executive freight insight - raymond james

NOVEMBER 2021

For institutional use only©2021 Raymond James & Associates, Inc. member New York Stock Exchange/SIPC

Corporate Headquarters

880 Carillon ParkwaySt. Petersburg, FL 33716

Memphis Office

50 North Front Street, 20th FloorMemphis, TN 38103

CHIP GRAYSONManaging Director

O: 901.529.3701 | C: 901.230.4244

[email protected]

TOM MULLINSManaging Director

O: 727.567.1113 | C: 727.560.6700

[email protected]

DAVID FOWKESManaging Director

O: 713.278.5236 | C: 908.768.1797

[email protected]

ALEX SETNESSManaging Director

O: 212.883.6578 | C: 917.509.2658

[email protected]

CRUTCHER REISS Director

O: 727.567.1702 | C: 504.250.1515

[email protected]

TURNER FISHERVice President

O: 901.531.3202 | C: 601.498.8992

[email protected]

2

EXECUTIVE FREIGHT TRENDS INSIGHT

TRANSPORT & INFRASTRUCTURE SECTOR EXPERTISE

• Reverse Logistics• Transportation

Management• Last-Mile• Air Freight

Forwarding• Ocean Freight

Forwarding

• Customs Clearance

• Freight Brokerage• Intermodal

Marketing• Compliance• Global Trade

Management

LOGISTICS / SUPPLY CHAIN

TRUCKING• Truckload • LTL• Intermodal• Expedited• Dedicated Contract

Carriage

• Dry Van• Temperature-

Controlled• Bulk• Tank• Flatbed

• Import Deconsolidation

• Multi-Vendor Consolidation

• Fulfillment

• Value-Added Services

• Pool Distribution• Kitting and Sub-

Assembly

WAREHOUSING & DISTRIBUTION RAIL & RAIL SUPPLIERS

• Short-line Railroads• Maintenance and Repair• Railcar Manufacturers• Outsourced Services• Equipment and Infrastructure

INFRASTRUCTURE & OTHER• Port Services• Marine / Terminals• Component

Manufacturing• Mobile Asset

Management

• Equipment Leasing

• Outsourced Services

• Solid Waste Hauling

• Specialized

• Air Cargo• Passenger Transportation• Fixed Wing Aircraft Operators• Rotary Wing Aircraft Operators• Aircraft Maintenance, Repair, and Overhaul

AVIATION & AEROSPACE

TRANSPORT & INFRASTRUCTURE EQUITY RESEARCHSavanthi Syth, Airlines Analyst• 10+ years of experience covering the airline

industry• Raymond James has longstanding recognition

of being a leader in aviation equity research

Tyler Brown, Transportation and Logistics Analyst• 15+ years covering logistics, trucking, leasing,

and rail companies• Regularly recognized as a top analyst in the

transportation services sector by the StarMine Analyst Awards from Refinitiv(1)

(1) 2020 Top 3 Stock Picker in Transportation & LogisticsClick here to find out more about award criteria.

Link(s) are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members

Transaction Spotlight

Felix Boeschen, Machinery and Transportation Analyst• 5+ years of experience covering the

transportation industry

Transaction Summary• On November 17, AIT Worldwide Logistics (“AIT”), a portfolio company of

The Jordan Company, reached an agreement to acquire New York City-based final mile 3PL Select Express & Logistics (“Select”), a portfolio company of LongueVue Capital. Select consists of 60 locations–13 offices supported by 47 cross-dock facilities across the United States–and administers the delivery of more than 1.7 million shipments per year by harnessing a network of 1,200-plus carriers.

• The acquisition is a complementary integration with AIT’s global freight forwarding operations, creating a seamless first, middle and final mile solution in the United States.

Raymond James served as the exclusive financial

advisor to Select Express & Logistics in connection with

the transaction

“Combining our final mile expertise with AIT’s global freight capabilities will enable us to better serve our customers by managing the movement of product from the

factory floor to consumers’ homes.”

“Customers with omnichannel distribution initiatives will benefit from our new unified solution that

provides a truly global glass pipeline when importing goods

from overseas to be delivered and assembled in consumers’ homes

and commercial businesses.”

Announced

Has reached an agreement to be acquired by

– Vaughn Moore, President & CEO of AIT

– Jay Waldman, CEO of Select Express & Logistics

A portfolio company of

A portfolio company of

https://www.analystawards.com/methodology.php?r=1

3


5 Year 3 Year 1 Year 6 Months 3 Months

Asset-Based Truckload 48.0% 47.6% 24.5% 9.1% 8.7%

Asset-Light Transport 97.6% 29.7% 2.8% (26.7%) (0.3%)

LTL 497.8% 317.2% 84.2% 37.8% 29.1%

Railroads 148.6% 68.5% 18.3% 6.8% 8.7%

Forwarding & Logistics 110.1% 70.7% 45.5% 16.1% 12.9%

Integrated 64.3% 59.7% 11.3% (8.4%) 2.9%

S&P 500 112.6% 77.9% 30.9% 11.6% 4.5%

0%

100%

200%

300%

400%

500%

600%

700%

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

May

-18

Jul-1

8

Sep-

18

Nov

-18

Jan-

19

Mar

-19

May

-19

Jul-1

9

Sep-

19

Nov

-19

Jan-

20

Mar

-20

May

-20

Jul-2

0

Sep-

20

Nov

-20

Jan-

21

Mar

-21

May

-21

Jul-2

1

Sep-

21

Nov

-21

Asset-Based Truckload Asset-Light Transport LTL Railroads Forwarding & Logistics Integrated S&P 500

FIVE YEAR TRANSPORT & LOGISTICS STOCK INDEX

See publicly traded freight transportation & logistics trading multiples page for companies within each industry.This material was prepared within Raymond James & Associates’ Investment Banking Department and is for information purposes only. This material is not a product of Raymond James & Associates’ Research Department; recipients of this reportshould not interpret the information herein as sufficient grounds for an investment decision or any other decision. This material shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein. Informationcontained in this report was received from sources believed to be reliable, but accuracy is not guaranteed. Past performance does not guarantee future results. There is no assurance these trends will continue. The market value of securities fluctuatesand you may incur a profit or a loss. This analysis does not include transaction costs and tax considerations. If included, these costs would reduce an investor’s return. The S&P 500 is an unmanaged index of 500 widely held stocks.

Select Transport & Logistics Stock Performance

Source: S&P Capital IQ as of 11/22/2021

4


Share % of Market Enterprise Enterprise Value / Enterprise Value / Price /Price 52 Week Value Value EBITDA EBIT EPS

Company Name 11/22/21 High ($ MM) ($ MM) 2021E 2022E 2021E 2022E 2021E 2022E

Asset-Based TruckloadCovenant Transportation Group, Inc. 27.52 79.2% 460.1 522.9 4.2x 4.1x 7.1x 6.8x 7.7x 7.3xHeartland Express, Inc. 17.62 87.1% 1,390.3 1,209.9 5.8x 5.7x 11.4x 11.9x 17.6x 17.7xKnight-Swift Transportation Inc. 58.00 95.7% 9,625.5 11,576.7 7.7x 6.9x 11.8x 10.4x 12.8x 11.9xMarten Transport Ltd. 17.17 93.4% 1,424.1 1,340.9 6.3x 5.9x 12.3x 11.2x 17.4x 15.6xUSA Truck Inc. 20.90 88.7% 175.8 329.6 5.0x 4.2x 11.1x 8.7x 9.7x 8.0xWerner Enterprises Inc. 46.27 93.0% 3,094.7 3,450.0 6.1x 5.6x 11.4x 10.4x 14.0x 12.5xMedian 5.9x 5.7x 11.4x 10.4x 13.4x 12.2x

