TRUCKING & LOGISTICS REPORT · 2019-11-14 · TRUCKING & LOGISTICS . REPORT. TRUCKING & LOGISTICS INDUSTRY UPDATE. BIG PICTURE. Trucking company valuations and earnings are . highly

Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited

THIRD QUARTER 2019

TRUCKING & LOGISTICS REPORT

TRUCKING & LOGISTICS INDUSTRY UPDATE

BIG PICTURETrucking company valuations and earnings are highly cyclical due to the nature of the industry and general macroeconomic factors as well as specific business characteristics

Cycle timing is critical to maximize transaction value. Recent decline of 3.1x (32.6%) of public trucking companies’ median TEV / EBTIDA multiple since September 2018 indicates that the industry remains in the late stages of the cycle

Bridgepoint Investment Banking advises trucking company owners seeking near-term liquidity or growth financing that it is imperative to consider exploring monetization, financing and other strategic options

bridgepointib.com

Note: Composite composed of selected public comparables as listed on page 3.Source: Bridgepoint Investment Banking, Capital IQ, IBISWorldBridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC

Q3 2019BRIDGEPOINT INSIGHTS

Trucking company median EBITDA valuation multiples are currently at 6.3x, near historical norms and well in excess of trough levelsYear-over-year truckload demand has remained static, but carriers added too much capacity to capture the peak freight rates in 2018. Spot market rates declined rapidly as a result while contract rates remained flat – capacity utilization has receded, and the driver shortage has increased slightly Though there was solid growth with private fleets, many for-hire trucking firms were down in the first-half of 2019, particularly small companiesThe Federal Motor Carrier Safety Administration (FMCSA) has proposed changes to the hours-of-service requirements which will impact capacity and rates in 2020

EXECUTIVE SUMMARY

Volatility in the Truckload Freight Market; Stability on the Horizon

Trucking & Logistics Valuation Cycle

TEV

/ LT

M E

BITD

A

1

TEV / Revenue

0.50x

0.70x

0.90x

1.10x

1.30x

1.50x

1.70x

4.0x5.0x6.0x7.0x8.0x9.0x

10.0x11.0x

12.0x13.0x

Oct

-07

Apr-

08

Oct

-08

Apr-

09

Oct

-09

Apr-

10

Oct

-10

Apr-

11

Oct

-11

Apr-

12

Oct

-12

Apr-

13

Oct

-13

Apr-

14

Oct

-14

Apr-

15

Oct

-15

Apr-

16

Oct

-16

Apr-

17

Oct

-17

Apr-

18

Oct

-18

Apr-

19

Oct

-19

Median TEV / EBITDA Historical TEV / EBITDA

Median TEV / Revenue Historical TEV / Revenue

LTM TEV / EBITDA LTM TEV / RevenueCurrent Median 6.3x 0.95xHistorical Median 7.0x 0.86xHistorical Peak 10.5x 1.24xHistorical Trough 4.9x 0.49x

Source: Bridgepoint Investment Banking, Capital IQ, Bank of America Merrill Lynch, DAT, FRED St. Louis Fed


bridgepointib.comQ3 2019

BRIDGEPOINT INSIGHTS

Key Business Considerations

ELDs represent a real value-add for companies that have successfully transitioned and historically utilized electronic logs and generated data

No freight recession has lasted more than 18 months and the freight market

should be in full recovery by Q1 2020

Companies that have stable, robust EBITDA and cash flow generation will be prime targets for larger strategic acquirors

Drug & alcohol clearinghouse mandate in effect Jan. 2020 – will decrease

capacity and put pressure on spot rates Firms registering their drivers with the new FMCSA

Drug & Alcohol Clearinghouse will be seen to have a value-add due to governmental compliance

Contracted business has remained healthy in 2019 – decline in prices, but

less than the spot market Diversified and tenured customer base will garner

higher valuations, especially those in recession resistant end markets / niches

The continued rise of e-commerce will ultimately lead to continued expansion

of the trucking industry

Innovative, experienced and well-connected management teams are highly sought after in the trucking & logistics industry

Driver pay expected to continue to increase in order to attract and retain

younger drivers

Smaller fleets that have exposure to spot rates are at risk in the next 12-18 months with numerous defaults already in 2019. Spot market rates have remained negative year-over-year and are expected to soften in Q4 2019

Carriers will reduce fleet size to mitigate losses and many small fleets will experience significant pressure

Industry-wide driver shortage heightens focus on quality of drivers, driver retention rates and safety history

New trucking technology driving firms to invest to retain their competitive edge

and driver base

KEY TRUCKING & LOGISTICS TRENDS VALUATION CONSIDERATIONS

2

National Average Spot Rates 2019Van and Reefer Spot Rates Begin to Improve as Holiday Freight Starts to Move

$1.81

$1.84

$1.80

$1.82

Aug. Sept. Oct. Nov.

