distribution & logistics report q2 2017 · strategic buyer inv. date select corporate...

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Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

6/21/2017 CG Power Systems USA, Inc. WEG Electric Corp. Electronic Components 37.00 - -

6/20/2017 VoIP Supply LLC Sangoma Technologies Corp. Warehousing and Storage 48.12 - -

5/10/2017 Rubicon Resources LLC High Liner Foods, Inc. Food & Beverage 107.00 0.46x 6.69x

5/1/2017 Schilli Transportation Services, Inc. Daseke, Inc. Logistics Providers 23.36 - -

5/1/2017 PolyAero, Inc. Apollo Aerospace Components LLC Wire & Cable 10.50 - -

4/26/2017 Van's Equipment Denver LLC Sunbelt Rentals, Inc. Industrial 25.00 - -

4/13/2017 Carestream Dental LLC Clayton Dubilier & Rice LLC Medical 1,000.00 - -

4/10/2017 Swift Transportation Co. Knight Transportation, Inc. Trucking 3,804.45 0.94x 8.02x

4/10/2017 Atlantic Trucking Co., Inc. Central States Trucking Co. Trucking 0.02 0.00x 0.00x

4/6/2017 Postal Express, Inc. General Logistics Systems Logistics Providers 13.30 - -

Strategic80%

Financial20%

2

9

3

10

6 6 3

4 -

3

14

-

2

4

6

8

10

12

14

16


Strategic Buyer Inv. Date Select Corporate Acquisitions

Beacon Roofing Supply, Inc. 5/1/2017 ▪ Lowry's, Inc.1/3/2017 ▪ American Building & Roofing, Inc.

12/16/2016 ▪ BJ Building Material Supply Co.

6/1/2016 ▪ Woodfeathers, Inc.

4/1/2016 ▪ Atlantic Building Products, Inc.

US Foods Holding Corp. 6/2/2017 ▪ F. Christiana & Co

4/24/2017 ▪ First Class Foods, Inc.

3/6/2017 ▪ SRA Foods, Inc.

9/30/2016 ▪ Jeraci Food Distributors, Inc.

2/26/2016 ▪ Cara Donna Provision Co., Inc.

American Builders & Contractors Supply Co., Inc. 5/15/2017 ▪ Acoustical Ceiling Supply Co.11/10/2016 ▪ Trumbull Vinyl Products, Inc.

10/25/2016 ▪ Ace Aluminum Distributors, Inc.

9/12/2016 ▪ Sidewinder Supply

8/29/2016 ▪ L&W Supply Corporation

GMS, Inc. 12/6/2016 ▪ SGI, Inc.

11/1/2016 ▪ Ryan Building Materials, Inc.

10/4/2016 ▪ United Building Materials, Inc.9/2/2016 ▪ Olympia Building Supplies, LLC8/30/2016 ▪ Steven Kempf Building Material Company

SiteOne Landscape Supply, Inc. 5/25/2017 ▪ Evergreen Partners of Raleigh LLC

3/13/2017 ▪ Angelo's Supplies, Inc.

1/4/2016 ▪ Hydro-Scape Products, Inc.

Bekins Moving & Storage Co. 4/3/2017 ▪ Crown Moving Co., Inc.

8/3/2016 ▪ Kennewick Transfer & Storage Inc. and Sanders Transfer

5/26/2016 ▪ Clancy's Transfer and Storage Inc.

GlobalTranz Enterprises, Inc. 6/16/2017 ▪ Worthington Logistics Solutions, Inc.

5/16/2017 ▪ Hall Enterprises, Inc.

1/10/2017 ▪ Global Freight Source, Inc.

SRS Distribution, Inc. 12/2/2016 ▪ Metro Roofing Supplies11/7/2016 ▪ Tri State Aluminum Products

10/24/2016 ▪ MidSouth Building Supply

Financial Buyer Inv. Date Select Corporate Investments

Audax Private Equity 4/4/2017 ▪ AFI Shareholder LLC

11/8/2016 ▪ Engineering Controls, Inc.7/19/2016 ▪ RelaDyne, Inc.