Asset-Light TransportForward Air Corp. 104.00 95.2% 2,803.7 3,058.1 15.7x 13.1x 19.7x 15.9x 25.1x 19.9xLandstar System Inc. 173.76 92.1% 6,621.7 6,543.0 12.1x 12.2x 13.4x 13.6x 18.1x 17.9xRadiant Logistics, Inc. 8.64 98.9% 422.7 497.9 9.1x 8.5x 15.1x 12.6x 11.5x 11.5xUniversal Logistics Holdings, Inc. 20.34 72.8% 547.5 1,085.5 6.2x 5.2x 10.5x 8.4x 7.6x 6.3xXPO Logistics, Inc. 78.90 51.4% 9,050.7 13,209.7 10.5x 9.9x 17.4x 16.0x 18.1x 16.6xMedian 10.5x 9.9x 15.1x 13.6x 18.1x 16.6x

LTLArcBest Corporation 109.50 93.8% 2,799.7 2,686.4 6.7x 6.0x 9.4x 8.5x 14.1x 12.2xOld Dominion Freight Line Inc. 354.37 97.3% 40,756.5 40,291.8 NM NM 29.4x 25.6x 40.6x 34.7xSaia, Inc. 349.80 95.7% 9,179.2 9,219.7 19.3x 16.3x 28.5x 23.2x 38.2x 31.3xYRC Worldwide Inc. 13.98 94.5% 717.0 2,110.1 7.0x 6.2x 29.2x 11.5x NM 43.2xMedian 7.0x 6.2x 28.9x 17.4x 38.2x 33.0x

RailroadsCSX Corp. 36.05 98.6% 79,958.3 94,663.3 14.0x 13.1x 17.9x 16.5x 23.2x 20.2xCanadian National Railway Company 164.17 97.3% 115,953.3 127,745.3 17.6x 15.5x 22.9x 19.6x 28.2x 23.8xCanadian Pacific Railway Limited 93.72 93.7% 62,509.0 72,736.0 17.2x 15.6x 21.1x 18.9x 24.1x 22.0xKansas City Southern 301.49 95.6% 27,429.7 31,117.6 20.3x 17.8x 26.9x 22.8x 37.0x 30.7xNorfolk Southern Corp. 277.06 93.6% 67,421.0 80,322.0 14.3x 13.2x 18.1x 16.5x 23.0x 20.2xUnion Pacific Corporation 243.91 98.4% 156,803.8 186,526.8 16.0x 14.7x 19.8x 18.1x 24.5x 21.5xMedian 16.6x 15.1x 20.5x 18.5x 24.3x 21.8x

Forwarding and LogisticsExpeditors International of Washington Inc. 130.05 98.3% 22,031.0 20,670.1 11.4x 13.5x 11.8x 14.1x 17.0x 20.6xHub Group Inc. 85.08 97.8% 2,946.3 3,019.2 9.6x 7.9x 16.2x 13.1x 21.3x 16.9xEcho Global Logistics, Inc. 0.01 31.3% 7.8 27.5 NA NA NA NA NA NA CH Robinson Worldwide Inc. 96.78 92.7% 12,580.2 14,415.9 12.1x 12.3x 13.1x 13.4x 15.3x 15.9xJB Hunt Transport Services Inc. 197.35 97.4% 20,724.5 21,688.9 13.8x 12.1x 21.4x 18.2x 28.8x 24.2xGXO Logistics Inc. 103.03 97.3% 11,811.7 14,365.7 NM 19.7x NM 35.9x 51.2x 39.8xMedian 11.7x 12.3x 14.7x 14.1x 21.3x 20.6x

IntegratedFedEx Corporation 247.99 77.5% 65,878.6 95,349.6 9.7x 8.3x 15.9x 13.1x 14.5x 11.6xUnited Parcel Service, Inc. 210.88 95.8% 183,284.7 198,347.7 12.8x 12.3x 15.8x 15.1x 18.2x 17.6xMedian 11.2x 10.3x 15.8x 14.1x 16.4x 14.6x

Source: S&P Capital IQ as of 11/22/2021

Publicly Traded Freight Transport Trading Multiples

5


12.6%

55.6%

27.4%

4.2%

24.5%

37.6%

18.0%

27.4% 27.7%

12.0%

43.6%

18.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

TL Asset-Light LTL Rail Forwarding/3PL Integrated

2014-2019 2020-2021E

17.5%

49.3%52.0%

29.5%

35.7%

24.3%23.8%

53.6%56.6%

11.6%

59.5%

32.8%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%


2014-2019 2020-2021E

12.6%

55.6%

27.4%

4.2%

24.5%

37.6%

18.0%

27.4% 27.7%

12.0%

43.6%

18.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%


2014-2019 2020-2021E

Source: S&P Capital IQ as of 11/22/2021Historical 2014 – 2019 growth rates reflective of revenue and EBITDA increases due to acquisitions

REVENUE GROWTH RATES BY SECTOR

EBITDA GROWTH RATES BY SECTOR

Freight Transport Growth Estimates

6


11.2x

8.4x

9.7x

8.6x

9.7x

10.6x10.2x

8.5x

9.7x

8.9x

9.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

10.5x

6.8x

9.0x8.5x8.9x

10.0x

8.7x

15.2x

7.6x7.6x

9.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

16.0x

13.9x

15.5x14.8x15.2x15.5x

11.2x11.8x

11.3x11.6x12.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x14.6x

9.2x

11.7x

9.9x

8.1x7.9x

6.5x6.0x5.5x5.6x

6.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

5.3x

7.1x

8.6x

7.2x

8.6x

10.6x

7.6x

5.5x

7.4x

5.4x6.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

6.6x6.2x6.2x

5.3x

6.3x

7.2x6.9x

6.4x6.5x

5.8x5.5x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

FORWARDING & LOGISTICS

LTL RAILROADS

ASSET-LIGHT TRANSPORTASSET-BASED TRUCKLOAD

INTEGRATED

Source: S&P Capital IQ as of 11/22/2021; Multiples calculated as an average over the specified period, except current which is a snapshot in time

Historical EBITDA Multiples by Sector

7


Select M&A Transactions in Last Six MonthsDate Target

Closed Sector Acquiror Transaction NotesDate Target

Closed Sector Acquiror Transaction NotesPending 3PL CRH Transportation

Sutton Transport

Pending Trucking BarOle TruckingForward Air Corporation

Pending Trucking TKI Intermodal (trucking assets)Forward Air Corporation

Pending 3PL Life Science LogisticsBlackstone

11/22/2021 3PL Bergen LogisticsElanders Group

11/19/2021 3PL International Warehouse ServicesSTG Logistics

11/19/2021 3PL Echo Global LogisticsThe Jordan Company

11/17/2021 3PL Select Express & LogisticsAIT Worldwide

11/3/2021 Marine Fenix Marine ServicesCMA CGM

11/2/2021 3PL Global Net LogisticsRhenus Logistics Americas

11/2/2021 3PL Platinum Circle TechnologiesTransportation Insight Holdings

11/2/2021 3PL Quiet LogisticsAmerican Eagle Outfitters

10/29/2021 3PL Liberty Cold StorageVertical Cold Storage

Elanders Group closed the acquisition of a majority stake in Bergen Logistics for $155.0 million. Based in North Bergen, NJ, Bergen Logistics provides warehousing and e-commerce fulfilment solutions for clothing retailers. The acquisition strengthens Elanders position in the North American market, which will in turn bolster Elanders’ offer in other customer segments.