VAN

$2.20 $2.20

$2.17

$2.13


FLATBED REEFER

$2.14

$2.16

$2.11 $2.12


Source: DAT Industry Trends

Source: Bridgepoint Investment Banking, Capital IQ

Selected Recent Industry Transactions

Selected Public Comparables


bridgepointib.comQ3 2019

BRIDGEPOINT INSIGHTS

3

($ in millions, except per share data) 10/11/2019 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT

Company Name Country Share Price Value Value LTM LTM LTM LTM

ArcBest Corporation United States $28.81 $735.2 $790.9 9.0x 0.26x 3.6x 6.9x

Covenant Transportation Group, Inc. United States $15.85 $292.6 $587.0 7.6x 0.62x 4.1x 9.1x

Heartland Express, Inc. United States $21.64 $1,774.0 $1,568.3 22.1x 2.70x 9.1x 20.5x

J.B. Hunt Transport Services, Inc. United States $110.35 $11,781.9 $13,270.5 25.6x 1.49x 11.6x 19.6x

Knight-Swift Transportation Holdings Inc. United States $36.12 $6,158.9 $7,238.5 14.8x 1.40x 7.2x 13.0x

Landstar System, Inc. United States $114.03 $4,519.0 $4,384.9 17.8x 0.98x 11.6x 13.1x

Marten Transport, Ltd. United States $21.21 $1,158.8 $1,077.0 19.6x 1.32x 6.7x 15.3x

Old Dominion Freight Line, Inc. United States $171.00 $13,681.1 $13,565.6 21.7x 3.28x 12.3x 15.8x

P.A.M. Transportation Services, Inc. United States $64.98 $374.1 $572.9 12.1x 1.06x 5.6x 11.5x

Patriot Transportation Holding, Inc. United States $17.91 $60.0 $39.5 27.2x 0.35x 4.4x 147.9x

Roadrunner Transportation Systems, Inc. United States $9.96 $374.9 $762.9 NM 0.37x NM NM

Saia, Inc. United States $95.56 $2,452.1 $2,704.4 22.3x 1.58x 10.3x 17.8x

Schneider National, Inc. United States $22.15 $3,923.1 $4,003.0 17.3x 0.80x 6.2x 11.3x

TFI International Inc. Canada $30.81 $2,542.4 $4,244.2 11.0x 1.08x 7.7x 12.3x

Universal Logistics Holdings, Inc. United States $24.15 $658.9 $1,094.6 11.2x 0.72x 6.4x 10.1x

USA Truck, Inc. United States $7.94 $66.1 $258.7 6.6x 0.48x 5.1x 13.4x

Werner Enterprises, Inc. United States $35.21 $2,436.4 $2,788.1 13.8x 1.12x 5.9x 11.8x

XPO Logistics, Inc. United States $74.04 $6,825.1 $14,401.1 26.0x 0.84x 9.2x 17.0x

YRC Worldwide Inc. United States $3.58 $129.9 $1,222.5 NM 0.24x 6.0x 23.1xTotal

P / E TEV / Revenue TEV / EBITDA TEV / EBIT

High 28.3x 3.17x 11.9x 157.2x

Mean 16.3x 1.06x 7.2x 21.8x

Median 16.7x 0.95x 6.3x 13.0x

Low 6.4x 0.24x 3.5x 9.8x

Sub-$1bn TEV

P / E TEV / Revenue TEV / EBITDA TEV / EBIT

High 28.3x 1.25x 6.3x 157.2x

Mean 13.1x 0.62x 5.2x 30.6x

Median 10.7x 0.48x 5.3x 12.3x

Low 6.4x 0.24x 3.5x 6.7x

DateAnnounced Target Acquiror08/30/2019 Twin Eagle Transport Badlands Tank Lines08/26/2019 Mills Transfer, Inc. Heartland Express, Inc. (NASDAQ:HTLD)07/31/2019 Wayne T. Fellows, Inc. / Fellows Truck Brothers, Inc. Kottke Trucking, Inc.07/29/2019 Piston Tank Corporation TFI International Inc. (TSX:TFII)07/22/2019 Logicorp Enterprises, LLC Outwest Express, LLC07/11/2019 Carlisle Carrier Corporation Cowan Systems, LLC05/13/2019 Jetco Delivery, Inc. The GTI Group05/04/2019 Maverick USA, Inc. KLLM Transport Services, Inc.04/25/2019 Brookfield RPS Limited Relo Group, Inc. (TSE:8876)04/22/2019 Michael's Cartage, Inc. Mason Dixon Intermodal, Inc.04/02/2019 Sterling Transport Co, Inc. Grammer Industries, Inc.04/01/2019 Aulick Leasing TFI International Inc. (TSX:TFII)02/28/2019 Riechmann Transport, Inc. PS Logistics, LLC02/25/2019 Schilli Corporation TFI International Inc. (TSX:TFII)01/21/2019 Reliable Source Logistics LLC Fitzmark, Inc.01/21/2019 J&B Express LLC Kuhlhaus Logistics Systems01/09/2019 All Assets of Joseph Cory Warehouses, Inc. J.B. Hunt Transport, Inc.12/07/2018 Deco Logistics, Inc./Oaktree Logistics, Inc. Mason Dixon Intermodal, Inc.11/05/2018 CaseStack, Inc. Hub Group, Inc. (NasdaqGS:HUBG)10/25/2018 J & B Services, Inc. Milan Supply Chain Solutions10/24/2018 Martin Transport, Inc. Martin Operating Partnership L.P.