CI Capital Partners LLC 6/19/2017 ▪ Angelus Welding, Inc.

3/6/2017 ▪ Simplified Logistics LLC12/16/2016 ▪ Cadence Chemical Corp.

New Mountain Capital LLC 6/14/2017 ▪ Attentus Medical Sales, Inc.5/5/2017 ▪ VWR Corp.8/19/2016 ▪ JDA Software Group, Inc.

Ridgemont Equity Partners 1/17/2017 ▪ Worldwide Express Operations LLC

9/7/2016 ▪ Nolan Transportation Group, Inc.7/1/2016 ▪ WhiteWater Midstream

KJM Capital LLC 12/22/2016 ▪ Blue Sky Logistics LLC

12/22/2016 ▪ Interide Transportation LLC12/6/2016 ▪ Sunco Carriers, Inc.

ABRY Partners, LLC 2/6/2017 ▪ Highwinds Network Group, Inc.2/6/2016 ▪ FLS Transportation Services, Inc.


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Automotive Building Products Electronic Components Food & Beverage

Industrial Medical Wire & Cable S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Genuine Parts Co. GPC-US 13,701$ 92.34$ -3.3% -3.3% 87.1% 4.1% 7.4% 0.9x 11.8x 20.0x 0.9x 10.6x

LKQ Corp. LKQ-US 9,123 29.60 -3.4% -3.4% 81.4% 7.4% 12.3% 1.4x 12.1x 18.6x 1.3x 10.7x

Dorman Products, Inc. DORM-US 2,817 81.51 11.6% 11.6% 99.4% 9.2% 22.6% 3.1x 14.2x 25.4x 2.9x 13.1x

Kaman Corp. KAMN-US 1,302 48.05 -1.8% -1.8% 90.0% 5.4% 5.8% 0.9x 11.0x 24.4x 0.9x 9.9x

Uni-Sélect, Inc. UNS-CA 1,113 26.35 18.8% 18.8% 96.0% 24.2% 7.9% 1.0x 11.4x 19.3x 0.9x 9.8x

Essendant, Inc. ESND-US 548 14.62 -30.0% -30.0% 41.8% (1.3%) 2.3% 0.2x 7.1x NM 0.2x 7.4x

Lawson Products, Inc. LAWS-US 194 21.90 -8.0% -8.0% 77.9% 5.6% 3.2% 0.7x 29.0x NM 0.7x 12.3x

Segment Average $4,114 (2.3%) (2.3%) 82.0% 7.8% 8.8% 1.2x 13.8x 21.5x 1.1x 10.6x

Segment Median $1,302 (3.3%) (3.3%) 87.1% 5.6% 7.4% 0.9x 11.8x 20.0x 0.9x 10.6x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Wolseley Plc WOS-GB 16,051$ 63.46$ 2.4% 2.4% 95.8% 9.4% 7.2% 0.9x 11.8x 25.5x 0.8x 10.7x

HD Supply Holdings, Inc. HDS-US 8,291 41.10 -3.3% -3.3% 91.9% (29.9%) 10.7% 1.6x 13.3x 27.6x 1.5x 11.9x

Pool Corp. POOL-US 4,910 118.91 14.0% 14.0% 98.0% 8.8% 6.8% 2.1x 19.1x 32.9x 2.0x 18.6x

Beacon Roofing Supply, Inc. BECN-US 2,926 48.71 5.7% 5.7% 96.2% 10.3% 4.0% 1.0x 10.7x 29.5x 0.9x 10.1x

BMC Stock Holdings, Inc. BMCH-US 1,512 22.65 16.2% 16.2% 98.1% 11.9% 4.2% 0.6x 10.5x 36.5x 0.6x 7.9x

Boise Cascade Co. BCC-US 1,023 26.55 18.0% 18.0% 88.6% 10.9% 4.1% 0.3x 10.8x 23.9x 0.3x 7.1x

