Transportation and Logistics M&A Update

Transportation and Logistics M&A Update1Q 2021

Trevor HulettManaging [email protected]

Sherlock [email protected]

For more information on R.L Hulett & Co. or this report please visit our website at rlhulett.com or call us at (314) 721-0607

CONTENTS

2 Global Deal Analytics6 Valuation Multiples8 Leading M&A Deals12 Industry Trends13 Our Service Offerings14 Selected Transactions15 Our M&A Team

REPORT HIGHLIGHTS

▪ The Transportation & Logistics (“T&L”) industry index rose 26.5% in Q1 2021 and outperformed the S&P 500 index, which increased 7.4% in the same period

▪ M&A deal volume was up 12% to 185 completed transactions in Q1 2021 from 165 deals in Q4 2020

▪ Strategic buyers accounted for 60.5% of deal volume in Q1 2021 vs PE investors with 39.5%

▪ The acquisition of Bombardier Transportation by Alstom (PAR: ALO) for $8.2 billion on January 29, 2021 represented the largest T&L deal in Q1 2021

▪ Despite of the volatility, stock prices and valuation multiples trended higher in Q1 2021 from prior year levels

Bombardier Transportation

Transportation and Logistics M&A Update | 1Q 2021

Source: PitchBook Data R.L. Hulett & Company, Inc.

We tracked all 185 deals globally in the Transportation and Logistics sector in Q1 2021. Europe was the most active

market with 83 deals, followed by North America with 74. All the other regions combined totaled 28 completed

transactions.

Mid Atlantic: 11

Southeast: 10

Mountain: 9

South: 9

Great Lakes: 8

West Coast: 7

Others: 5

United States Regions:

Canada: 15

In the North American market, the Mid Atlantic region was the most

active area in terms of T&L M&A transactions in Q1 2021, with 11 closed

deals, followed by the Southeast and Mountain regions with 10 deals and

9 deals, respectively.

Outside of the U.S., the Canadian market was relatively active with 15

transactions in Q1 2021.

Global Deal Analytics

74

0 1-20 21-80 >80

83

Source: PitchBook Data

15

2

3

1

1

6



Logistics Road Marine Air Rail

Of the 185 deals completed in Q1 2021, 105 were in the logistics subsector, making it the most active subsector in this

industry in terms of M&A activities. 40 deals closed in the Road subsector, followed by Marine, Air, and Rail with 22, 7,

and 11 deals, respectively.



10540

22

711

Deal by Subsector



Since 1Q 2017, deal volume in the

Transportation & Logistics sector has been

steadily decreasing at an average rate of 5%

per quarter until hitting a bottom of 100 in

Q2 2020. Coming out of COVID, we have

seen meaningful upticks in deal volume

increasing 59% in Q4 2020 and then 12%

again in Q1 2021.

With recent developments on the vaccine

front and the U.S. presidential election

behind us, we are seeing a strengthening

economic recovery and anticipating a

gradual uptick in M&A activity in the first

half of 2021 and a return to its pre-

pandemic level by the end of 2021.

.

Total capital invested in M&A transactions in

Q1 2021 in the T&L sector increased 513%

to $17.8B from $2.9B in Q1 2020, and 32%

from $13.4B in Q4 2020. Of note was that

the amount of capital invested in the mid-

sized tranche ($50-500 MM) has returned to

its pre-COVID level.



185165

104100

132

162

129

179172198208210214218

205203

232

50

100

150

200

250

1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q

2020201920182017

Deal Volume

185

501

642

830858

736

200

400

600

800

1,000

20212020201920182017

Deal Volume

17.813.4

9.715.8

2.9

12.410.9

29.3

19.0

11.5

21.425.625.1

19.222.1

31.1

10.6

- B

10 B

20 B

30 B

40 B

1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q

2020201920182017

Total Capital Invested by Deal Size

0-50 MM 50-500 MM 500-1000 MM

1000 MM + All Disclosed



Since 2015, we have seen a modest shift

away from the lower middle market ($0 -

$50MM) toward mid-sized deals ($50MM -

$500MM). In Q1 2021, deal volume in the

lower middle market decreased from 53.5%

in FY 2020 to 52.7%. Deal volume in the mid-

sized tranche of the market ($50MM -

$500MM) increased from 30.7% in 2020 to

36.4% in Q1 2021.

Strategic buyers have historically accounted

for the majority of M&A volume in the T&L

sector since 2015 but we have generally

seen an uptick in PE activity since 2016. After

reaching its record high at 44.7% in 2020, PE

deal volume dropped to 39.5% in Q1 2021.

Total capital invested by acquirer has

followed a similar trend with growing PE

participation since 2017. In Q1 2021, PE

investors contributed 37.8% of total capital

invested compared to 62.2% for strategic

buyers in the T&L sector.



52.7%53.5%56.8%46.9%55.6%56.9%61.3%

36.4%30.7%29.0%38.1%

32.7%31.4%27.6%

5.5%7.9%4.7%6.7%7.1%5.2%4.8%5.5%7.9%9.5%8.4%4.5%6.6%6.3%

0%

20%

40%

60%

80%

100%

2021202020192018201720162015

Deal Volume by Deal Size

0-50 50-500 500-1000 MM 1000 MM +

39.5%44.7%37.7%40.2%36.9%33.4%34.4%

60.5%55.3%62.3%59.8%63.1%66.6%65.6%

0%

20%

40%

60%

80%

100%

2021202020192018201720162015

Deal Volume by Acquirer

% Volume PE % Volume SA

37.8%54.1%

35.7%53.0%

29.4%35.3%42.9%

62.2%45.9%

64.3%47.0%

70.6%64.7%57.1%

0%

20%

40%

60%

80%

100%

2021202020192018201720162015

Total Capital Invested by Acquirer

% Value PE % Value SA



Strategic Multiples

PE Multiples

Valuation Multiples

0.9x

1.1x

1.2x

1.0x

0.7x0.6x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

202120202019201820172016

EV/Revenue

9.1x10.9x

13.2x

8.7x

16.0x

20.6x

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

202120202019201820172016

EV/EBITDA

0.5x0.6x

0.7x

1.1x

0.9x0.8x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

202120202019201820172016

EV/Revenue

5.8x

8.0x8.3x

12.5x

7.4x8.2x

0.00x

2.00x

4.00x

6.00x

8.00x

10.00x

12.00x

14.00x

202120202019201820172016

EV/EBITDA



Largest Deals (Disclosed)


Revenue EBITDA

29-Jan-2021 Bombardier

Transportation

Alstom (PAR: ALO) Merger/Acquisition 8,200.00 - - Provider of railway technology based in Berlin,

Germany.

11-Mar-2021 Lineage Logistics

Holdings

BentallGreenOak, CenterSquare

Investment Management, Cohen &

Steers (NYS: CNS), D1 Capital

PE Growth/Expansion 1,900.00 - - Provider of warehousing and temperature-controlled

logistics services

27-Jan-2021 InPost (AMS: INPST) BlackRock (NYS: BLK), Government of

Singapore Investment Corporation (GIC),

The Capital Group Companies

PIPE 1,253.50 526.58x 180.20x Inpost SA offers a network of parcel boxes, self-

service parcel delivery and collection points.

01-Mar-2021 Cellcentric Volvo Group (STO: VOLV A) Merger/Acquisition 725.71 - - Manufacturer of hydrogen fuel cell systems.

04-Jan-2021 Kuehne + Nagel (UK

Contract Logistics

Portfolio)

XPO Logistics (NYS: XPO) Merger/Acquisition 671.85 - - Provider of contract logistic services based in the

United Kingdom.

31-Mar-2021 Pacific International

Lines

Heliconia Capital(Lim Teck) PE Growth/Expansion 600.00 - - Provider of shipping, container manufacturing and

other logistics-related services in Southeast Asia.