The Jordan Company has acquired Echo Global Logistics, Inc. for $1.3 billion. Based in Chicago, IL, Echo provides freight brokerage and managed transportation solutions. This transaction will provide the company with additional resources and greater flexibility to continue to build its technology and data science platform, while also augmenting its value proposition for shippers and carriers.

Freight forwarder AIT Worldwide Logistics will acquire New York City-based third-party logistics services (3PL) provider Select Express & Logistics. Terms of the deal were not disclosed. Select Express & Logistics specializes in last-mile delivery and assembly services for big and bulky consumer and commercial goods, including furniture, fitness equipment, home electronics, and outdoor appliances and accessories. The addition of Select allows AIT to provide a seamless first, middle, and final-mile solution for importing heavy, bulky goods into the United States, according to AIT.

Sutton Transport announced the acquisition of the less-than-truckload division of St. Louis-based CRH Transportation. The acquisition will enable Sutton to continue to expand direct coverage to all major markets throughout the Midwest. Terms were not disclosed.

Vertical Cold Storage, a portfolio company of Platform Ventures, closed the acquisition of Liberty Cold Storage. Based in Bolingbrook, IL, Liberty provides cold storage and logistics solutions. The acquisition is the first for Vertical Cold and will allow it to gain a strategically placed location that enables distirbution to 85% of the U.S. population within two days. Terms were not disclosed.

Forward Air Corporation announced the pending acquisition of BarOle Trucking. Based in Hudson, WI, BarOle provides over-the-road intermodal transportation services. BarOle is the largest intermodal carrier in Minneapolis, which will further develop Forward Air's capabilities in the Midwest. Terms were not disclosed. Forward Air Corporation announced the acquisition of the trucking-related assets of TKI Intermodal. Based in Minneapolis, MN, TKI provides container drayage transportation and storage solutions. The addition of TKI will add to Forward Air's container transportation and storage, in a time where freight transport supply is at a historical low. Terms were not disclosed.

CMA CGM has acquired Fenix Marine Services, a portfolio company of EQT Infrastructure, for $2.3 billion. Based in Terminal Island, CA, Fenix Marine provides ocean terminal and container handling services at the Port of Los Angeles. Control of FMS will provide CMA with a deep-water terminal.Rhenus Logistics Americas closed the acquisition of Global Net Logistics. Based in Dallas, TX, Global Net provides domestic and international freight forwarding solutions. This acquisition will allow Rhenus to continue to expand its reach across the U.S. Terms were not disclosed.

Transportation Insight Holdings, a portfolio company of Gryphon Investors, has acquired Platinum Circle Technologies. Based in Alpharetta, GA, Platinum Circle provides small parcel Transportation Management System and freight management solutions. The acquisition will provide Transportation Insight's customers with additonal tech-enabled capabilities. Terms were not disclosed. American Eagle Outfitters closed the acquisition of Quiet Logistics, a portfolio company of Related Funds Management and Greenfield Partners, LLC, for $350.0 million. Based in Devens, MA, Quiet Logistics provides e-commerce fulfilment solutions for clothing retailers. Quiet will operate as its own business segment but will further enable American Eagle's logistics platform.

STG Logistics (“STG”), a portfolio company of Wind Point Partners , announced the closed acquisition of International Warehouse Services (“IWS”), a logistics provider of warehousing, trucking, brokerage and documentation, customs clearance, and distribution services in Port Everglades, Fla. IWS a provider of Customs Examination Station (“CES”) and USDA inspections in Port Everglades. IWS’s leadership, including Fred Rogacki, will join the STG team and serve in a critical role in STG’s southern Florida operations post-closing.

Blackstone has announced they have entered into a definitive agreement to make a significant, strategic investment in Life Science Logistics (“LSL”), a national provider of healthcare supply chain solutions. The investment is intended to help accelerate LSL’s continued expansion within the fast-growing pharmaceutical and medical device market as it opens new facilities and further increases its customer base in the years ahead.

8



Closed Sector Acquiror Transaction Notes10/28/2021 Fleet Donlen

Maintenance Wheels, Inc

10/27/2021 3PL Midwest Warehouse and Distribution SystemRyder

10/25/2021 Trucking Dance LogisticsIndiana Freight Management (d/b/a TF Logistics)

10/22/2021 3PL Cargo Cove FulfillmentShip Hero

10/21/2021 Passenger Greyhound LinesTransport FlixMobility

10/21/2021 3PL Maestro International CargoAlliance Ground International

10/20/2021 3PL Choptank TransportHub Group

10/13/2021 3PL OnTracLasership

10/12/2021 3PL Eclipse AdvantageTwo Sigma Impact

10/7/2021 Fleet Mobile FleetcareMaintenance Dickinson Fleet Services

10/7/2021 3PL Aeropost International ServicesClick Partners

9/24/2021 Equipment Milestone Equipment HoldingsLeasing Partners Group

9/29/2021 Marine Ports AmericaCanada Pension Plan Investment Board

Lasership, a portfolio company of Greenbriar Equity Group and American Securities, announced the acquisition of OnTrac. Based in Chandler, AZ, OnTrac provides e-commerce shipping and parcel logistics services. The deal has been structured as "an agreement to merge" and will create a giant among the regional parcel carriers and provide shippers with a consolidated option for e-commerce deliveries in the U.S. Terms were not disclosed.

Dickinson Fleet Services announced the closed acquisition of Mobile Fleetcare. Based in Oakland, CA, Mobile Fleetcare provides on-site fleet maintenance and repair services. Geographic growth has been a core focus area for Dickinson, and Mobile Fleetcare will play an large role as they expand their Northern California reach. Terms were not disclosed.

Partners Group announced the closed acquisition of Milestone Equipment Holdings through a $1.0 billion recapitalization. Based in St. Charles, MO, Milestone provides transportation equipment leasing solutions. Utilizing Milestone's scale, service, and fleet quality, Partners Group will set its sights on capturing a larger share of the transportation equipment market.

Click Partners LP acquired Aeropost International Services, Inc. Based in Miami, FL, Aeropost provides e-commerce logistics and cross-border solutions. The combination of Aeropost's cross-border logistics and e-commerce capabilities together with Click's marketplace technology and smart-locker network will be the focus of Click Partners' future growth. Terms were not disclosed.

Two Sigma Impact announced the acquisition of Eclipse Advantage, a portfolio company of Longshore Capital Partners. Based in Orlando, FL, Eclipse provides outsourced supply-chain workforce and labor solutions to the warehousing sector. The partnership will provide Eclipse Advantage with Two Sigma's data science capabilities to improve. Terms were not disclosed.

Ship Hero, a portfolio company of Riverwood Capital, announced the closed acquisition of Cargo Cove Fulfillment. Based in Jacksonville, FL, Cargo Cove provides e-commerce fulfilment, pick and pack, returns management and logistics solutions. The addition of Cargo Cove will allow ShipHero to further penetrate the fast-growing Southeast U.S. Terms were not disclosed.

FlixMobility, a portfolio company of Canyon Partners and Silver Lake Management, announced the acquisition of Greyhound Lines for $201.5 million. Based in Dallas, TX, Greyhound is the largest provider of long-distance bus transportation in the United States. This acquisition will allow FlixMobility to further meet the growing demand for affordable mobility solutions.