Huttig Building Products, Inc. HBP-US 214 8.24 24.7% 24.7% 91.4% NM (0.2%) 0.4x 10.0x 15.3x NM NM

BlueLinx Holdings, Inc. BXC-US 78 8.68 16.2% 16.2% 89.5% NM 0.4% 0.2x 13.5x 3.4x NM NM

Segment Average $4,375 11.7% 11.7% 93.7% 3.6% 4.7% 0.9x 12.5x 24.3x 1.0x 11.1x

Segment Median $2,219 15.1% 15.1% 93.8% 9.9% 4.2% 0.7x 11.3x 26.5x 0.9x 10.4x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

W.W. Grainger, Inc. GWW-US 13,732$ 233.86$ 0.7% 0.7% 89.0% 4.4% 14.2% 1.6x 10.9x 23.8x 1.5x 10.7x

Arrow Electronics, Inc. ARW-US 6,588 73.88 3.6% 3.6% 97.4% 5.9% 4.4% 0.4x 8.1x 12.7x 0.4x 7.9x

Avnet, Inc. AVT-US 5,879 45.61 -4.2% -4.2% 88.6% (33.4%) 4.3% 0.4x 10.0x 18.3x 0.5x 9.6x

Tech Data Corp. TECD-US 3,510 92.34 9.0% 9.0% 95.8% 26.4% 1.8% 0.1x 6.7x 17.1x 0.1x 3.7x

WESCO International, Inc. WCC-US 3,352 68.80 3.4% 3.4% 90.3% 4.0% 4.7% 0.6x 11.6x 32.9x 0.6x 11.1x

ScanSource, Inc. SCSC-US 987 39.10 -3.1% -3.1% 87.0% 3.1% 3.5% 0.3x 31.1x 15.8x 0.3x 8.5x

Richardson Electronics Ltd. RELL-US 63 5.91 -6.2% -6.2% 81.6% NM NM 0.1x NM NM 0.1x NM





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Sysco Corp. SYY-US 28,102$ 52.02$ -6.1% -6.1% 91.2% 4.5% 4.8% 0.7x 12.1x 27.4x 0.6x 11.0x

US Foods Holding Corp. USFD-US 6,162 27.78 1.1% NA 99.4% 4.6% 3.2% 0.4x 11.2x 25.5x 0.4x 8.8x

Performance Food Group Co. PFGC-US 2,427 23.45 -2.3% -2.3% 83.4% 6.0% 1.9% 0.2x 11.7x 27.9x 0.2x 9.2x

United Natural Foods, Inc. UNFI-US 2,159 42.68 -10.6% -10.6% 81.8% 6.4% 3.8% 0.3x 8.7x 17.1x 0.3x 8.1x

Core-Mark Holding Co., Inc. CORE-US 1,421 30.69 -28.7% -28.7% 61.4% 7.2% 0.4% 0.1x 12.9x 27.9x 0.1x 10.0x

SpartanNash Co. SPTN-US 1,319 35.15 -11.1% -11.1% 87.0% 6.0% 2.5% 0.2x 7.6x 21.3x 0.2x 6.7x

The Chefs' Warehouse, Inc. CHEF-US 364 13.85 -12.3% -12.3% 66.6% 7.8% 2.8% 0.6x 11.9x 692.5x 0.5x 10.3x






($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Fastenal Co. FAST-US 14,845$ 51.32$ 9.2% 9.2% 97.5% 11.2% 23.2% 3.8x 16.8x 29.3x 3.5x 15.5x

W.W. Grainger, Inc. GWW-US 13,732 233.86 0.7% 0.7% 89.0% 4.4% 14.2% 1.6x 10.9x 23.8x 1.5x 10.7x

Genuine Parts Co. GPC-US 13,701 92.34 -3.3% -3.3% 87.1% 4.1% 7.4% 0.9x 11.8x 20.0x 0.9x 10.6x

HD Supply Holdings, Inc. HDS-US 8,291 41.10 -3.3% -3.3% 91.9% (29.9%) 10.7% 1.6x 13.3x 27.6x 1.5x 11.9x