05-Jan-2021 Cryo-Trans Bay Grove Capital, BentallGreenOak,

CenterSquare Investment

Management(E. Todd Briddell), Cohen &

Buyout/LBO 500.00 3.00x - Provider of logistic support services in Owings Mills,

Maryland.

24-Mar-2021 Arrival (NAS: ARVL) Blackrock Innovation Capital Group, BNP

Paribas (PAR: BNP), Fidelity

Management & Research, Wellington

PIPE 400.00 - - manufacturer of commercial electric vehicle vans and

buses

17-Feb-2021 Golden Ocean Group

(OSL: GOGL)

Hemen Holding PIPE 338.00 607.94x 17.25x Golden Ocean Group Ltd is a Bermuda-based dry bulk

shipping company.

12-Feb-2021 Anneng CPE Funds Management, Greater Bay

Area Homeland, Huagai Capital, New

World Development (HKG: 00017), NWS

PE Growth/Expansion 300.00 - - Operator of a less-than-truck load trucking logistics

company.

25-Feb-2021 Proterra ArcLight Clean Transition (NAS:

ACTC)(Jake Erhard)

Reverse Merger 278.00 193.00x - Designer and manufacturer of zero-emission heavy-

duty vehicles.

24-Mar-2021 Arrival (NAS: ARVL) CIIG Merger(F. Cuneo) Reverse Merger 260.00 - - manufacturer of commercial electric vehicle vans and

buses

03-Feb-2021 Warehouses De

Pauw (BRU: WDP)

- PIPE 243.06 290.03x 450.52x Developer of storage, distribution, and semi-

industrial facilities throughout Europe.

04-Feb-2021 JM Baxi Group Bain Capital PE Growth/Expansion 205.10 - - Provider of integrated logistics and transportation

services.

11-Mar-2021 Bergen Engines TMH International(Hans Schabert) Merger/Acquisition 180.93 - - Manufacturer of large diesel and gas-driven engines

used to generate electricity to power ships.

02-Feb-2021 Millbrook Proving

Group

Eurazeo (PAR: RF)(Pierre Meignen), Utac

Ceram(Laurent Benoit)

Buyout/LBO 160.96 - - Provider of vehicle test and validation services and

systems.

21-Jan-2021 Penguin

International (SES:

BTM)

Dymon Asia Private Equity Buyout/LBO 143.00 - - Penguin International Ltd is a marine and offshore

services company.

26-Jan-2021 Ortadogu Antalya

Liman Isletmeleri

QTerminals Merger/Acquisition 140.00 - 24.27x Operator of a marine port based in Antalya, Turkey.

22-Feb-2021 Wangjiahuan CPE Funds Management, Hidden Hill

Capital, Paul Run Holding

PE Growth/Expansion 123.73 - - Operator of an agricultural product logistics platform.

19-Jan-2021 Glovo Drake Enterprises, Stoneweg(Joaquin

Castellvi)

Corporate 121.76 - - Developer and operator of an on-demand delivery

application .

01-Mar-2021 Skelton Truck Lines Andlauer Healthcare Group (TSE:

AND)(Michael Andlauer)

Merger/Acquisition 90.28 - - The company also offers temperature-controlled

warehousing services.

16-Feb-2021 Seanergy Maritime

(NAS: SHIP)

- PIPE 75.00 63.35x 19.90x International shipping company that provides marine

dry bulk transportation services

19-Jan-2021 Lineas Intermodal Argos Wityu, Federal Holding and

Investment Company

PE Growth/Expansion 73.06 - - Provider of freight transportation services in

Brussels.

27-Jan-2021 ShipMonk Periphas Capital(Sanjeev Mehra) PE Growth/Expansion 65.00 150.00x - Provider of inventory management tools intended

for shipping and fulfillment services.

18-Mar-2021 SF Intra-city

Technology

SF Express (SHE: 2352) PE Growth/Expansion 63.06 181.80x - Provider of intra-city express delivery services.