10/18/2018 Davis Transfer Company Inc./Davis Transfer Logistics Inc./B & G Leasing, L.L.C. USA Truck, Inc. (NasdaqGS:USAK)

10/18/2018 American Fast Freight, Inc. Odyssey Logistics & Technology Corporation

08/10/2018 Southern Counties Express, Inc./Aquarius Financial, Inc. Mason Dixon Intermodal, Inc.

08/08/2018 Capstan Hauling Ltd. ENTREC Corporation (TSX:ENT)07/25/2018 Dacota Freight Services Ltd. Hi-Way 9 Group of Companies

06/07/2018 Thunder Ridge Transport, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA)02/07/2018 Marshall Trucking Inc. Mullen Trucking Corp.02/02/2018 Fore Transportation, Inc. Universal Logistics Holdings, Inc. (NasdaqGS:ULH)

77%

23%

Strategic

Financial / Private Equity

Transactions by Acquiror Type

YTD 2019

Moon Graph

Complete Nutrition Competitor Comparison

CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV / EBITDATierValueMoon

Complete Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00

FitLife Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75

Pacifichealth Laboratories Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50

Creative Edge Nutrition, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25

Culture Medium Holdings Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00

Inergetics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

MYOS Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Avidus Management Group Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Strike Axe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Naturade, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

RBC Life Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Health Sciences Group, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Mannatech, Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Reliv International, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Muscle Pharm Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Natural Alternatives International Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

GNC Holdings Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

LifeQuest World Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ForU Holdings, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutroganics, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

ChromaDex Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Vitamin Shoppe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Blyth, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Nutraceutical International Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Integrated Biopharma Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

USANA Health Sciences Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Medifast Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Boulder Brands, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Herbalife Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Omega Protein Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

&R&G

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

Public Trading Comps

McCoy National Leasing

Selected Public Trading Comparables

($ in millions, except per share data)10/11/19EquityEnterpriseP / ETEV / RevenueTEV / EBITDATEV / EBIT

TickerCompany NameCountryShare PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM

arcbArcBest CorporationUnited States$28.81$735.2$790.99.0x0.26x0.3x0.3x3.6x3.8x3.6x6.9x

CVTICovenant Transportation Group, Inc.United States$15.85$292.6$587.07.6x0.62x0.7x0.6x4.1x5.2x4.8x9.1x

HTLDHeartland Express, Inc.United States$21.64$1,774.0$1,568.322.1x2.70x2.6x2.3x9.1x7.8x7.5x20.5x

JBHTJ.B. Hunt Transport Services, Inc.United States$110.35$11,781.9$13,270.525.6x1.49x1.4x1.4x11.6x10.0x9.4x19.6x

knxKnight-Swift Transportation Holdings Inc.United States$36.12$6,158.9$7,238.514.8x1.40x1.4x1.4x7.2x7.4x7.3x13.0x

LSTRLandstar System, Inc.United States$114.03$4,519.0$4,384.917.8x0.98x1.1x1.0x11.6x12.1x11.8x13.1x

MRTNMarten Transport, Ltd.United States$21.21$1,158.8$1,077.019.6x1.32x1.3x1.2x6.7x6.3x6.0x15.5x

ODFLOld Dominion Freight Line, Inc.United States$171.00$13,681.1$13,565.621.7x3.28x3.3x3.1x12.3x12.2x11.5x15.8x

PTSIP.A.M. Transportation Services, Inc.United States$64.98$374.1$572.912.1x1.06x1.1x1.0x5.6x5.6x5.6x11.5x

NasdaqGS:PATIPatriot Transportation Holding, Inc.United States$17.91$60.0$39.527.2x0.35x--4.4x--147.9x

RRTSRoadrunner Transportation Systems, Inc.United States$9.96$374.9$762.9NM0.37x0.5x0.5xNM42.4x11.2xNM

SAIASaia, Inc.United States$95.56$2,452.1$2,704.422.3x1.58x1.5x1.4x10.3x9.6x8.7x17.8x

sndrSchneider National, Inc.United States$22.15$3,923.1$4,003.017.3x0.80x0.8x0.8x6.2x6.4x6.2x11.3x