MSC Industrial Direct Co., Inc. MSM-US 4,595 102.46 10.9% 10.9% 96.9% 4.4% 15.8% 2.2x 14.1x 25.6x 2.2x 13.5x

WESCO International, Inc. WCC-US 3,352 68.80 3.4% 3.4% 90.3% 4.0% 4.7% 0.6x 11.6x 32.9x 0.6x 11.1x

NOW, Inc. DNOW-US 1,785 16.61 -18.9% -18.9% 70.6% 42.4% (1.3%) 0.8x NM NM 0.6x 76.0x

MRC Global, Inc. MRC-US 1,726 18.19 -10.2% -10.2% 80.8% 25.4% 3.5% 0.8x 35.1x NM 0.7x 14.2x

Lawson Products, Inc. LAWS-US 194 21.90 -8.0% -8.0% 77.9% 5.6% 3.2% 0.7x 29.0x NM 0.7x 12.3x





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

McKesson Corp. MCK-US 31,698$ 149.48$ 6.4% 6.4% 75.0% 4.0% 2.1% 0.2x 8.5x 6.4x 0.2x 10.0x

Cardinal Health, Inc. CAH-US 25,763 81.67 13.5% 13.5% 93.0% 7.7% 2.7% 0.2x 8.8x 19.5x 0.2x 8.4x

AmerisourceBergen Corp. ABC-US 19,368 89.14 14.0% 14.0% 94.3% 10.2% 2.0% 0.1x 10.4x NM 0.1x 9.2x

Henry Schein, Inc. HSIC-US 13,529 170.83 12.6% 12.6% 93.3% 6.7% 8.2% 1.3x 15.5x 26.0x 1.3x 14.7x

Patterson Cos., Inc. PDCO-US 4,397 45.27 10.3% 10.3% 89.8% 1.5% 8.1% 1.0x 11.2x 25.3x 0.9x 12.2x

Owens & Minor, Inc. OMI-US 2,096 34.30 -2.8% -2.8% 82.7% 2.8% 2.4% 0.3x 9.1x 20.4x 0.3x 9.6x

Aceto Corp. ACET-US 480 15.93 -27.5% -27.5% 61.3% 29.9% 11.8% 1.4x 12.9x 30.1x 1.1x 8.0x





($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Genuine Parts Co. GPC-US 13,701 92.34 -3.3% -3.3% 87.1% 4.1% 7.4% 0.9x 11.8x 20.0x 0.9x 10.6x

Arrow Electronics, Inc. ARW-US 6,588 73.88 3.6% 3.6% 97.4% 5.9% 4.4% 0.4x 8.1x 12.7x 0.4x 7.9x

Avnet, Inc. AVT-US 5,879 45.61 -4.2% -4.2% 88.6% (33.4%) 4.3% 0.4x 10.0x 18.3x 0.5x 9.6x

Anixter International, Inc. AXE-US 2,600 78.50 -3.1% -3.1% 89.2% 4.9% 4.5% 0.5x 10.8x 20.5x 0.5x 9.2x

Houston Wire & Cable Co. HWCC-US 111 6.70 3.1% 3.1% 83.2% 15.7% 0.8% 0.7x NM NM 0.6x 31.1x

Segment Average $5,776 (0.8%) (0.8%) 89.1% (0.6%) 4.3% 0.6x 10.2x 17.9x 0.6x 13.7x




-10%

-5%

0%

5%

10%

15%

20%

Trucking Software Warehousing & Storage Logistics Providers S&P 500


($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

J.B. Hunt Transport Services, Inc. JBHT 10,890$ 97.07$ 19.6% 32.3% 94.8% 11.5% 14.9% 1.8x 10.8x 25.2x 1.7x 10.3x

Old Dominion Freight Line, Inc. ODFL 7,073 85.79 25.0% 45.2% 93.6% 11.1% 21.7% 2.4x 10.4x 23.6x 2.3x 9.8x

