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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
TRUCKING & LOGISTICS INDUSTRY UPDATEQ1 2019
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0.6x
0.7x
0.8x
0.9x
1.0x
1.1x
1.2x
1.3x
1.4x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
13.0x
TEV/EBITDA Historical TEV/EBITDA TEV/Revenue Historical TEV/Revenue
TRUCKING & LOGISTICS INDUSTRY UPDATE
KEY TAKEAWAYSTrucking 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
Understanding and appropriately communicating the Company’s unique business mix is critical to a successful process and maximization of value
Industry valuations have remained steadfast over the past two years and there continues to be significant industry tailwinds indicating strong 2019 projections
Bridgepoint Investment Banking advises trucking company owners seeking liquidity or growth financing that timing is attractive 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
Q1 2019BRIDGEPOINT INSIGHTS
Trucking company median valuation multiples are currently at 6.4x, up 39.1% from the most recent cycle trough of 4.6x in January 2016
According to ATA Chief Economist Bob Costello, we are currently in one of the best, if not the best, truck freight markets we have ever seen. This has caused demand to outpace the ability of trucking companies to find drivers
The level of for-hire freight shipments as measured by the Transportation Services Index was up 3.2% from January 2018 showing growing demand for freight service
The ATA tonnage index rose 2.2% in January 2019 to 114.4 from December’s 111.9 level
EXECUTIVE SUMMARY
Industry In Late Stages of a Strong Valuation Cycle
Trucking & Logistics Valuation Cycle
TEV
/ LT
M E
BITD
ATEV
/ LTM REV
ENUE
Total
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Source: Bridgepoint Investment Banking, Capital IQ, Bank of America Merrill Lynch
TRUCKING & LOGISTICS INDUSTRY UPDATE
bridgepointib.comQ1 2019
BRIDGEPOINT INSIGHTS
Transportation Services Index
ATA Tonnage Index LTM (2015 = 100, SA)
116.1
109.4
111.6 111.2
110.1
113.0113.8
112.8
115.0
112.7
111.8
118.4118.9
111.9
114.4
104.0
106.0
108.0
110.0
112.0
114.0
116.0
118.0
120.0
Key Business ConsiderationsSource: U.S. Bureau of Transportation Statistics Source: American Trucking Association
ELDs represents a real value-add for companies that have successfully transitioned and historically utilized electronic logs
Electronic Logging Device Mandate in Effect – Truck Capacity Beginning to
Increase
Investing in their fleet is one strategy trucking firms can use to differentiate themselves and effectively recruit talent in this tight labor market
Record New Class 8 Truck Orders to Combat Tight Capacity and Add to
Driver Satisfaction
Drive synergistic value through complementary or diversifying service offerings and / or economies of scale through consolidation
Operators Looking to Diversify Revenue Base with
Asset Light Offerings
As businesses increase investments, demand in the transportation and logistics industry will increase
Corporate Tax Overhaul Significantly Increases Book and Cash Earnings
Facilitating effective loading and unloading will allow drivers to spend more time on the road and increase capacity
Driver Pay Expected to Continue to Follow Rates
Economic growth and more goods ordered online by consumers have contributed to the heightened freight volume and driving high freight costs
Solid Freight Volume and Lack of Capacity Driving Capital Expenditures
Industry-wide driver shortage heightens focus on quality of drivers, driver retention rates and safety history
Increased Costs due to New Engine Technology and Maintenance
Complexity
KEY TRUCKING & LOGISTICS TRENDS VALUATION CONSIDERATIONS
2
80
90
100
110
120
130
140
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Source: Bridgepoint Investment Banking, Capital IQ
Selected Recent Industry Transactions
Selected Public Comparables
TRUCKING & LOGISTICS INDUSTRY UPDATE
bridgepointib.comQ1 2019
BRIDGEPOINT INSIGHTS
3
($ in millions, except per share data) 3/1/2019 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 $35.24 $891.2 $885.9 13.9x 0.29x 3.8x 7.0x
Covenant Transportation Group, Inc. United States $23.11 $418.5 $634.5 9.9x 0.72x 4.5x 9.5x
Heartland Express, Inc. United States $20.22 $1,646.1 $1,484.6 22.8x 2.43x 8.9x 22.9x
J.B. Hunt Transport Services, Inc. United States $107.94 $11,707.9 $12,854.2 24.3x 1.49x 11.5x 18.9x
Knight-Swift Transportation Holdings Inc. United States $34.04 $5,830.3 $6,678.7 14.3x 1.25x 6.7x 11.7x
Landstar System, Inc. United States $108.88 $4,359.9 $4,306.2 17.6x 0.93x 11.5x 13.0x
Marten Transport, Ltd. United States $18.77 $1,015.8 $959.0 18.7x 1.22x 6.3x 15.2x
Old Dominion Freight Line, Inc. United States $152.25 $12,234.5 $12,089.2 20.4x 2.99x 11.6x 14.8x
P.A.M. Transportation Services, Inc. United States $48.72 $302.6 $486.6 13.0x 0.91x 5.5x 12.1x