TSX:TFIITFI International Inc.Canada$30.81$2,542.4$4,244.211.0x1.08x1.1x1.0x7.7x6.5x6.4x12.3x

ULHUniversal Logistics Holdings, Inc.United States$24.15$658.9$1,094.611.2x0.72x0.7x0.7x6.4x6.4x6.1x10.1x

USAKUSA Truck, Inc.United States$7.94$66.1$258.76.6x0.48x0.5x0.5x5.1x5.1x4.5x13.4x

WERNWerner Enterprises, Inc.United States$35.21$2,436.4$2,788.113.8x1.12x1.1x1.1x5.9x5.9x5.9x11.8x

XPOXPO Logistics, Inc.United States$74.04$6,825.1$14,401.126.0x0.84x0.8x0.8x9.2x8.6x8.0x17.2x

YRCWYRC Worldwide Inc.United States$3.58$129.9$1,222.5NM0.24x0.2x0.2x6.0x6.1x4.6x23.1x

Total

P / ETEV / RevenueTEV / EBITDATEV / EBIT

High27.2x0.0x3.28x3.3x3.1x0.0x12.3x42.4x11.8x0.0x147.9x

Mean16.8x1.09x1.1x1.1x7.4x9.3x7.2x21.7x

Median17.3x0.98x1.1x1.0x6.6x6.5x6.3x13.3x

Low6.6x0.24x0.2x0.2x3.6x5.1x4.5x10.1x

Sub-$1bn TEV



Mean11.0x0.67x1.2x1.1x5.4x11.5x7.2x12.8x

Median10.1x0.62x1.1x1.0x5.6x6.5x6.3x11.5x

Low6.6x0.24x0.2x0.2x3.6x5.1x4.5x6.9x

Source: Capital IQ, Bridgepoint Investment Banking

Moon Graph











Strike Axe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Naturade, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0













