Kirby Corporation · NYSE:KEX
Kirby — Merger or Acquisition (February 2018)
5 slides from Kirby's merger presentation, Feb 7, 2018
Slide 1: Kirby Corporation Acquisition of Higman Marine, Inc. Conference Call Reference Materials
February 5, 2018 Kirby Corporation Acquisition ofHigman Marine, Inc. Conference Call Reference Materials
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements andNon-GAAP Financial Measures Statements contained in this document with respect to the future are forward-looking statements. Thesestatements reflect management’s reasonable judgment with respect to future events. Forward-lookingstatements involve risks and uncertainties
Slide 3: Acquisition Overview
Acquisition Overview Purchase Price Value Created Financing Timing • $419 million in total consideration • 6.5x - 7.5x multiple of 5-yr prior EBITDA average with synergies • EPS neutral over first-twelve-months • Accretive in 2019 as inland barge market improves • Anticipated cost synergies of $10-1
Slide 4: Acquisition Rationale
Acquisition Rationale • Increased scale in core inland marine business • Expands business and relationships with existing customers • New capacity and flexibility to better serve customers • Young, high-quality and well-maintained fleet • Ability to retain high-quality Higman personnel • Attractive
Slide 5: Overview of Higman Marine, Inc.
Overview of Higman Marine, Inc. Founded in 1917, Higman Marine is headquartered in Houston, Texas and is a leading providerof inland marine tank barge and logistics solutions The company transports refined petroleum products, crude oil, condensates, black oilproducts, chemicals and petrochemicals Fl