Ann: Tempo Acquires National Maintenance Contractor KP Electric, page-25

The industrial service/maintenance market is pretty dynamic at present. Consider all the m&a action of and by many majors like UGL, DOW, CIU, TSE, PRG and on and on. Clients are accustomed to seeing new logos on shirts (same personnel usually), so the corporate musical chairs leaves openings for the likes of TPP. In this market, service companies are usually overweight on goodwill and other intangibles. But with next to zero revenue, the SP must be based on future contract contract wins?? It all leaves me to the think TPP is an old boys club with a BD team attached. On this basis, what is TPPs value? Future contracts plus historical relationships and knowledge? In my confused state, for now I'll sit out and wait to be surprised.