Patriot Transportation Holding, Inc. United States $18.51 $61.6 $41.4 25.5x 0.36x 4.3x 66.8x
Roadrunner Transportation Systems, Inc. United States $0.46 $16.5 $534.6 NM 0.24x NM NM
Saia, Inc. United States $67.05 $1,694.7 $1,815.4 16.6x 1.10x 7.5x 12.9x
Schneider National, Inc. United States $21.97 $3,875.1 $3,856.4 14.4x 0.77x 5.7x 10.1x
TFI International Inc. Canada $31.63 $2,628.6 $3,750.5 11.0x 1.01x 7.8x 12.9x
Universal Logistics Holdings, Inc. United States $22.15 $628.4 $1,013.8 12.0x 0.69x 7.4x 12.1x
USA Truck, Inc. United States $17.19 $139.5 $299.0 11.5x 0.56x 6.3x 15.8x
Werner Enterprises, Inc. United States $34.64 $2,432.4 $2,523.4 14.8x 1.03x 5.5x 10.7x
XPO Logistics, Inc. United States $50.81 $5,498.0 $9,782.0 17.5x 0.57x 6.5x 12.3x
YRC Worldwide Inc. United States $7.92 $259.6 $906.9 12.8x 0.18x 3.4x 7.5x
Total
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 25.5x 2.99x 11.6x 66.8x
Mean 16.2x 0.99x 6.9x 15.9x
Median 14.6x 0.91x 6.4x 12.6x
Low 9.9x 0.18x 3.4x 7.5x
Sub-$1bn TEV
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 18.7x 1.22x 7.4x 15.8x
Mean 13.1x 0.65x 5.3x 11.3x
Median 12.8x 0.69x 5.5x 12.1x
Low 9.9x 0.18x 3.4x 7.0x
($ in millions)
Date TEV TEV / LTMAnnounced Target Acquiror ($mm) Sales EBITDA
01/11/2019 Morris Transport, LLC Alpine 4 Technologies Ltd. (OTCPK:ALPP) $6.6 - -
01/10/2019 Sheehy Mail Contractors, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $5.6 - -
01/09/2019 All Assets of Joseph Cory Warehouses J.B. Hunt Transport, Inc. $100.0 - -
12/20/2018 Ursa Major Corporation EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $2.0 - -
12/20/2018 W.E. Graham, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $0.5 - -
12/07/2018 Deco Logistics, Inc Mason Dixon Intermodal, Inc. $60.0 1.1x -11/05/2018 CaseStack, Inc. Hub Group, Inc. (NasdaqGS:HUBG) $255.0 1.1x 11.6x10/25/2018 J & B Services, Inc. Milan Supply Chain Solutions $6.4 - -10/24/2018 Martin Transport, Inc. Martin Operating Partnership L.P. $145.0 - -10/18/2018 Davis Transfer Company Inc USA Truck, Inc. (NasdaqGS:USAK) $53.0 1.1x -10/18/2018 American Fast Freight, Inc. Odyssey Logistics & Technology Corporation $465.0 - -08/10/2018 Southern Counties Express, Inc Mason Dixon Intermodal, Inc. $65.0 - -08/08/2018 Capstan Hauling Ltd. ENTREC Corporation (TSX:ENT) $10.5 - -07/25/2018 Dacota Freight Services Ltd. Hi-Way 9 Group of Companies $1.8 - -06/27/2018 Prime EFS LLC Transportation and Logistics Systems, Inc. (OTCPK:TLSS) $0.5 0.1x -
06/07/2018 Thunder Ridge Transport, Inc. EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) $3.0 - -
02/07/2018 Marshall Trucking Inc. Mullen Trucking Corp. $7.8 - -02/02/2018 Fore Transportation, Inc. Universal Logistics Holdings, Inc. (NasdaqGS:ULH) $34.9 1.1x -12/07/2017 Keen Transport, Inc. Wallenius Wilhelmsen ASA (OB:WALWIL) $64.0 0.8x 6.4x11/01/2017 Indiana Transport, Inc. Patrick Industries, Inc. (NasdaqGS:PATK) $59.0 - -
09/05/2017 RDK Transportation Co. Inc. Mullen Group Ltd. (TSX:MTL) $10.9 - -08/31/2017 Milgram & Company Ltd. C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW) $49.5 0.4x -07/18/2017 Commodity Forwarders Inc. Kuehne + Nagel International AG (SWX:KNIN) $94.4 0.5x -07/06/2017 Interstate Distributor Co., Inc. Heartland Express, Inc. (NasdaqGS:HTLD) $113.0 0.3x -06/16/2017 Owen Logistics, LLC AlumiFuel Power Corporation (OTCPK:AFPW) $0.1 - -06/15/2017 Big Red L.T.L. Transport, Inc. Bulova Technologies Group, Inc. (OTCPK:BTGI) $1.2 - -05/25/2017 Hub Group Dedicated Hub Group Trucking, Inc. $285.0 1.1x -04/10/2017 Swift Transportation Company Knight-Swift Transportation Holdings Inc. (NYSE:KNX) - - -03/02/2017 David Oppenheimer Transport, Inc. Grandview Brokerage Limited $15.7 - -02/08/2017 Kel-West Carriers Ltd. Payne Transportation Ltd. $2.8 - -
High 1.1x 11.6x
Mean 0.7x 9.0xMedian 0.9x 9.0x
Low 0.1x 6.4x
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$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
Public Trading Comps
McCoy National Leasing
Selected Public Trading Comparables
($ in millions, except per share data)3/1/19EquityEnterpriseP / ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x
CVTICovenant Transportation Group, Inc.United States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x
HTLDHeartland Express, Inc.United States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x
JBHTJ.B. Hunt Transport Services, Inc.United States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x
knxKnight-Swift Transportation Holdings Inc.United States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x
LSTRLandstar System, Inc.United States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x
MRTNMarten Transport, Ltd.United States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x
ODFLOld Dominion Freight Line, Inc.United States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x
PTSIP.A.M. Transportation Services, Inc.United States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x