Ryder System, Inc. R 3,980 74.44 12.9% 31.0% 87.1% 5.0% 23.4% 1.4x 5.4x 16.3x 1.3x 5.0x

Landstar System, Inc. LSTR 3,563 85.30 25.3% 45.4% 93.9% 9.3% 7.9% 1.1x 13.6x 25.6x 1.1x 13.1x

Swift Transportation Co. SWFT 3,226 24.36 13.5% 76.3% 89.6% 4.9% 8.6% 1.0x 8.3x 26.8x 1.0x 7.1x

Knight Transportation, Inc. KNX 2,645 33.05 15.2% 36.4% 85.2% 6.7% 19.0% 2.4x 10.3x 31.2x 2.3x 9.4x

Navistar International Corp. NAV 2,563 31.37 37.0% 254.9% 93.8% 7.5% 4.2% 0.8x 13.8x NM 0.8x 11.4x

Werner Enterprises, Inc. WERN 1,942 26.95 15.8% 15.2% 92.8% 6.0% 16.2% 1.0x 6.3x 26.2x 1.0x 6.0x

Heartland Express, Inc. HTLD 1,696 20.36 7.8% 19.6% 89.7% (1.3%) 27.9% 2.5x 8.6x 29.9x 2.5x 8.1x

Saia, Inc. SAIA 1,113 44.15 47.4% 98.4% 90.4% 11.1% 11.9% 1.0x 10.2x 23.4x 0.9x 6.9x

Marten Transport Ltd. MRTN 759 13.98 11.0% 31.6% 86.1% 8.6% 19.8% 1.1x 5.9x 22.8x 1.1x 5.5x

ArcBest Corp. ARCB 708 27.65 45.4% 29.3% 81.4% 7.2% 2.3% 0.3x 5.6x 41.9x 0.3x 4.7x

Universal Logistics Holdings, Inc. ULH 465 16.35 21.8% 16.5% 89.3% 7.5% 6.9% 0.7x 8.5x 22.1x 0.6x 8.0x

YRC Worldwide, Inc. YRCW 442 13.28 7.8% -6.3% 78.3% 5.7% 3.1% 0.2x 4.3x 55.3x 0.2x 3.7x

Roadrunner Transportation Systems, Inc. RRTS 398 10.39 30.2% 10.2% 76.0% NM NM 0.4x 8.4x NM 0.4x 7.0x

Covenant Transportation Group, Inc. CVTI 306 19.34 0.1% 2.4% 75.0% 5.3% 13.0% 0.8x 4.6x 28.5x 0.8x 4.8x

Celadon Group, Inc. CGI 202 7.15 -18.2% -27.7% 59.4% NM NM 0.5x 6.9x NM 0.5x 5.8x

P.A.M. Transportation Services, Inc. PTSI 167 25.98 29.8% -5.8% 80.6% 3.2% 12.2% 0.7x 5.9x 16.0x 0.7x 4.9x

USA Truck, Inc. USAK 72 8.71 -14.9% -50.1% 40.6% 3.2% 1.0% 0.5x 7.5x NM 0.5x 5.6x

7.7% 14.5%7.1% 15.6%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Aspen Technology, Inc. AZPN 4,223$ 54.68$ 16.9% 44.8% 98.7% 4.5% 45.2% 8.8x 18.7x 30.4x 8.7x 17.9x

Manhattan Associates, Inc. MANH 3,775 53.03 -8.0% -19.9% 77.3% 5.5% 30.7% 6.0x 17.8x 30.5x 5.6x 15.5x

The Descartes Systems Group, Inc. DSGX 1,619 21.40 -0.6% 6.6% 93.5% 13.1% 32.9% 7.7x 23.6x 66.9x 6.9x 19.7x

SPS Commerce, Inc. SPSC 1,191 69.89 -4.8% -0.5% 93.4% 18.8% 12.1% 5.5x 55.5x 158.8x 4.7x 32.5x