Target Business DescriptionDeal Date Company Name Investor Deal Type Deal Size ($mm)EV



Leading M&A Deals

Target/Investor Deal Synopsis Driver

Bombardier, a global manufacturer of business jets, sold its rail division, Bombardier Transportation, to French giant Alstom (PAR: ALO) for $8.2 billion on January 29, 2021. Bombardier would receive net proceeds of between $4.2 to $4.5 billion, including $550 million of Alstom shares for a fixed subscription price of EUR 47.50, monetizable after a three-month lock-up post-closing, subject to closing adjustments, indemnities and the EUR to USD exchange rate.

Business Expansion

Lineage Logistics Holdings, a provider of warehousing and temperature-controlled logistics services, received $1.9 billion of development capital from a group of investors lead by D1 Capital Partners and Oxford Properties Group on March 11, 2021. The company also transformed its capital structure with a new $2.8 billion Revolving Credit Facility and Term Loan A. The new facility aligns closely with traditional REIT financings, has investment-grade pricing, and becomes unsecured upon compliance with investment-grade covenants.

Global Market

Cellcentric, a manufacturer of hydrogen fuel cell systems in Germany, was acquired by Volvo Group (STO: VOLV A) for EUR 600 million on a cash-free, debt-free basis on March 1, 2021. As a result of the transaction, the company's name was changed from Daimler Truck Fuel Cell GmbH & Co. KG to CellcentricGmbH & Co. KG.

Portfolio Diversification

Arrival (NAS: ARVL), a manufacturer of commercial electric vans and buses, reverse merged with CIIG Merger Corp. (NASDAQ: CIIC) for $260 million on March 24, 2021, putting the company's post-money valuation at $5.6 billion. The company (NAS:ARVL) also received $400 million of development capital from a group of investors led by Blackrock Innovation Capital Group on March 24, 2021 through a private placement.

SPACReverse Merger




Public Comps

Stock Price

Financial & Valuation

$MM

Company 19A 20A 21E 19A 20A 21E 19A 20A 21E 19A 20A 21E 19A 20A 21E

Union Pacific NYS:UNP 220.4 146948.3 28333.0 6.8x 8.5x 7.9x 13.7x 16.1x 14.6x 7% -1% -5% 43% 44% #N/A 48% 50% 55%

United Parcel Service NYS:UPS 170.0 147791.6 27754.0 1.7x 2.1x 1.9x 13.2x 17.9x 14.0x 9% 3% 18% 18% 18% #N/A 14% 13% 15%

XPO Logistics NYS:XPO 123.3 12601.7 8985.0 0.9x 1.1x 1.1x 9.4x 14.9x 10.4x 15% -1% 1% 15% 16% 19% 8% 9% 10%

J.B. Hunt Transport Services NAS:JBHT 168.1 17765.8 1305.4 1.5x 1.6x 1.5x 12.0x 12.5x 10.8x 20% 9% 15% 17% 16% #N/A 14% 13% 14%

AmeriCold Logistics NYS:COLD 38.5 9708.5 3228.4 4.9x 4.9x 3.7x 32.8x 24.4x 16.7x 3% 8% 53% 25% 26% 26% 17% 15% 23%

Expeditors International of Washington NAS:EXPD 107.7 18166.7 438.2 1.5x 1.7x 1.6x 14.5x 16.7x 15.4x 17% 7% 11% 13% 12% #N/A 11% 10% 11%

C.H. Robinson Worldwide NAS:CHRW 95.4 12514.9 1428.0 0.7x 0.9x 0.8x 11.6x 19.9x 16.2x 15% -5% 6% 8% 9% 12% 6% 6% 5%

FedEx NYS:FDX 284.0 75367.8 38566.0 1.0x 1.3x 1.2x 17.7x 13.2x 10.3x 10% 1% 15% 21% 21% #N/A 12% 6% 13%