Blyth, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0




Medifast Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0


Herbalife Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0


&R&G


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


Trucking Industry























Total



Mean16.4x1.07x1.1x1.1x7.2x9.1x7.0x21.4x

Median16.7x0.95x1.0x1.0x6.3x6.3x6.2x13.1x

Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x9.9x

Sub-$1bn TEV



Mean13.0x0.62x1.1x1.1x5.1x11.3x7.0x29.5x

Median10.8x0.48x1.0x1.0x5.3x6.3x6.1x12.4x

Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x6.7x


Moon Graph











Strike Axe, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0

Naturade, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0













Blyth, Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0




Medifast Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0


Herbalife Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0


&R&G


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TENAAAACTEwLzEvMjAxOXVUPWKBRdcIyA6HYoFF1wghQ0lRLlVMSC5JUV9QRV9FWENMLjIwMDAuOS8zMC8yMDE5AQAAADvBwAACAAAAAAACjEwMDI1MjM1NjMDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTU5OTQzNjA3OAwAAAABMQ0AAAAJMTAvMS8yMDE5dVQ9YoFF1whP7YRigUXXCCdDSVEuWFBPLklRX1RFVl9UT1RBTF9SRVYuMjAwMC45LzMwLzIwMTkBAAAAK4swAAIAAAAIMC44MjQxNjkBBwAAAAUAAAABMQEAAAAMzMDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTYxNjM0MDE1NQwAAAABMQ0AAAAJMTAvMS8yMDE5YXs9YoFF1wjKcn9igUXXCChDSVEuUlJUUy5JUV9URVZfVE9UQUxfUkVWLjIwMDAuOS8zMC8yMDE5AQAAAEj/zQICAAAABjAuMzY5MwEHAAAABQAAAAExAQAAAAoxOTc0MTc1MTQ1AwAOS8yNy8yMDE5ay09YoFF1wjn/X5igUXXCClDSVEuWFBPLklRX0xBU1RTQUxFUFJJQ0UuOS8zMC8yMDE5Li4uLlVTRAEAAAArizAAAgAAAAU3MC41NABrLT1igUXXCIXcfGKBRdcII0NJUS5VU0FLLklRX1RFVl9FQklULjIwMDAuOS8zMC8yMDE5AQAAACvXBAACAAAACTEzLjYzNjI0NgEHAAAABQAAAAExAQAAAAoxOTczNDEzNjQ5AwAAAAEMTQ1AQcAAAAFAAAAATEBAAAACjE5NzQ1NTY3OTgDAAAAATACAAAABjEwMDAzMQQAAAABMAcAAAAJOS8yNy8yMDE5CAAAAAk5LzI3LzIwMTlrLT1igUXXCIbGhGKBRdcIIkNJUS5SUlRTLklRX1BFX0VYQ0wuMjAwMC45LzMwLzIwMTkBAAAASP/NAgMAAAACTk0BBwAAAAUAAAABMQEAAAAKMTk3NDE3NTE0NQMAAAABMAIAAAAGMTAwMDI3BAARVZfRUJJVERBX0ZXRC4xMDAxLjkvMzAvMjAxOQEAAACs3wQAAgAAABAxMi4yODY1MDg5MjAwMDk4AQ0AAAAFAAAAATkBAAAABzI2MzU2NTECAAAACjEwMDIxNTIxMTMDAAAABjEwMDMwOAQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTYxNzYzNjA4NQwAAAABMQ0AAAAJMTAvMS8yMDE5dVQ9YoFF1wjvpIJMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE2MTc2MzYzNDMMAAAAATENAAAACTEwLzEvMjAxOXVUPWKBRdcI3cuCYoFF1wgXQ0lRLlhQTy5JUV9DT1VOVFJZX05BTUUBAAAAK4swAAMAAAANVW5pdGVkIFN0YXRlcwB1VD1igUXXCIXcfGKBRdcILENJUS5VU0FLLklRX1RFVl9UT1RBTF9SRVZfRldATEKAAAAATALAAAACzExNTQ4Nzc1MzAwDAAAAAExDQAAAAkxMC8xLzIwMTlhez1igUXXCDbtfWKBRdcII0NJUS5BUkNCLklRX1RFVl9FQklULjIwMDAuOS8zMC8yMDE5AQAAAOdhAAACAAAACDcuMzEzNDkxAQcAAAAFAAAAATEBAAAACjE5NzUxNzgzODYDAAAAATACAAAABjEwMDAzMQQAAAABMAcAAAAJOS8yNy8yMDE5CAAAAAk5LzI3LzIAwAAAAYxMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE1Nzc0NjA3MDcMAAAAATENAAAACTEwLzEvMjAxOWF7PWKBRdcIbPiAYoFF1wgjQ0lRLlJSVFMuSVFfVEVWX0VCSVQuMjAwMC45LzMwLzIwMTkBAAAASP/NAgMAAAACTk0BBwAAAAUAAAABMQEAAAAKMTk3NDE3NTE0NQMAAAABMAIAAAAGMTAPWKBRdcIxfJ7YoFF1wgjQ0lRLkpCSFQuSVFfVEVWX0VCSVQuMjAwMC45LzMwLzIwMTkBAAAAMEAEAAIAAAAJMTkuNjcyNTc1AQcAAAAFAAAAATEBAAAACjE5NzI1OTEyNTkDAAAAATACAAAABjEwMDAzMQQAAAABMAcAAAAJOS8yNy8yMDE5CAAAAAk5LzI3LzIwMTlrLT1igUXXCCxihWKBRdcIGENJUS5PREZMLklRX0NPTVBBTllfTkFNRQEPWKBRdcI2Et/YoFF1wg1Q0lRLk5BU0RBUUdTOlBBVEkuSVFfVEVWX1RPVEFMX1JFVl9GV0QuMTAwMS45LzMwLzIwMTkBAAAAhS8lEAMAAAAAAHVUPWKBRdcIPLuBYoFF1wgdQ0lRLlNBSUEuSVFfVEVWLjkvMzAvMjAxOS5VU0QBAAAAPPwuAAIAAAAKMjY2OC40NzgyMQEGAAAABQAAAAExAQAAAAoxOTczMjE3OTM0AwAAAAMxNjACAAAABjEMTAwMDYwBAAAAAEwBwAAAAk5LzI3LzIwMTlrLT1igUXXCPFLhmKBRdcIK0NJUS5YUE8uSVFfVEVWX1RPVEFMX1JFVl9GV0QuMTAwMi45LzMwLzIwMTkBAAAAK4swAAIAAAARMC43ODU4Njk3NzQ2MTQxMDcBDQAAAAUAAAABOQEAAAAIMjc1MjY0NDMCAAAACjEwMDIxNjAzNjIDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEMzA4BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNjE2MzU2MTcyDAAAAAExDQAAAAkxMC8xLzIwMTlhez1igUXXCGVRfWKBRdcIJkNJUS5MU1RSLklRX01BUktFVENBUC45LzMwLzIwMTkuLi4uVVNEAQAAANN3AAACAAAACTQ0NTYuNzU1NQEGAAAABQAAAAExAQAAAAoxOTczNTc1NDk4AwAAAAMxNjACAAAKkNJUS5SUlRTLklRX0xBU1RTQUxFUFJJQ0UuOS8zMC8yMDE5Li4uLlVTRAEAAABI/80CAgAAAAUxMC4wNgBrLT1igUXXCFVtgWKBRdcILENJUS5IVExELklRX1RFVl9UT1RBTF9SRVZfRldELjEwMDEuOS8zMC8yMDE5AQAAAIc7BAACAAAAEDIuNTU1MTU5ODA4ODk0ODcBDQAAAAUAAAABOQEAAAAHMjYxODEzMwIAAAAKMTAwMjE1NDIzNQMSFQuSVFfVEVWX0VCSVREQV9GV0QuMTAwMS45LzMwLzIwMTkBAAAAMEAEAAIAAAAQMTAuMDg2NTUwNTEwMjgzMwENAAAABQAAAAE5AQAAAAcyNjE5MzQwAgAAAAoxMDAxMzc2NzQzAwAAAAYxMDAzMDgEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE2MTYzMDc3OTYMAAAAATENAAAACTEwLzEvMjAxOXVUPWKAAABMQ0AAAAJMTAvMS8yMDE5YXs9YoFF1wh30YBigUXXCBhDSVEuT0RGTC5JUV9DT1VOVFJZX05BTUUBAAAArN8EAAMAAAANVW5pdGVkIFN0YXRlcwB1VD1igUXXCIMag2KBRdcII0NJUS5MU1RSLklRX1RFVl9FQklULjIwMDAuOS8zMC8yMDE5AQAAANN3AAACAAAACTEyLjk1NDE4NgEHAAAABQAAAAExAQAAAAoxOTczNTc2NDE1AwAAAAEBQAAAAE5AQAAAAcyNTkwODIxAgAAAAoxMDAyNjEyODcyAwAAAAYxMDAzMDcEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE2MTc2NDAxOTMMAAAAATENAAAACTEwLzEvMjAxOXVUPWKBRdcIsDWHYoFF1wgjQ0lRLk9ERkwuSVFfVEVWX0VCSVQuMjAwMC45LzMwLzIwMTkBAAAArN8EAAIAAAAJMTUuODY5ODQATENAAAACTEwLzEvMjAxOXVUPWKBRdcIhyqEYoFF1wgsQ0lRLlRTWDpURklJLklRX1RFVl9UT1RBTF9SRVYuMjAwMC45LzMwLzIwMTkBAAAAI14NAAIAAAAHMS4wNjY4NwEHAAAABQAAAAExAQAAAAoxOTczMzk0NDM2AwAAAAEwAgAAAAYxMDAwMzIEAAAAATAHAAAACTkvMjcvMjAxOQgAAAAJOS8yNy8yMDE5dVQ9YoFF1wjn/X5igUXXCBhNgMAAAAGMTAwMzA4BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNjE2MzI3MzA0DAAAAAExDQAAAAkxMC8xLzIwMTl1VD1igUXXCAjXhWKBRdcIK0NJUS5VTEguSVFfVEVWX1RPVEFMX1JFVl9GV0QuMTAwMi45LzMwLzIwMTkBAAAAO8HAAAIAAAARMC42NzI3NDMwNTkyNDQ2MDgBDQAAAAUAAAABOQEAAAARdcIKUNJUS5ZUkNXLklRX1RFVl9FQklUREFfRldELjEwMDIuOS8zMC8yMDE5AQAAAFnuAgACAAAAEDQuNTUwMjY0MzA4NzYxNzgBDQAAAAUAAAABOQEAAAAIMjUzMTUyNzQCAAAACjEwMDE5MDIwODEDAAAABjEwMDMwOAQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTYxNzYzMDk1NQwAAAABMQ0AAAAJMTAX05BTUUBAAAAhS8lEAMAAAANVW5pdGVkIFN0YXRlcwB1VD1igUXXCCPigWKBRdcIMkNJUS5OQVNEQVFHUzpQQVRJLklRX1RFVl9FQklUREFfRldELjEwMDEuOS8zMC8yMDE5AQAAAIUvJRADAAAAAAB1VD1igUXXCEiUgWKBRdcIKkNJUS5UU1g6VEZJSS5JUV9NQVJLRVRDQVAuOS8zMC8yMDE5Li4uLlVTRAEAAAAjXg0AAgAAAAoyNDgxLjkNwIAAAAKMTAwMDM0MzcyNgMAAAAGMTAwMzA4BAAAAAEzBgAAAAEwBwAAAAIyNwgAAAABMAkAAAABMQoAAAABMAsAAAALMTE2MTYzMzM2OTYMAAAAATENAAAACTEwLzEvMjAxOWF7PWKBRdcI+K9+YoFF1wgiQ0lRLkFSQ0IuSVFfUEVfRVhDTC4yMDAwLjkvMzAvMjAxOQEAAADnYQAAAgAAAAg5LjU5OTE2MgEHAAAABQAAAAExAQAAAAoxOTcMzA3BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNTc3NDYwNzAxDAAAAAExDQAAAAkxMC8xLzIwMTlhez1igUXXCHfRgGKBRdcILENJUS5KQkhULklRX1RFVl9UT1RBTF9SRVZfRldELjEwMDIuOS8zMC8yMDE5AQAAADBABAACAAAAEDEuMzY3NzIxMTcxNDY1NDcBDQAAAAUAAAABOQEAAAAHMjYxOTM0MAIAAAHMjYzNjU4NwIAAAAKMTAwMzYxNjk0NAMAAAAGMTAwMzA3BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNTgyNDE4OTE3DAAAAAExDQAAAAkxMC8xLzIwMTl1VD1igUXXCARXgmKBRdcIL0NJUS5OQVNEQVFHUzpQQVRJLklRX01BUktFVENBUC45LzMwLzIwMTkuLi4uVVNEAQAAAIUvJRACAAAACTU3LjkLlVTRAEAAABZ7gIAAgAAAAoxMTAuNjM2NDQ3AQYAAAAFAAAAATEBAAAACjE5NzUyNjI1NjMDAAAAAzE2MAIAAAAGMTAwMDU0BAAAAAEwBwAAAAk5LzI3LzIwMTlrLT1igUXXCMXye2KBRdcIIkNJUS5PREZMLklRX1BFX0VYQ0wuMjAwMC45LzMwLzIwMTkBAAAArN8EAAIAAAAIMjEuODgwNTEBBwAAAAUAAAABMQEAAAAKMTk3NDczMTkyNwMLzI3LzIwMTlrLT1igUXXCIcqhGKBRdcIKUNJUS5TQUlBLklRX1RFVl9FQklUREFfRldELjEwMDIuOS8zMC8yMDE5AQAAADz8LgACAAAAEDguNTk4NzU1MjgwODc0MzQBDQAAAAUAAAABOQEAAAAIMjgzMjE0ODYCAAAACjEwMDIwNjU3MTMDAAAABjEwMDMwOAQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTYMjE1MjExNAMAAAAGMTAwMzA4BAAAAAEyBgAAAAEwBwAAAAMxNjAIAAAAATAJAAAAATEKAAAAATALAAAACzExNjE3NjM2MDMxDAAAAAExDQAAAAkxMC8xLzIwMTl1VD1igUXXCO+kgmKBRdcIGENJUS5XRVJOLklRX0NPVU5UUllfTkFNRQEAAACyxwQAAwAAAA1Vbml0ZWQgU3RhdGVzAHVUPWKBRdcIZVF9YoFF1wgmQ0lRLk5BU0RBUUdTOlBAAExCgAAAAEwCwAAAAsxMTYxNjMzOTY2MwwAAAABMQ0AAAAJMTAvMS8yMDE5YXs9YoFF1wiF3HxigUXXCCZDSVEuSFRMRC5JUV9NQVJLRVRDQVAuOS8zMC8yMDE5Li4uLlVTRAEAAACHOwQAAgAAAAsxNzQzLjY0Mzc5MgEGAAAABQAAAAExAQAAAAoxOTc0ODYyOTAyAwAAAAMxNjACAAAABjEwMDA1NAQAAAABMAcAAAAJOS8yNy8yMDE5ay0MDAuOS8zMC8yMDE5AQAAAKQiBQACAAAACDQuMTc5NTYzAQcAAAAFAAAAATEBAAAACjE5NzUyODU1NTEDAAAAATACAAAABjEwMDAzMAQAAAABMAcAAAAJOS8yNy8yMDE5CAAAAAk5LzI3LzIwMTlrLT1igUXXCNGZhmKBRdcIKENJUS5NUlROLklRX1RFVl9UT1RBTF9SRVYuMjAwMC45LzMwLzIwMTkBAAAAel8EAAIAAAAIMS4zMTEyMTMBBwAMjAxOXVUPWKBRdcIxeeGYoFF1wgiQ0lRLlNORFIuSVFfUEVfRVhDTC4yMDAwLjkvMzAvMjAxOQEAAAB2XAMAAgAAAAkxNi42NzU0MDUBBwAAAAUAAAABMQEAAAAKMTk3MzYwMDIwNgMAAAABMAIAAAAGMTAwMDI3BAAAAAEwBwAAAAk5LzI3LzIwMTkIAAAACTkvMjcvMjAxOXVUPWKBRdcIupl/YoFF1wgpQ0lRLkpCSFQuSVFfVEVWX0VCSVRAAAABjEwMDAzMQQAAAABMAcAAAAJOS8yNy8yMDE5CAAAAAk5LzI3LzIwMTlrLT1igUXXCN5yhmKBRdcIJkNJUS5BUkNCLklRX01BUktFVENBUC45LzMwLzIwMTkuLi4uVVNEAQAAAOdhAAACAAAACjc4NC4yMzg5NDIBBgAAAAUAAAABMQEAAAAKMTk3NTE1OTMyMwMAAAADMTYwAgAAAAYxMDAwNTQEAAAAATAHAAAACTkvMjcvMjAxOWstPWKMjcvMjAxOWstPWKBRdcIrsB/YoFF1wgcQ0lRLlVMSC5JUV9URVYuOS8zMC8yMDE5LlVTRAEAAAA7wcAAAgAAAAsxMDcxLjM3Njk1OQEGAAAABQAAAAExAQAAAAoxOTc1MzA4OTExAwAAAAMxNjACAAAABjEwMDA2MAQAAAABMAcAAAAJOS8yNy8yMDE5ay09YoFF1wgFiX5igUXXCCxDSVEuQ1ZUSS5JUV9URVZfVE9UQUxfUkVWX0ZXRC4xMDAAAExAQAAAAoxOTc1Mjg0NDc5AwAAAAMxNjACAAAABjEwMDA1NAQAAAABMAcAAAAJOS8yNy8yMDE5ay09YoFF1wjNwIZigUXXCCpDSVEuT0RGTC5JUV9MQVNUU0FMRVBSSUNFLjkvMzAvMjAxOS4uLi5VU0QBAAAArN8EAAIAAAAGMTcyLjA2AGstPWKBRdcIgxqDYoFF1wgpQ0lRLkNWVEkuSVFfVEVWX0VCSVREQV9GV0QuMTAwMi45LzMwLzIMTI4NzMDAAAABjEwMDMwNwQAAAABMgYAAAABMAcAAAADMTYwCAAAAAEwCQAAAAExCgAAAAEwCwAAAAsxMTYxNzY0MDE1NgwAAAABMQ0AAAAJMTAvMS8yMDE5dVQ9YoFF1wjIDodigUXXCCVDSVEuS05YLklRX01BUktFVENBUC45LzMwLzIwMTkuLi4uVVNEAQAAAJgbBQACAAAACjYxMTcuOTU5MzMBBgAAAAUAAAABMQEAAAAKMTk3NDU1MjUAAE5AQAAAAcyNjE4MTMzAgAAAAoxMDAyMTU0MjM1AwAAAAYxMDAzMDgEAAAAATIGAAAAATAHAAAAAzE2MAgAAAABMAkAAAABMQoAAAABMAsAAAALMTE2MTYzMjcyNjgMAAAAATENAAAACTEwLzEvMjAxOXVUPWKBRdcI/f2FYoFF1wgmQ0lRLlVTQUsuSVFfTUFSS0VUQ0FQLjkvMzAvMjAxOS4uLi5VU0QBAAAAK9cEAAIAAAAINzAuNzE1NzQAgAAAAYxMDAwMzAEAAAAATAHAAAACTkvMjcvMjAxOQgAAAAJOS8yNy8yMDE5ay09YoFF1whQFIVigUXXCA==