QAD, Inc. QADA 561 30.40 35.8% 48.1% 98.4% 4.9% 0.2% 1.6x 50.8x NM 1.6x 25.9x

American Software, Inc. AMSWA 277 10.33 -6.9% 1.5% 86.6% 4.3% NM 2.1x 16.0x 21.1x 2.0x 13.4x

Park City Group, Inc. PCYG 246 12.70 7.6% 6.6% 82.7% NM 22.1% 14.5x 70.1x 100.2x NM NM

Amber Road, Inc. AMBR 244 9.08 -5.9% 78.4% 73.8% 16.7% (13.0%) 3.4x NM NM 3.0x (330.8x)

9.7% 18.6%5.5% 22.1%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Public Storage PSA 38,764$ 223.50$ 0.2% -9.8% 80.5% 6.2% 67.8% 16.9x 24.0x 31.7x 16.0x 22.2x

PACCAR, Inc. PCAR 22,399 63.90 8.7% 34.8% 93.3% (0.7%) 18.4% 1.6x 9.5x 15.8x 1.8x 14.3x

Extra Space Storage, Inc. EXR 9,716 77.24 -2.7% -12.4% 81.5% 11.0% 65.6% 14.7x 23.2x 26.7x 13.1x 19.8x

Westinghouse Air Brake Technologies Corp. WAB 7,395 83.02 1.7% 16.7% 93.1% 34.1% 21.6% 3.2x 16.5x 26.9x 2.2x 12.5x

CubeSmart CUBE 4,820 26.77 -1.8% -12.6% 79.9% 8.9% 58.8% 12.8x 21.5x 53.0x 11.7x 18.9x

Life Storage, Inc. SSS 3,956 85.26 -4.1% -20.5% 72.1% 12.7% 57.2% 12.3x 24.2x 51.1x 10.0x 16.6x

Dana, Inc. DAN 2,730 18.98 21.7% 37.5% 95.8% 8.6% 11.3% 0.6x 6.1x 4.2x 0.6x 5.6x

Navistar International Corp. NAV 2,563 31.37 37.0% 254.9% 93.8% 7.5% 4.2% 0.8x 13.8x NM 0.8x 11.4x

American Axle & Manufacturing Holdings, Inc. AXL 1,476 19.30 12.1% 1.9% 97.8% 59.5% 18.1% 0.6x 3.8x 5.9x 0.6x 4.0x

Mobile Mini, Inc. MINI 1,345 30.25 0.2% -2.8% 79.3% 4.9% 32.4% 4.5x 12.4x 29.1x 4.3x 11.5x

Meritor, Inc. MTOR 1,095 12.42 11.6% 48.7% 92.9% 8.2% 10.5% 0.6x 8.1x 2.1x 0.6x 6.6x

Wabash National Corp. WNC 981 15.82 11.1% 33.7% 97.1% (5.4%) 10.7% 0.6x 4.3x 9.2x 0.7x 6.3x

National Storage Affiliates Trust NSA 936 22.07 5.4% 28.8% 96.5% 32.9% 55.5% 11.3x 21.4x 88.3x 11.5x 19.5x

14.5% 33.2%8.6% 21.6%



($ in Mil)Price ($)

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YTD

Change

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Revenue

Growth

EBITDA

Margin

TEV/

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TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

United Parcel Service, Inc. UPS 79,028$ 114.64$ 4.8% 19.1% 95.2% 6.9% 15.1% 1.8x 15.2x 29.2x 1.8x 10.4x

FedEx Corp. FDX 49,624 186.20 6.6% 25.0% 92.4% 5.6% 14.8% 1.1x 9.2x 16.8x 1.0x 6.8x

C.H. Robinson Worldwide, Inc. CHRW 10,382 73.26 4.0% 18.1% 94.1% 8.4% 6.2% 0.9x 12.4x 20.2x 0.8x 12.4x

Expeditors International of Washington, Inc. EXPD 9,553 52.96 2.8% 17.4% 94.0% 8.4% 10.2% 1.4x 11.9x 22.6x 1.4x 11.7x