Ryder System NYS:R 75.7 4072.0 6875.5 1.2x 1.2x 1.2x 4.8x 5.1x 4.3x 14% 10% -1% 19% 17% 18% 24% 24% 27%

Sysco NYS:SYY 78.7 40189.8 14509.3 0.9x 0.9x 0.9x 16.5x 34.3x 17.6x 6% 2% -14% 19% 19% 20% 5% 5% 5%

Mean 2.1x 2.4x 2.2x 14.6x 17.5x 13.0x 11.7% 3.3% 9.8% 19.6% 19.7% 18.9% 15.9% 15.0% 17.9%

Median 1.3x 1.5x 1.4x 13.4x 16.4x 14.3x 12.2% 2.4% 8.5% 18.3% 17.6% 19.1% 12.8% 11.4% 13.6%

Ticker Stock PriceMarket

CapTotal Debt

EV/Revenue EV/EBITDA Revenue Growth Gross Margin EBITDA Margin

$10

$60

$110

$160

$210

$260

$310

$360

NYS:UNP

NYS:UPS

NYS:FDX

NYS:SYY

NAS:EXPD

NAS:CHRW

NAS:JBHT

NYS:COLD

NYS:XPO

NYS:R



Public Comps

EV/Revenue

EV/EBITDA

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

NYS:UNP

NYS:UPS

NYS:FDX

NYS:SYY

NAS:EXPD

NAS:CHRW

NAS:JBHT

NYS:COLD

NYS:XPO

NYS:R

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

NYS:UNP

NYS:UPS

NYS:FDX

NYS:SYY

NAS:EXPD

NAS:CHRW

NAS:JBHT

NYS:COLD

NYS:XPO

NYS:R


R.L. Hulett & Company, Inc.

80

90

100

110

120

130

140

S&P Transportation Select Industry Index S&P 500

Public Markets

Source: IBISWorld

Index Performance

According to S&P Global Industry Index, the Transportation & Logistic industry had a 26.5% return compared to an 7.4%return for the S&P 500 since January 2021.

7.4%

26.5%

Key External DriversThe freight transportation services index measures the transportation sector's output. The index is composed of ton-miles of freight, or tons when ton-miles are not available, generated by for-hire trucking, railroad, inland waterway,pipeline and air freight carriers. An increase in the volume of freight moved signifies increases demand for sectorservices.

The import and export of goods rely on sector services ranging from trucking and water transport, to infrastructure, suchas port and warehouse facilities. As a result, demand for sector services increases in tandem with trade.

The industrial production index measures the output from the mining, manufacturing, electric and gas industries. Whenthe industrial production index increases, relevant sectors are more likely to demand industry services that arrange andcomplete transportation and storage of goods, commodities and manufacturing inputs.

-15

-10

-5

0

5

10

15

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Per

cen

tage

Ch

ange

(%

)

Freight transportation services index Total trade value Industrial production index



Industry Trends

Source: StartUs Insights

Transportation DigitalizationTransportation digitalization continues to progress rapidly by leveraging big data from varioussources, including truck operations, vehicle diagnostics and the infrastructure environment. Studiesindicate that more than half of transportation companies expect that digitalization will improve theirprofitability. By redesigning services and modifying products, companies are able to produce bettervehicles, aircrafts, and ships.

Autonomous VehicleAutonomous vehicles improve vehicle safety and deliver goods safely by eliminating human errorswhile driving. They increase the efficiency in the first and last-mile delivery as they are designed towork all day and all night. Moreover, autonomous vehicles improve fuel efficiency by usingplatooning techniques for long haul routes, reduce traffic jams, and optimize travel routes by takingadvantage of AI-enhanced technology.

Artificial Intelligence (AI) and Big DataAI algorithms combined with machine learning support companies to be proactive in dealing withdemand fluctuations. In addition, self-driving AI and smart road technologies are affecting a positiveshift towards delivery service automation. In addition, AI-based cognitive automation technologybrings intelligence to automate administrative tasks and speeds up information-intensive operations.

