Thermon Group Holdings, Inc. · NYSE:THR

Thermon — Debt Investor Presentation (October 2017)

50 slides from Thermon's debt investor presentation, Oct 16, 2017

  1. Slide 1: Public-Side Lenders' Presentation

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  2. Slide 2: Disclaimer

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  3. Slide 3: Presenters

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  4. Slide 4: Agenda

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 4 Agenda  Transaction Overview  Company and Industry Overview  Key Credit Highlights  Historical Fi

  5. Slide 5: Executive Summary

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 5 Executive Summary Thermon will combine with CCI Thermal, creating the world’s leader in industrial pr

  6. Slide 6: Transaction Overview

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  7. Slide 7: Transaction Summary

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 7 Transaction Summary Sources and Uses ($ millions) Pro Forma Capitalization ($ millions) 1 Purchase pr

  8. Slide 8: $250mm Term Loan B Summary of Terms

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  9. Slide 9: Indicative Transaction Timetable

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  10. Slide 10: Transaction Rationale

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 10  Growth opportunities into new end markets with significant natural gas market exposure  CCI Therm

  11. Slide 11: Company and Industry Overview

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  12. Slide 12: Thermon's Vision

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 12 LEADERSHIP Continue providing global industry leadership in our core competency areas, and establish

  13. Slide 13: Thermon – Company Overview

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 13 Thermon – Company Overview  Founded in 1954, Thermon is a leading provider of industrial process he

  14. Slide 14: Thermon – Company Overview (cont'd)

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  15. Slide 15: Thermon – Company Overview (cont'd)

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  16. Slide 16: Thermon's Heat Tracing Roots

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 16 Thermon’s Heat Tracing Roots Components of a Turnkey Heat Tracing Solution Heat Tracing Applications

  17. Slide 17: Thermon's Offering Overview and Competitive Advantage

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  18. Slide 18: Trends in Thermon's Key End Markets

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  19. Slide 19: B R G B B R G B R G B 120 R 21

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  20. Slide 20: B R G B B R G B R G B 120 R 21

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  21. Slide 21: B R G B B R G B R G B 120 R 21

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 21

  22. Slide 22: CCI Thermal – Company Overview

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 22 CCI Thermal – Company Overview CCI Thermal is a platform business well-positioned to consolidate a h

  23. Slide 23: CCI Thermal – End Market Overview

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 23 CCI Thermal – End Market Overview  The demand for natural gas is expected to grow at 1.6% per year

  24. Slide 24: CCI Thermal – End Market Breakdown

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  25. Slide 25: CCI Thermal's Custom Engineering and Design

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  26. Slide 26: CCI Thermal – Operations

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 26 CCI Thermal – Operations 2017 Supplier Concentration 2017 Customer Concentration North America Focus

  27. Slide 27: CCI Thermal's Capabilities Complement Thermon's Portfolio

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 27 CCI Thermal’s Capabilities Complement Thermon’s Process Heating Portfolio Thermon’s increased capabi

  28. Slide 28: Pro Forma Company Overview

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  29. Slide 29: Key Credit Highlights

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  30. Slide 30: Key Credit Highlights

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 30 Key Credit Highlights CCI Thermal is an attractive addition to the existing Thermon platform Attract

  31. Slide 31: Greenfield vs. Maintenance Business

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  32. Slide 32: Thermon's Greenfield Business Has a Strong and Growing Backlog

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 32 $272 $284 $277 $309 $282 $264 $253 $118 $95 $85 $76 $81 $107 $110 2012 2013 2014 2015 2016 2017 LTM

  33. Slide 33: Barriers to Entry and Pricing Power

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  34. Slide 34: CCI Thermal Engineering, IP and Quality

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 34  Extensive IP portfolio with 25 patents + 10 pending  Extensive portfolio of proprietary designs a

  35. Slide 35: Combined Global Footprint

    R 226 G 35 B 26 R 255 G 255 B 255 R 00 G 00 B 00 R 239 G 66 B 67 R 199 G 33 B 39 R 154 G 29 B 32 R 207 G 205 B 206 R 160 G 158 B 159 R 70 G 70 B 71 R 15 G 72 B 120 R 21 G 93 B 160 R 58 G 135 B 193 35  Thermon has a global footprint with local presence ─ Sales to approximately 85 countries worldwide

  36. Slide 36: CCI Thermal IP, Brands and Customers

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  37. Slide 37: Thermon's Revenue Growth and Consistent Margins Since 2007

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  38. Slide 38: Free Cash Flow of Combined Entities

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  39. Slide 39: Thermon Quarterly Backlog and Backlog Gross Margin

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  40. Slide 40: Thermon Total MRO Sales and Y-o-Y Growth

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  41. Slide 41: CCI Thermal – Business Stabilization

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  42. Slide 42: Historical Financial Performance

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  43. Slide 43: Financial Strategy Guidelines

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  44. Slide 44: Thermon – Historical Financial Performance

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  45. Slide 45: CCI Thermal – Historical Financial Performance

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  46. Slide 46: Appendix

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  47. Slide 47: Free Cash Flow Reconciliation

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  48. Slide 48: Thermon Adjusted EBITDA Reconciliation

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  49. Slide 49: CCI Adjusted EBITDA Reconciliation

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  50. Slide 50: $60mm Revolving Credit Facility Summary of Terms

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Thermon Group Holdings — Debt Investor Presentation (October 2017) on 6ix