CASE STUDIES

AECOM Technology Corporation (“AECOM” or the “Company”) is a leading provider of engineering, design and management services to government and commercial clients on all seven continents.  According to Engineering News-Record’s 2007 Design Survey, AECOM is the largest general architectural and engineering design firm in the world.

Company's Situation – AECOM was privately-held by its employees and had numerous attractive growth opportunities, many of which required capital investment.  However, funding alternatives were limited because at the time AECOM did not want to go public and a leveraged balance sheet would make competing for projects more difficult.

PCG CP Solution – In February 2006, PCG CP provided AECOM with $35 million of convertible preferred stock to fund acquisitions and deleveraging.  PCG CP completed its due diligence in weeks with minimal disruption to management.  Further, PCG CP developed a security that met the Company’s objective of providing minimal governance and approval rights and gave PCG CP the liquidation preference we sought.

Performance Since PCG CP Investment – With the benefit of a clean balance sheet, AECOM continued to grow both organically and through acquisition.  In fiscal year 2006, AECOM grew its revenues from $2.4 billion to $3.4 billion – a growth rate of 43% (25% organic growth).  Since our investment, AECOM has closed four significant acquisitions.  In May 2007, AECOM completed an initial public offering on the New York Stock Exchange (ticker: ACM).

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