DronesAs last mile delivery gets more and more challenging and expensive, drones is going to become apopular choice to improve the efficiency of last mile delivery while reducing costs. With enterpriseslike FedEx, Amazon, and DHL already utilizing drones for delivery, 2021 will see a lot more companiesjoin the bandwagon to improve delivery speed and efficiency and regulatory authorities smooth theway for drone deliveries.

Last-Mile DeliveryDriven by the popularity of E-Commerce, demand for efficient Last-mile delivery solution has beenrising over the past few years. Last-mile delivery is the most important part of logistics as it is directlyrelated to customer satisfaction. However, last-mile delivery faces various problems including delaysdue to traffic congestion, customer nuances, government regulation, and delivery density.

Warehouse AutomationWarehouse automation increases efficiency, speed, and productivity by reducing humaninterventions. Pick and place technologies such as automated guided vehicles (AGVs), robotic picking,automated storage and retrieval (ASRS), and put-wall picking reduce error rates and increaseswarehouse productivity.

RoboticsIntegrating robotics into logistics increases the speed and accuracy of supply chain processes andreduces human error. Robots offer more uptime and increase productivity when compared to humanworkers. Robots, however, do not take up the jobs of humans but rather work collaborativelyalongside them to increase efficiency.



Our Service Offerings

Sell-Side Advisory: Sell your business

Sell your business for the highest price and for the best terms. At R.L Hulett,communicating the value of your business to targeted buyers and finding the best fit foryour team is our forte. We strive to maintain your company’s culture and heritage evenas you transition out of your business.

Buy-Side Advisory: Buy a business

Searching for acquisition targets can be a challenging and time-consuming task whentrying to run your own business at the same time. Navigating the risks and pitfalls innegotiating valuation and deal structure can also be a daunting task for many businessowners. Let our team help you minimize your risk and reduce time wasting efforts withour decades of experience in advising in both buy and sell-side M&A transactions. Weutilize industry-leading M&A databases to scout for opportunities and pre-screen for“real” actionable targets so you can stay focused on what matters.

Capital Raise: Gain financial support

With nearly 40 years of experience in middle-market M&A advisory, we know how topackage up your deal and put you in front of the right kind of investors who have thecapital and the industry expertise you need to grow your business. Our team willdevelop a go-to-market strategy and advise on deal structure, valuation, due diligenceand transition issues. Whether you are seeking capital for growth or trying to buy outother shareholders, we have the tools, expertise, and experience to execute a strategicprocess and find the optimal outcome to meet your objectives.

Restructuring: reorganization of your business

In today’s uncertain economic times, more and more companies are finding themselvesin unfamiliar, and unwanted, positions. Many business owners are hoping recovery isjust around the corner; however, proactive measures are often required to maximizethe remaining value of the business. Our team can aid banking institutions with workoutsituations by implementing internal controls over cash management and performing on-going cash flow modeling for their clients. We can also help business owners avoidhaving trouble making payments on their debts and avoid the cumbersome and low-value asset liquidation process.



Selected Transactions

Over the years, R.L. Hulett & Company has completed hundreds of transactions in a wide variety of industries. Pleasenote that this list is not comprehensive. It is common for sellers and/or buyers to request confidentiality regarding theirtransactions, and R.L. Hulett & Company respects such requests as a matter of policy.



Mr. Hulett has led M&A transactions in a variety of industries includingmanufacturing/industrial, software development/IT, business services and value-addeddistribution for over 15 years. Prior to joining the firm, he held senior level accounting andfinancial management positions in both public accounting and large corporations. Mr. Hulettbegan his career as a Certified Public Accountant with MPP&W, a St. Louis-based publicaccounting firm specializing in middle market companies. He then held various managementpositions in internal audit and corporate accounting with a Fortune 1000 industrialmanufacturing company and also spent nine years with Enterprise Rent-A-Car Company as adepartment manager in the Corporate Accounting group. Mr. Hulett holds his Series 62, 63 and79 securities registration. Mr. Hulett earned a Bachelor’s Degree in Accounting from theUniversity of Missouri, Columbia.