Trucking Industry























Total



Mean16.4x1.07x1.1x1.1x7.2x9.1x7.0x21.4x

Median16.7x0.95x1.0x1.0x6.3x6.3x6.2x13.1x

Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x9.9x

Sub-$1bn TEV



Mean13.0x0.62x1.1x1.1x5.1x11.3x7.0x29.5x

Median10.8x0.48x1.0x1.0x5.3x6.3x6.1x12.4x

Low6.5x0.24x0.2x0.2x3.5x5.0x4.5x6.7x


In order to offer securities-related Investment Banking Services discussed herein, to include M&A and institutional capital raising, certain representatives of Bridgepoint Investment Banking are registered representatives of M&A Securities Group, Inc., an unaffiliated broker-dealer and member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited.

SENIOR LEADERSHIPWm. Lee MerrittManaging Director

Gary GroteManaging Director

Mike AndersonManaging Director

Natasha PloosterCOO

Subhash MarineniVice President

Matt PloosterManaging Director

bridgepointib.com

SELECTED BRIDGEPOINT TRANSACTION EXPERIENCE

Sector-focused trucking, transportation and vehicular boutique investment bank focused on the middle marketDeep sector experience, completing more than $50 billion of transactions in the trucking, transportation and vehicular spaceMember of numerous state and national trucking associationsFull-service investment banking capabilities spanning sell-side M&A, buy-side M&A and a market-leading leveraged finance practiceTenacious, creative and results-oriented boutique investment bank focused on impact and value creation for the companies we serveConfidential, independent and unconflicted capital solutions and strategic advice

EXECUTIVE SUMMARYSECTORS

TRUCKING & LOGISTICS INDUSTRY UPDATEQ3 2019

Adam ClaypoolManaging Director

Joe LissManaging Director

SOFTWARE & TECHNOLOGY

CONSUMER & RETAIL

INDUSTRIALS & TRANSPORTATION

4

HEALTHCARE

Has been acquired by

Sole Financial Advisor






Buy-side M&A Advisor

USD 30 millionDebt capital raise to

support acquisition and global financing

USD 375 Million

Senior secured credit facilities/senior notes

Lincoln Omaha Des Moines Denver Chicago

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Documents

TRUCKING & LOGISTICS REPORT · 2019-11-14 · TRUCKING & LOGISTICS . REPORT. TRUCKING & LOGISTICS INDUSTRY UPDATE. BIG PICTURE. Trucking company valuations and earnings are . highly