Alliance Ground International, a portfolio company of Greenbriar Equity Group and Audax Management Company, announced the acquisition of Maestro International Cargo. Based in Chicago, IL, Maestro provides air cargo and ground handling services at Chicago O’Hare International Airport (ORD). This acquisition adds additional airport warehouses and aircraft parking at ORD as AGI. AGI & MIC’s combined warehouse footprint at ORD is now over one million square feet. Terms were not disclosed.

Indiana Freight Management LLC (d/b/a TF Logistics) has acquired Dance Logistics. Based in Indianapolis, IN, Dance Logistics provides over-the-road truckload services. Terms were not disclosed. The acquisition adds to TF’s modern fleet of trucks and trailers, marking the largest increase to their fleet since a 72% expansion in hauling capacity in 2019.

Wheels, Inc. has acquired Donlen. Based in Bannockburn, IL, Donlen provides fleet and driver management solutions. Post-acquisition, the two companies will merge to take advantage of potential operational benefits and growth opportunities. Terms were not disclosed. Ryder closed the acquisition of Midwest Warehouse and Distribution System, Inc. Based in Woodbridge, IL, Midwest provides warehousing, distribution and transportation services to the food, beverage and consumer packaged goods sectors. The acquisition of Midwest will add nine multi-client warehouses and eight dedicated customer warehouses in five regions. Terms were not disclosed.

Hub Group has acquired Choptank Transport, a provider of non-asset refrigerated transportation services in a move geared towards increasing its presence in the refrigerated transportation market. Hub Group officials announed that the purchase price was $130 million, adding that Hub Group has granted contingent compensation to Choptank’s owners and senior management.

Canada Pension Plan Investment Board acquired the remaining 90.6% stake in Ports America, Inc., a portfolio company of Oaktree Capital Management. Based in Jersey City, NJ, Ports America is the largest marine terminal operator in the United States. CPPIB stated that the opportunity represents the ability to continue to invest in an operator that plays a large role in global trade. Terms were not disclosed.

9




Closed Sector Acquiror Transaction Notes9/29/2021 3Pl Molo Solutions

ArcBest Corporation

9/24/2021 3PL IAS Logistics DFW, d/b/a Pinnacle LogisticsWFS Global

9/21/2021 Trucking Spotted Lakes d/b/a 1845 Commercial Bulk DivisionXcel Bulk Logistics

9/21/2021 3PL Main Terminal division of Maritime InternationalIce Cube Logistics

9/21/2021 3PL D&L LogisticsPLS Logistics

9/21/2021 3PL TransfixG Squared

9/21/2021 3PL ConveyProject 44

9/15/2021 3PL Fulfillment WorksStord

9/10/2021 3PL Roadie, Inc.UPS

9/9/2021 Logistics SimplishipTechnology Magaya Corporation

9/8/2021 3PL EnlinxWhiplash Inc.

9/8/2021 3PL Everest Transportation SystemsCambridge Capital

9/7/2021 3PL Newark Facility ManagementAmericold

PLS Logistics Services has acquired freight broker D&L Transport. D&L Transport through its national agent network has developed a broad range of services, with particular strength in the dry van, flatbed and refrigerated modes, which will enable PLS to expand its quality and breadth of service offerings.

UPS closed its acquisition of Roadie, Inc., a portfolio company of TomorrowVentures. Based in Atlanta, GA, Roadie provides on-demand, same-day delivery services. Roadie’s leading technology, combined with UPS’ portfolio, will open doors for new growth opportunities. Roadie’s technology platform also will provide opportunities to improve existing, and potentially add additional, UPS small-package capabilities. Terms were not disclosed.

Magaya Corporation, a portfolio company of LLR Partners, has acquired Simpliship Inc. Based in Boston, MA, Simpliship provides load procurement and freight matching solutions through its online marketplace platform. Qwyk’s intuitive UI and UX design and agnostic connectivity approach will enable seamless integration with Magaya, providing fast and easy deployment while delivering comprehensive and powerful customer-facing platforms for LSPs. Terms were not disclosed.

Whiplash Inc., a portfolio company of Endeavour Capital, has acquired Enlinx, LLC. Based in Salt Lake City, UT, Enlinx provides third-party fulfilment, warehousing and supply-chain logistics solutions. The acquisition gives Whiplash a presence in a strategic Western fulfillment node, expanding its U.S. coverage in the face of accelerated demand for direct-to-consumer (D2C) ecommerce and omnichannel services. Terms were not disclosed.

Cambridge Capital LLC has acquired Everest Transportation Systems, LLC. Based in Evanston, IL, Everest provides freight brokerage services. Cambridge intends to fund Everest's expansion in technology, broadening their leadership team in finance and tech, and selectively adding acquisitions to scale up even faster. Terms were not disclosed.

WFS Global SAS, a portfolio company of Cerberus Capital Management, has acquired IAS Logistics DFW, LLC (d/b/a Pinnacle Logistics). Based in Fort Worth, TX, Pinnacle provides cargo handling and truckload services. The acquisition delivers on WFS’s commercial growth strategy, which includes accelerating revenue growth in cargo handling through product development including high-growth specialist e-commerce handling. Terms were not disclosed. Xcel Bulk Logistics, a portfolio company of Lilium Group, has acquired Spotted Lakes LLC (d/b/a 1845 Commercial Bulk Division). Based in Weatherford, TX, 1845 Commercial Bulk Division provides over-the-road bulk transportation services. This acqusition will aid Xcel's goal to grow their available services in the capacity-constrained bulk materials space. Terms were not disclosed.Ice Cube Logistics has acquired the Main Terminal division of Maritime International. Based in New Bedford, MA, Maritime International’s Main Terminal division provides cold-chain storage and logistics solutions, including railcar and vessel offloading. The Maritime Main Terminal will be transformed to provide existing and new customers with an increasingly vast array of services and additional frozen and refrigerated storage space. Terms were not disclosed.

ArcBest Corporation acquired Molo Solutions. Based in Chicago, IL, Molo provides truckload freight brokerage solutions. This acquisition will allow Arcbest to add MoLo’s significant capabilities to their truckload brokerage offering, allowing the Company to better meet the critical needs of their customers, deliver comprehensive supply chain solutions and accelerate their growth. Terms were not disclosed.

Americold Realty Trust has acquired Newark Facility Management in Newark, NJ and Lago Cold Stores in Brisbane, Australia for a combined total of $488 million. The acquisition will help expand their cold storage capabilities and prepare Americold for the return to pre-Covid levels.

Stord closed the acquisition of Fulfillment Works, a DTC fulfillment provider. Fulfillment Works’ decades of DTC experience and first-party warehouses on both coasts are critical to powering Stord’s next phase of growth.

Project44, a Chicago, Illinois-based supply chain visibility solutions provider, has acquired last-mile delivery startup Convey for $255 million. Project44 says it and Convey will together serve the global supply chain end-to-end, offering insights to help brands deliver new direct-to-consumer and ecommerce experiences.

Transfix has reached an agreement with special purpose acquisition company G Squared Ascend I, sponsored by affiliates of venture capital fund G Squared, to go public under the New York Stock Exchange ticker symbol TF. With this transaction, Transfix is well-positioned to accelerate growth and innovation to drive their impact at scale.