XPO Logistics, Inc. XPO 4,785 43.16 17.7% 58.4% 86.6% 5.3% 7.8% 0.7x 8.3x 48.0x 0.7x 7.5x

Hub Group, Inc. HUBG 1,452 43.75 7.3% 32.8% 94.8% 7.8% 3.3% 0.4x 9.1x 21.9x 0.4x 9.1x

Forward Air Corp. FWRD 1,446 47.38 9.5% 10.2% 93.4% 10.7% 13.5% 1.5x 10.3x 50.4x 1.4x 9.5x

Atlas Air Worldwide Holdings, Inc. AAWW 1,304 52.15 21.8% 26.1% 90.3% 12.9% 13.2% 1.6x 8.6x 32.6x 1.5x 7.0x

Air Transport Services Group, Inc. ATSG 951 15.96 11.2% 58.3% 92.3% 25.4% 22.8% 1.8x 6.9x 43.1x 1.6x 5.4x

Echo Global Logistics, Inc. ECHO 732 25.05 8.6% 22.9% 86.7% 14.9% 1.8% 0.5x 18.7x NM 0.5x 11.1x

Park-Ohio Holdings Corp. PKOH 528 42.60 16.9% 15.8% 95.4% 10.0% 7.8% 0.7x 9.2x 13.5x 0.7x 7.4x

10.6% 10.6%8.4% 10.2%



Date Target Buyer(s) SegmentAmount

($ in Mil)

TEV/

Rev

TEV/

EBITDA6/27/2017 Liberty Medical Holdings LLC Cardinal Health, Inc. Medical - - -

6/26/2017 Pj's Auto Care Center, Inc. The Pep Boys-Manny Moe & Jack Automotive - - -

6/21/2017 CG Power Systems USA, Inc. WEG Electric Corp. Electronic Components 37.00 - -

6/20/2017 VoIP Supply LLC Sangoma Technologies Corp. Warehousing and Storage 48.12 - -

6/20/2017 PackageOne, Inc. Golden West Packaging Group LLC Industrial - - -

6/20/2017 Packaging Innovators Corp. Golden West Packaging Group LLC Food & Beverage - - -

6/19/2017 Angelus Welding, Inc. CI Capital Partners LLC Industrial - - -

6/16/2017 Worthington Logistics Solutions, Inc. GlobalTranz Enterprises, Inc. Logistics Providers - - -

6/16/2017 Owen Logistics LLC AlumiFuel Power Corp. Logistics Providers 0.13 - -

6/15/2017 Big Red Transport, Inc. Bulova Technologies Group, Inc. Trucking - - -

6/14/2017 Old Dominion Truck Leasing, Inc. Penske Truck Leasing Co. LP Trucking - - -

6/6/2017 CMT Industrial Solutions, Inc. The IMC Group Ltd. Building Products - - -

6/2/2017 Independent Paper Group LLC Lindenmeyr Munroe Warehousing and Storage - - -

6/2/2017 F. Christiana & Co US Foods Holding Corp. Food & Beverage - - -

6/1/2017 Edrington Webb Travel Retail Americas LLC The Edrington Group Ltd. Food & Beverage - - -

6/1/2017 DirectMed Parts & Service LLC Sage Capital Partners Medical - - -

5/30/2017 HubLogix Commerce Corp. ChannelAdvisor Corp. Logistics Providers - - -

5/25/2017 Evergreen Partners of Raleigh LLC SiteOne Landscape Supply, Inc. Logistics Providers - - -

5/25/2017 Total Building Supplies Inc Ram Tool & Supply Co., Inc. Building Products - - -

5/25/2017 Lighting Supply Co. AEA Investors LP Electronic Components - - -

5/23/2017 PartsSource, Inc. Great Hill Partners LP Medical - - -

5/19/2017 Bossco Industries, Inc. IMCD NV Building Products - - -

5/19/2017 Northwire, Inc. Joule Assets, Inc. Wire & Cable - - -

5/17/2017 Endries International, Inc. Nautic Partners LLC Building Products - - -