RRTSRoadrunner Transportation Systems, Inc.United States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM
SAIASaia, Inc.United States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x
sndrSchneider National, Inc.United States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x
TSX:TFIITFI International Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x
ULHUniversal Logistics Holdings, Inc.United States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x
USAKUSA Truck, Inc.United States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x
WERNWerner Enterprises, Inc.United States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x
XPOXPO Logistics, Inc.United States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x
YRCWYRC Worldwide Inc.United States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x
Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x
Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x
Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x
Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x
Source: Capital IQ, Bridgepoint Investment Banking
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$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
Public Trading Comps
McCoy National Leasing
Selected Public Trading Comparables
($ in millions, except per share data)3/1/19EquityEnterpriseP / ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x
CVTICovenant Transportation Group, Inc.United States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x
HTLDHeartland Express, Inc.United States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x
JBHTJ.B. Hunt Transport Services, Inc.United States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x
knxKnight-Swift Transportation Holdings Inc.United States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x
LSTRLandstar System, Inc.United States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x
MRTNMarten Transport, Ltd.United States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x
ODFLOld Dominion Freight Line, Inc.United States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x
PTSIP.A.M. Transportation Services, Inc.United States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x
RRTSRoadrunner Transportation Systems, Inc.United States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM
SAIASaia, Inc.United States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x
sndrSchneider National, Inc.United States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x
TSX:TFIITFI International Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x
ULHUniversal Logistics Holdings, Inc.United States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x
USAKUSA Truck, Inc.United States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x
WERNWerner Enterprises, Inc.United States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x
XPOXPO Logistics, Inc.United States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x
YRCWYRC Worldwide Inc.United States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x
Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x
Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x
Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x
Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x
Source: Capital IQ, Bridgepoint Investment Banking
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Not DisclosedM&A advisory
Sole Financial Advisor
USD 250 millionSenior notes offering
Joint Bookrunner
USD60 millionGlobal financing
Sole Financing Arranger
Has been acquired by
Sole Financial Advisor
Has Been Acquired by
Sole Financial Advisor
USD 99 millionInitial public offering
Joint Bookrunner
Buy-side advisory onacquisition of European
automotive supplier
Financial Advisor
Not DisclosedBuy-side Advisor on acquisition of Bank of Nebraska
Has been acquired by
Sole Financial Advisor
Not DisclosedUni-tranche financing for dividend recapitalization
Sole Financial Arranger
SENIOR LEADERSHIP
DENVER OFFICE140 Hurd Lane
Avon, CO 81620877.315.2931
LINCOLN OFFICE816 P Street, Suite 200
Lincoln, NE 68508402.817.7900
DES MOINES OFFICE666 Walnut Street, Suite 1720
Des Moines, IA 50309515.325.7615
OMAHA OFFICE450 Regency Parkway, Suite 300
Omaha, NE 68114402.817.7901
Wm. Lee MerrittManaging Director
Gary GroteManaging Director
Mike AndersonManaging Director
Natasha PloosterCOO
Subhash MarineniVice President
Matt PloosterManaging Director
bridgepointib.comIn 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.
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 vehicle 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 UPDATEQ1 2019
Adam ClaypoolManaging Director
Joe LissManaging Director
BUSINESS SERVICES
ENERGY
HEALTHCARE
INDUSTRIALS
SOFTWARE & TECHNOLOGY
CONSUMER & RETAIL
USD60 millionGlobal financing
Sole Financing Arranger
FINANCIAL SERVICES
IMPACT
REAL ESTATE
TRUCKING & TRANSPORTATION
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