10




Closed Sector Acquiror Transaction Notes9/7/2021 Trucking E&M Logistics

Mill Point Capital

9/2/2021 3PL The Evans Network of CompaniesCourt Square Capital Partners

8/30/2021 Trucking E.L. Harvey & SonsWaste Connections

8/27/2021 Trucking Waste Reduction, Recycling and TransferCertain Assets of Zomerfeld's Hauling

8/25/2021 3PL AirterraAmerican Eagle Outfitters

8/25/2021 3PL MCG LogisticsTransImpact

8/24/2021 3PL American Linehaul CorporationPilot Freight Services

8/18/2021 Marine SEA.O.G. OffshoreCrosby Tugs

8/16/2021 3PL Railcar Leasing business of The Andersons, Inc.American Industrial Transport

8/13/2021 Marine U.S. Shipping Corp.SEACOR Holdings

8/10/2021 3PL RR&F LogisticsMODE Transportation

MODE Transportation, a portfolio company of York Capital Management, has acquired RR&F Logistics. Based in Rochelle Park, NJ, RR&F provides comprehensive transportation solutions, including truckload, less-than-truckload, rail, intermodal, drayage, ocean, air and parcel freight services. RR&F's knowledge in the transportation market will continue to enhance MODE Global's service offerings and allow them to continue the build out their operational capabilities to support their strong network of customers and agents.

SEACOR Holdings, a portfolio company of American Industrial Partners, closed the acquisition of U.S. Shipping Corp. Based in Edison, NJ, U.S. Shipping provides long-haul marine shipping services to the chemical and petroleum industries. This transaction will provide their existing customers, in particular those moving chemical parcels, with access to an expanded, modern, and highly capable fleet of vessels and an operations team with a focus on safety and customer service.

American Industrial Transport (AITX), a portfolio company of ITE Management, has acquired the railcar leasing business of The Andersons, Inc. for $550 million. With the acquisition AITX can expand the breadth and depth of their railcar leasing platform and the services AITX can provide.

Crosby Tug closed its merger with SEA.O.G Offshore. Based in New Bedford, MA, SEA.O.G. provides marine port, cargo and heavy lift logistics solutions. The partnership allows SEA.O.G to combine its services with Crosby’s assets and experience to deliver low-cost and innovative solutions to the industry.

The Evans Network of Companies (Evans), a portfolio company of Calera Capital (Calera), has been recapitalized by Court Square Capital Partners. Evans will now be able to rebolster its liquidity and ability to expand its services and capabilities.

American Eagle Outfitters, Inc. (NYSE:AEO) has acquired Airterra, Inc. Based in Seattle, WA, Airterra provides e-commerce fulfilment and logistics solutions. AirTerra fits the retailer’s overall strategy of leveraging scale and innovation to manage costs and improve customer service. Terms were not disclosed.

TransImpact, LLC, a portfolio company of The Jordan Company, has acquired MCG Logistics, Inc. Based in Mission Viejo, CA, MCG provides global freight and parcel management solutions. MCG Logistics' diverse industry experience and 20-year track record of solving logistics challenges are perfectly aligned with TransImpact's focus on improving clients' supply chain efficiencies. Terms were not disclosed.

Waste Reduction, Recycling and Transfer has acquired certain assets from Zomerfeld's Hauling. Based in Pittston, PA, Zomerfeld’s provides waste management and hauling services. Waste Reduction & Recycling acquired Zomerfeld's front load customers and assets to expand their service base, while Zomerfeld is in the process of steering their business in a different direction. Terms were not disclosed.

Pilot Freight Services, a portfolio company of ATL Partners and British Columbia Investment Management Corporation, has acquired an undisclosed stake in American Linehaul Corporation. Based in Warren, NJ, American Linehaul provides non-asset based, expedited less-than-truckload services. Bringing the capabilities of these two companies together represents an opportunity to expand capacity and provide a stabilizing influence to counter the volatility in the linehaul and expedited LTL markets. Terms were not disclosed.

Waste Connections has acquired E.L. Harvey & Sons Inc. Based in Westborough, MA, E.L. Harvey & Sons provides solid waste collection, recycling and transfer services to commercial, industrial, municipal and residential communities. Waste Connections will continue to grow the E.L. Harvey brand and market position alongside the Harvey family. Terms were not disclosed.

Mill Point Capital has acquired E&M Logistics. Based in New York City, NY, E&M provides direct-to-store delivery of frozen and refrigerated food products. With the strategic insight of Mill Point’s team, E&M is uniquely positioned to further elevate its relationships with key suppliers and strengthen the Company’s core operating principle of quality customer service. Terms were not disclosed.

11




Closed Sector Acquiror Transaction Notes8/6/2021 3PL Visible Supply Chain

A.P. Møller - Mærsk

8/5/2021 3PL The Mail Group (TMG)Architect Equity

8/4/2021 3PL Hanson LogisticsLineage Logistics

8/3/2021 Trucking Two Men and a TruckThe ServiceMaster Company

8/3/2021 3PL Intelligent LogisticsAIT Worldwide Logistics

8/3/2021 Logistics V-TechnologiesTechnology Aptean

8/2/2021 Passenger North American Central School BusTransport H.I.G. Capital

8/2/2021 3PL Motivational Fulfillment and Logistics ServicesPike Street Capital

7/30/2021 Trucking RJ's TransportationA&R Logistics

7/28/2021 Trucking Delta DistributionXpress Global Systems

7/28/2021 Logistics Vertrax - Welltrrax and Fleet Management segmentsTechnology WolfePak Software

WolfePak Software, portfolio company of Charlesbank, has acquired the Welltrax and Fleet Management business segments of Vertrax. Based in New Haven, CT, Vertrax provides cloud-based load, dispatch and driver management solutions for bulk carriers. The combination of WolfePak and Welltrax offers First Purchasers and Crude Haulers with the first cloud-based load, dispatch, and driver management that seamlessly integrates with their back-office accounting systems.

Aptean has acquired V-Technologies. Based in Cheshire, CT, V-Technologies provides shipping and fulfilment software solutions. The acquisition of V-Technologies will enable accelerated product development for current V-Technologies customers while also expanding Aptean’s logistics capabilities and strengthening their value proposition.

AIT Worldwide Logistics, a portfolio company of The Jordan Company, has acquired Intelligent Logistics. Based in Austin, TX, Intelligent Logistics provides freight forwarding, cartage, warehousing and truckload brokerage services. This acquisition will allow AIT continues to implement their plans for global growth, adding valuable expertise and facilities to their expanding worldwide network.

A.P. Møller - Mærsk closed the acquisition of Visible Supply Chain Management, LLC, a portfolio company of Cynosure Management, for $838 million. Based in Salt Lake City, UT, Visible Supply provides e-commerce fulfilment, delivery and logistics solutions. Visible SCM's operating model and value proposition will strengthen their customers' e-commerce Logistics, enabling them to sell and deliver more efficiently and through more channels.

Architect Equity has acquired The Mail Group (TMG). Based in Lafayette, IN, TMG provides asset-light, third-party logistics and mail delivery services. TMG represents an opportunity that fits well with Architect’s investment thesis of acquiring an established business with unique service capabilities, a diversified revenue base that can scale significantly with existing operational infrastructure, and large addressable end markets that provide for breakout potential on a stand-alone basis.

Lineage Logistics, a portfolio company of Bay Grove Capital, closed the acquisition of Hanson Logistics. Based in St. Joseph, MI, Hanson provides temperature-controlled warehousing and logistics solutions. Lineage's integrated business segments in warehousing and transportation solutions along with Hanson’s frozen food consolidation program, Velocities, provides customers with a full suite of services at every step of the supply chain.

