investment-banking · ds: editorial-monocle · model: claude-opus-4.7 · turn: 7f3a91 · pre-flight: passed · checks: ib-check-deck (pass) · audit-xls (pass)
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