5/16/2017 Hall Enterprises, Inc. (Minnesota) GlobalTranz Enterprises, Inc. Logistics Providers - - -

5/12/2017 WestFeeds, Inc. Ridley, Inc. Food & Beverage - - -

5/10/2017 AirLogistix USA dnata Logistics Providers - - -

5/10/2017 Rubicon Resources LLC High Liner Foods, Inc. Food & Beverage 107.00 0.46x 6.69x

5/9/2017 Extra Express, Inc. Wind Point Advisors LLC Warehousing and Storage - - -

5/8/2017 CRC Information Systems, Inc. Electronics For Imaging, Inc. Logistics Providers - - -

5/4/2017 Fluid Systems Engineering, Inc. The Hillman Co. Industrial - - -

5/1/2017 Trident Distribution Inc Foundation Building Materials, Inc. Building Products - - -

5/1/2017 Schilli Transportation Services, Inc. Daseke, Inc. Logistics Providers 23.36 - -

5/1/2017 Gerdau Construction Products (5 Branches) Brock White Co. LLC Building Products - - -

5/1/2017 Wallboard, Inc. Foundation Building Materials, Inc. Building Products - - -

5/1/2017 Lowry's, Inc. Beacon Roofing Supply, Inc. Building Products - - -

5/1/2017 PolyAero, Inc. Apollo Aerospace Components LLC Wire & Cable 10.50 - -

4/26/2017 Van's Equipment Denver LLC Sunbelt Rentals, Inc. Industrial 25.00 - -

4/25/2017 Souto Foods LLC Alex Lee, Inc. Food & Beverage - - -

4/24/2017 Masterpiece International Ltd. CIVC Partners LP Logistics Providers - - -

4/24/2017 First Class Foods, Inc. US Foods Holding Corp. Food & Beverage - - -

4/24/2017 Maverick Building Systems LLC Zeeland Lumber & Supply Co. Building Products - - -

4/20/2017 Acesur de Prado North America, Inc. Aceites del Sur SA Food & Beverage - - -

4/19/2017 RGA LLC MoboTrex, Inc. Electronic Components - - -

4/19/2017 Chagrin Safety Supply, Inc. Quest Management, Inc. Medical - - -

4/18/2017 Nauticus Shipping Corp. OL International Holdings LLC Logistics Providers - - -

4/14/2017 ILLINOIS-IOWA CLAIM SERVICE OF BETTENDORF, INC. AWGI LLC Logistics Providers - - -

4/14/2017 H. Weiss LLC BHS Foodservice Solutions Industrial - - -

4/13/2017 Carestream Dental LLC Clayton Dubilier & Rice LLC Medical 1,000.00 - -

4/10/2017 Swift Transportation Co. Knight Transportation, Inc. Trucking 3,804.45 0.94x 8.02x

4/10/2017 Atlantic Trucking Co., Inc. Central States Trucking Co. Trucking 0.02 0.00x 0.00x

4/6/2017 Postal Express, Inc. General Logistics Systems Logistics Providers 13.30 - -

4/4/2017 Inmar, Inc. OMERS Private Equity, Inc. Logistics Providers - - -

4/4/2017 AFI Shareholder LLC Audax Private Equity Wire & Cable - - -

4/3/2017 Truck Hero, Inc. CCMP Capital Advisors LP Automotive - - -

4/3/2017 Allen Equipment, Inc. Aramsco, Inc. Industrial - - -

4/3/2017 Crown Moving Co., Inc. Bekins Moving & Storage Co. Logistics Providers - - -

4/3/2017 Advantage Food Equipment & Supplies Inc Waltons, Inc. Food & Beverage - - -

4/3/2017 Sherwood Food Distributors LLC Harvest Meat Co., Inc. Food & Beverage - - -

4/3/2017 The Progressive Orthopaedic Co., LLC IBS Investment Bank LLC Medical - - -


distribution & logistics report q2 2017 · strategic buyer inv. date select corporate...

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