The ServiceMaster Company, LLC, a portfolio company of Roark Capital, closed the acquisition of Two Men and a Truck/International, LLC. Based in Grand Rapids, MI, Two Men provides home and business relocation, packing and junk removal services. ServiceMaster gains an addition of a broad service area that spans 46 states and 380 locations.

A&R Logistics, portfolio company of Wind Point Partners, has acquired RJ's Transportation. Based in Port Allen, LA, RJ’s provides liquid bulk transportation and logistics solutions to the chemical industry. RJ's platform enables A&R to continue expanding their liquid chemical capabilities and geographic coverage

Xpress Global Systems, portfolio company of Aterian Investment Partners, has acquired Delta Distribution. Based in Grand Rapids, MI, Delta Distribution provides less-than-truckload transportation services to the flooring industry. The acquisition of Delta Distribution complements the overall business offerings of XGS and expands their network in the Midwest region.

H.I.G. Capital has acquired North America Central School Bus “NAC”, a leading student transportation provider. The acquirer believes there is a compelling opportunity to support growth in the business, including through geographic expansion and leading the transition to next-generation bus technology.

Pike Street Capital, LLC (Pike Street) closed its investment in Motivational Fulfillment and Logistics Services (MFALS), a Chino, California-based provider of fulfillment, shipping, packaging, and other value-added services to retail and direct-to-consumer clients. The increasing demand for logistics services in recent years has fueled strong growth for MFALS. The Pike Street investment will serve to expand the company’s geographic reach, add additional facilities, and advance its proprietary technology systems.

12




Closed Sector Acquiror Transaction Notes7/28/2021 3PL Zengistics

Trimac Transportation Services

7/27/2021 3PL GlobalTranz EnterprisesWorldwide Express

7/27/2021 Logistics Sauceda IndustriesTechnology Cart.com

7/23/2021 3PL Chancellor Holding Co.MGN Logistics

7/22/2021 3PL TransplaceUber Freight

7/22/2021 Passenger First Student and First TransitTransport EQT Infrastructure

7/20/2021 Trucking Osborn & Sun TruckingV&S Midwest Carriers

7/15/2021 Logistics GeoDecisionsTechnology ESP Logistics Technology

7/13/2021 Logistics SphereWMSTechnology FOG Software Group

7/13/2021 Trucking Jensen TransportTransWood Carriers

7/13/2021 3PL DollyUpdater

7/8/2021 3PL Arrowpac InternationalSTG Logistics

7/5/2021 Trucking AAA Cooper TransportationKnight-Swift Transportation Holdings

EQT Infrastructure has acquired FirstGroup subsidiaries First Student and First Transit, both leading North American essential transportation providers, for $4.6 billion. First Student provides student transportation to over 1,000 school districts, and First Transit is an operator and manager of public transit systems with a transportation network of approximately 300 North American locations.

Knight-Swift Transportation Holdings has acquired AAA Cooper Transportation for $1.4 billion. This transaction firmly positions Knight-Swift as a meaningful player in the LTL space, where they intend to grow both organically and through future acquisitions. The combination of these two companies will provide a variety of synergies and a new growth platform for Knight-Swift Transportations.

STG Logistics, a portfolio company of Wind Point Partners, has acquired the New Jersey Container Freight Station division of Arrowpac International. Based in Secaucus, NJ, Arrowpac provides ocean import container freight station (“CFS”) services in the New York and New Jersey region. The acquisition of API’s CFS division further expands STG Logistics capacity and presence in the critical ocean freight corridor of New York and New Jersey.

Trimac Transportation Services has acquired Zengistics. Based in Austin, TX, Zengistics provides freight brokerage services. With the additional capabilities of Zengistics’ technologies and capacity, this will add an accelerator to their top line growth and provide synergies to their base trucking operations. They are poised to realize substantially stronger growth by leveraging the new partnership with the Zengistics team in the non-asset-based segment.

Cart.com, a portfolio company of Mercury Venture Partners, has acquired Sauceda Industries. Based in Austin, TX, Sauceda provides third-party logistics and e-commerce fulfilment solutions. This acquistiion will help to enable Cart.com to continue growing their end-to-end nationwide logistics network to provide 1-2 day shipping for our fast-growing partner-brands.

Worldwide Express closed its merger with GlobalTranz Enterprises, a Scottsdale, AZ-based provider of transportation and logistics software. The planned merger will create the fourth-largest freight brokerage in North America. The opportunities for growth by combining resources will dramatically increase Worldwide Express’ ability to drive technology, further strengthen its carrier partnerships, and allow it to provide a deeper offering to its customers.

MGN Logistics, Inc. has acquired Chancellor Holding Co, LLC. Based in Elk Grove, CA, Chancellor provides freight brokerage services. This transaction will enable MGN to grow their platform in the West, with their first physical location stemming from this transaction. It was also allow the company to provide their current West coast companies with a greater range of service.

V&S Midwest Carriers, Corp. has acquired Osborn & Son Trucking. Based in Fond du Lac, WI, Osborn & Son provides refrigerated truckload services. This acqusition will aid V&S Midwest in expanding their fleet across the country as well as their product offering,

ESP Logistics Technology, a portfolio company of Saybrook Management, has acquired the Track and Trace Platform of GeoDecisions. Based in Camp Hill, PA, GeoDecisions provides Software-as-a-Service supply-chain and logistics solutions.

TransWood Carriers, Inc. has acquired Jensen Transport Inc. Based in Mankato, MN, Jensen Transport provides liquid and dry bulk carrier services. The acquisition will enable TransWood to expand its market-leading knowledge and abilities in safe and efficient transportation practices.

Updater, Inc., a portfolio company of SoftBank Capital, has acquired Dolly, Inc. Based in Seattle, WA, Dolly provides same-day and last-mile delivery of heavy goods. Acquiring Dolly enables Updater to bolster its robust product offering by providing users with a seamless experience to book highly rated, affordable Dolly “Helpers” for small local moves, particularly when a full-service moving company is not a practical solution.

FOG Software Group has acquired SphereWMS. Based in Denver, CO, SphereWMS provides Warehouse Management Software (“WMS”) solutions. As part of the FOG Software Group, SphereWMS will focus on expanding its core product functionality while maintaining their customer support systems that has enabled its growth to date.

Uber Freight has acquired Transplace, the US-based provider of logistics technology and transportation management service, from TPG Capital, for approximately $2.25 billion. The acquisition will combine the world’s premier shipper network platform with one of the industry’s most innovative supply platforms, to the benefit of all stakeholders. The firm expects shippers to see greater efficiency and transparency and carriers will benefit from the scale to drive improved operating ratios.

13




Closed Sector Acquiror Transaction Notes7/1/2021 Trucking Quality Carriers

CSX Corporation

7/1/2021 3PL syncreonDP World Limited

7/1/2021 3PL Alliance Technical ServicesValiant Integrated Services

7/1/2021 Trucking ECM TransportWerner Enterprises

6/30/2021 Marine Patriot Port HoldingsEnstructure

6/30/2021 3PL Velocity Freight TransportGEODIS Logistics

6/30/2021 3PL Quad Logistics ServicesMullen Group Ltd.

6/29/2021 Trucking Riverside TransportFitzMark

6/29/2021 Trucking Transco Lines FitzMark

6/29/2021 3PL Ameriworld Enterprises Inc.Crown Capital Investments LLC

6/25/2021 Trucking PS LogisticsGamut Capital ManagementBritish Columbia Investment Management

6/23/2021 3PL Claus Sørensen GroupLineage Logistics

6/23/2021 Trucking Lessors, Inc. Hirschbach Motor Lines

Class I railroad CSX Corporation has acquired Quality Carriers, a Tampa, FL-based provider of liquid bulk chemical trucking and logistics services. The acquisition will expand the railroad’s footprint throughout North America, adding 2,500 drivers and a network of more than 100 owned and affiliated terminals and other facilities to CSX.

Geodis Logistics has acquired Velocity Freight Transport. Based in Plano, TX, Velocity provides temperature-controlled freight brokerage, flatbed and less-than-truckload (“LTL”) services. This acquisition will expand Geodis Logistics' current freight brokerage capabilities and enable them to continue to aggressively grow their capacity solutions service for clients.

Crown Capital Investments LLC has acquired Ameriworld Enterprises, Inc. Based in Miami, FL, Ameriworld provides pick and pack, order fulfilment and distribution solutions. Through long-term collaborative partnerships, CCI will provide the active support and resources to help Ameriworld increase value and facilitate growth to reach their full potential using a results-based approach.

Mullen Group has acquired Quad Logistics Services (dba QuadExpress) for $40.0 million. Based in Naperville, IL, QuadExpress provides non-asset based third-party logistics and freight brokerage solutions. Quad will use proceeds from the sale to continue to pay down debt and improve its debt leverage ratio.

Werner Enterprises has acquired an 80.0% stake in ECM Transport for $142.4 million. Based in Cheswick, PA, ECM Transport provides inter-regional and dedicated truckload services. The acquisition widens Werner's footprint in the strategic Mid-Atlantic, Ohio and Northeast regions, while increasing its fleet size by more than 6%.

FitzMark, portfolio company of Calera Capital, has acquired Riverside Transport. Based in Kansas City, KS, Riverside provides national, regional and local truckload and shuttle services. Terms were not disclosed. The company seeks to expand its business footprint and supply chain operations through this "two-headed acquisition" of Riverside and Transco.

Hirschbach Motor Lines has acquired Lessors. Based in Eagan, MN, Lessors provides refrigerated and temperature-controlled truckload services. The acquisition will allow both Lessors and Hirschbach Motor Lines to fill the heightening capacity demands.

Lineage Logistics has acquired the cold storage division of Claus Sørensen Group, a cold storage operator in Denmark. The acquisition of Claus Sørensen will amplify Lineage Logistics’ reach in the Nordic region, strengthening its international facility network.

DP World Limited has acquired syncreon, a portfolio company of GenNx360 Capital Partners and Centerbridge Partners, for $1.2 billion. Based in Auburn Hills, MI, syncreon provides value-added warehousing, distribution, export packaging and fulfilment solutions to the automotive and technology sectors. The company aims to build on syncreon's platform to deliver greater scale and provide compelling value-add supply chain solutions to cargo owners across a wider market.

FitzMark, portfolio company of Calera Capital, has acquired Transco Lines. Based in Russellville, AR, Transco provides dry van truckload and dedicated transportation services. Terms were not disclosed. The company seeks to expand its business footprint and supply chain operations through this "two-headed acquisition" of Riverside and Transco.

Enstructure has announced the acquisition of Patriot Port Holdings. The combination will significantly enhance Enstructure's East Coast and Inland River System terminal network serving bulk, breakbulk and cold storage customers. Patriot Port further expands Enstructure's terminal network into high growth markets and broadens their ability to provide quality service to their customers.

Gamut Capital Management and British Columbia Investment Management Corporation (BCI) has acquired PS Logistics. The acquistion by Gamut and BCI, will enable PS Logistics to accelerate its growth. The continued growth and success of PS Logistics will provide compelling risk-adjusted returns for BCI's pension plan and insurance fund clients.

Valiant Integrated Services, a portfolio company of The GC Companies, has acquired Alliance Technical Services. Based in Norfolk, VA, Alliance Technical provides broad-scale logistics solutions to the federal government, including supply-chain and warehouse management, logistics support and hazardous materials management. The combination of these two companies will create new growth opportunities and strengthen our presence in several markets.

14




Closed Sector Acquiror Transaction Notes6/22/2021 3PL SalSon Logistics

Transportation and Logistics Systems

6/20/2021 Logistics Blue Yonder GroupTechnology Panasonic

6/18/2021 Logistics Raven LogisticsTechnology BluJay Solutions Ltd

6/16/2021 3PL ITS LogisticsGHK Capital Partners

6/10/2021 Trucking Transport InvestmentsGemspring Capital Management

6/9/2021 Rail TranstarFortress Transportation

6/8/2021 3PL TAKTIK Logistics GroupGlobalTranz Enterprises

6/2/2021 3PL Century Distribution SystemsSun Capital Partners

6/2/2021 Logistics Skipjack Supply Chain and Proactive Global Logistics Technology Redwood Logistics

6/1/2021 Trucking UTXL EnterprisesKnight-Swift Transportation

Fortress Transportation and Infrastructure Investors has acquired Transtar for $640 million. Based in Pittsburgh, PA, Transtar is comprised of six railroads and provides railway transportation services to the steel, mining, and chemical industries. This acquisition allows Fortress Transportation to significantly increase its rail business by providing essential rail services to one of the preeminent integrated steel producers in North America.

Panasonic has acquired Blue Yonder Group, a Scottsdale, AZ-based provider of AI-driven end-to-end supply management services, for $6.5 billion. Panasonic had previously bought a 20% stake in Blue Yonder in 2020. With this acquisition, Panasonic is aiming to bolster its end-to-end supply chain management services, making the Company more resilient to future industry and macro disruptions.

Knight-Swift Transportation has acquired UTXL Enterprises for $22.5 million. Based in Kansas City, MO, UTXL provides over-the-road transportation, including TL, LTL, and expedited solutions. As a result of the transaction, Knight-Swift will gain access to a specialist in over-the-road full TL and multi-stop transportation for any length of haul throughout North America.

Redwood Logistics, a portfolio company of CI Capital Partners, has acquired Skipjack Supply Chain and Proactive Global Logistics (collectively nka Redwood Parcel). Based in Chicago, IL, Redwood Parcel provides software-enabled parcel shipping and audit solutions. This acquisition will allow Redwood customers to enjoy a fully integrated parcel solution, offering rating, labeling, visibility, analytics, reporting and savings with enhanced parcel expertise.

GlobalTranz Enterprises has acquired TAKTIK Logistics Group. Based in Pleasanton, CA, TAKTIK provides technology-enabled freight brokerage and logistics solutions. The acquisition brings further freight management expertise and best practices that can be leveraged across the GlobalTranz network.

Gemspring Capital Management has acquired Transport Investments. Based in Pittsburgh, PA, Transport Investments provides asset-light heavy haul, flatbed and specialized transportation and logistics services throughout North America.

Sun Capital has acquired Century Distribution Systems, a global digital logistics provider offering supply chain management and freight forwarding services. Sun Capital intends to leverage their operational and corporate carve-out expertise to drive performance across the organization in a number of key areas. They also see an opportunity to take advantage of strategic add-on acquisitions that can broaden Century’s existing capabilities.

GHK Capital Partners has acquired ITS Logistics. ITS Logistics is a premier provider of innovative, asset-smart third-party logistics in the U.S. ITS Logistics' new strategic alliance with GHK will strengthen their ability to provide top-tier logistics solutions for their stakeholders through expansion of their services and physical footprint across North America. It will allow ITS Logistics to aggressively invest in their people, technology, physical assets and geographic expansion.

Transportation and Logistics Systems has acquired SalSon Logistics for $90 million. Based in Newark, NJ, SalSon Logistics provides warehousing, transloading, dedicated carriage and drayage services. SalSon's business provides a platform and extensive infrastructure to greatly enhance Transportation and Logistics Systems' ability to execute its acquisition and organic growth strategy.

BluJay Solutions Ltd has acquired Raven Logistics, a Naples, FL-based provider of rail TMS and logistics solutions. The acquisition will create a single multi-modal solution that rates, ships and tracks across all transportation modes, and is a continuation of BluJay’s strategy of investing in the data, networks, and applications that enable effective supply chains.

15


$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2017 2018 2019 2020 2021

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25

1.30

1.35


2017 2018 2019 2020 2021

1.051.251.451.651.852.052.252.452.652.853.05


2017 2018 2019 2020 2021

1.051.251.451.651.852.052.252.452.652.853.05


2017 2018 2019 2020 2021

1.351.551.751.952.152.352.552.752.953.153.35


2017 2018 2019 2020 2021

1.351.551.751.952.152.352.552.752.953.153.35


2017 2018 2019 2020 2021

-30%

-20%

-10%

0%

10%

20%

30%

70.0

80.0

90.0

100.0

110.0

120.0

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 Apr-20 Oct-20 Apr-21Adjusted Truck Tonnage Index YOY Change

CASS FREIGHT SHIPMENTS INDEX

Source: Cass Information Systems Source: EIA National Average

DIESEL PRICES

ATA TRUCK TONNAGE

FLATBED SPOT RATES DRY VAN SPOT RATES

Source: DAT RateView

Key Trucking Metrics

Source: American Trucking Association

Source: DAT RateView

Data as of 11/22/2021

16


140,000

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

320,000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

2017 2018 2019 2020 2021

23,000

25,000

27,000

29,000

31,000

33,000

35,000

37,000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

2017 2018 2019 2020 2021

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52

2017 2018 2019 2020 2021

Cars vs 2020 Cumulative vs 2020

Total Carloads 235,867 1.7% 10,428,104 7.2%Chemicals 33,513 4.9% 1,459,077 5.6%Coal 67,225 11.5% 2,879,970 11.6%Farm Products, excluding Grain, and Food 16,480 0.7% 711,372 2.3%Forest Products 9,854 6.7% 451,487 8.1%Grain 25,336 -13.0% 1,043,289 5.3%Metallic Ores and Metals 20,236 3.3% 1,018,565 25.6%Motor Vehicles and Parts 12,690 -18.1% 581,349 1.3%Nonmetallic Minerals 30,983 6.6% 1,365,532 1.0%Petroleum and Petroleum Products 10,136 -5.5% 472,405 -3.9%Other 9,414 -7.2% 445,058 3.2%

Intermodal Units 266,746 -9.7% 12,424,895 7.2%Total Traffic 502,613 -4.7% 22,852,999 7.2%

Week 45, 2021 Year-To-Date

Source: AAR(1) Excludes U.S. operations of CN and Canadian Pacific

RAILCAR CARLOADS(1)

Source: AAR

U.S. RAIL TRAFFIC(1)

CHEMICALS

Rail Volume Trends

Source: AAR

INTERMODAL (CONTAINERS & TRAILERS)

Source: AAR(1) Excludes intermodal units

Data as of 11/22/2021

17


80

100

120

140

160

180

200

220

240

260


TEU

s (in

thou

sand

s)

2017 2018 2019 2020 2021

140

190

240

290

340

390

440

490

540


TEU

s (in

thou

sand

s)

2017 2018 2019 2020 2021

250

300

350

400

450

500

550


TEU

s (in

thou

sand

s)

2017 2018 2019 2020 2021

700

900

1,100

1,300

1,500

1,700

1,900

2,100


TEU

s (in

thou

sand

s)

2017 2018 2019 2020 2021

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000

8/13

/14

9/17

/14

10/2

2/14

11/2

6/14

12/3

1/14

2/4/

153/

11/1

54/

15/1

55/

20/1

56/

24/1

57/

29/1

59/

2/15

10/7

/15

11/1

1/15

12/1

6/15

1/20

/16

2/24

/16

3/30

/16

5/4/

166/

8/16

7/13

/16

8/17

/16

9/21

/16

10/2

6/16

11/3

0/16

4/12

/17

9/20

/17

2/14

/18

7/19

/18

12/2

6/18

5/22

/19

10/1

8/19

3/11

/20

5/6/

206/

10/2

07/

15/2

08/

19/2

09/

23/2

010

/28/

2012

/2/2

01/

6/21

2/10

/21

3/17

/21

4/21

/21

5/26

/21

6/30

/21

8/4/

219/

8/21

10/1

3/21

Source: Port of Savannah

PORTS OF LOS ANGELES AND LONG BEACH

PORT OF SAVANNAH PORT OF CHARLESTON

Source: Port of Charleston

Source: Port of Los Angeles & Long Beach Source: Port of New York & New Jersey

PORTS OF NEW YORK AND NEW JERSEY

CONTAINER RATE BENCHMARK (HONG KONG TO LOS ANGELES)

Source: Drewry, JOC

Ocean Shipping Rates & Large U.S. Port Volume Trends

Data as of 11/22/2021

18


Public Offering of Hybrid Debentures

C100,000,000

March 2019

Initial Public Offering

August 2018

$115,560,000

Bookrunning Manager

$665,500,000

July 2017

$75,000,000

July 2017

has received an ABL facility from

$292,000,000

July 2017

$362,300,000

September 2017October 2017

completed an out-of-court restructuring led by

In conjunction with a new $80 million ABL facility led by

Follow-On OfferingBookrunning Manager

Follow-On OfferingCo-Manager

Start-Up Capital Commitments

REPRESENTATIVE M&A ADVISORY EXPERIENCE

REPRESENTATIVE CAPITAL RAISING EXPERIENCE

This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed, sponsored or affiliated with any trademark owner. Raymond James & Associates, Inc. and its affiliates are not affiliated with any trademark owner but may provide certain financial services to one or more trademark owners or their affiliates.

*

RJTRANSPORTANDINFRASTRUCTURE.COM

Transport & Infrastructure Investment Banking

March 2018Freight Force, Inc.

a portfolio company of

has been acquired by


December 2018



October 2018

Intermodal and Freight Brokerage Group



July 2018


March 2018


May 2018


May 2018


January 2019



April 2020 October 2019


has acquired



June 2019



March 2019



April 2019

has divested

to

May 2019


December 2017



September 2017


AN UNDISCLOSED BUYER


an affiliate of


August 2017

has received an equity investment from

August 2016


September 2016


has acquired

May 2017

Stella Environmental Services

August 2020



Preferred Stock Offering$100,000,000

November 2019

Co-Manager

$264,000,000

January 2020

Project-Specific Bond Offerings for

April 2020

$2,294,250,000Common Stock Offering

$2,300,000,000Convertible Senior Notes

Common Stock OfferingC350,156,000

February 2021

Co-ManagerCo-Manager

$690,000,000Follow-On Offering

June 2021

Co-Manager Co-Manager

$425,000,000Multi-Tranche Municipal

Bond Offering

August 2021

Co-Manager

September 2021

$306,000,000

Co-ManagerFollow-On Offering

September 2020




December 2020


a portfolio company ofhas divested its Pool

Distribution division to

February 2021April 2021



Stella Environmental Services

has been recapitalized by

June 2021September 2021

Newark FacilityManagement


Announced

has reached an agreement to be acquired by



executive freight insight - raymond james

Documents