Our M&A Deal Leaders

Mr. Hulett founded the firm in 1981 and has negotiated and completed more than 200transactions throughout his career. He began his career as a Certified Public Accountant andpracticed with Peat, Marwick, Mitchell & Co. in St. Louis as an Audit Manager and in New Yorkas the Director of Training for Private Business. Mr. Hulett has also served as Chief Executive &Board Member for various middle market companies. As an educator, he was an adjunctprofessor at New York University and a tenured faculty member at Lindenwood University in St.Louis. He conducted training sessions for middle market CPA firms throughout the country formore than ten years. Mr. Hulett earned his BS/BA Cum Laude in Accounting from the Universityof Missouri-Columbia, and an MBA from Lindenwood University.

R. Trevor Hulett, CPAManaging Director

(314) 721-0607 [email protected]

Robert L. HulettChairman Emeritus


Mr. Vass has over 30 years of business management experience including more than 10 yearsas President of a highly successful consumer products manufacturing company with revenuesexceeding $25 million. During this time, he not only reversed a declining sales and earningstrend, but increased both sales and operating income over 100%. In addition, he has spent over20 years at the executive level of Vice President of Sales and Business Development. Mr.Vass also has experience in a number of other industry niches including consumer products,commercial furniture and fixtures and metal recycling. He holds a Bachelor’s Degree inEconomics from DePauw University and an MBA from the University of Michigan.

David T. VassDirector




Mr. Litton has been advising business owners in mergers and acquisitions since 2013. Hisprimary industry focus areas have included industrials, paper and packaging, distribution,energy, promotional products and direct to consumer e-commerce. Prior to 2013, Mr. Littonheld a variety of C-level roles with several companies in the paper and packaging industryincluding Unisource, Maverick Paper, Universal Graphics and Sabin Robbins. He has bought andsold a number of businesses, advised in the sale of family/founder owned businesses, andadvised in start-ups and turnaround situations for banks, owners, and private equity firms. Heenjoys working with owners that want to sell or transition out of their businesses. Ron coversthe Kansas City and surrounding markets for the firm. He graduated from Central MissouriState University with a BS in Graphic Arts Technology and Management.

Our M&A Deal Leaders

Mr. Leible is an experienced M&A advisor having spent years in both investment banking and due diligence transaction advisory services. Prior to joining the firm, Mr. Leible served as a Management Consultant at Aon, plc (NYSE: AON) within the M&A and Transaction Solutions practice providing due diligence services for private equity and corporate clients. Before that, Max worked at Douglas Group, as an Investment Banking Associate. Mr. Leible received a Bachelor of Science in Accounting and Bachelor of Science in Business Administration with an Emphasis in Finance from the University of Missouri-St. Louis and graduated magna cum laude for each major. During his time at the University of Missouri-St. Louis, Max co-founded the Finance Club, an organization at the university, and represented the university as a participant in the Chartered Financial Analyst Research Challenge.

Ron LittonDirector


Max LeibleDirector

(314) [email protected]

Sherlock Wei joined R.L. Hulett & Company in 2021 and provides transaction support for senior-level deal managers including financial modeling, valuations, industry research, offeringmemorandums and a variety of presentations. Sherlock graduated magna cum laude with aBachelor’s Degree in Business Administration with an emphasis in finance from Fisher Collegeof Business, The Ohio State University. He also earned a Master’s Degree in QuantitativeFinance from Washington University’s Olin Business School, where he served as the VicePresident of Finance in the Graduate Student Council.

Sherlock WeiAnalyst

(314) [email protected]



About R.L. Hulett & Company

R.L. Hulett & Company is a middle-market investment bank based in St. Louis, Missouri. Since 1981, the firm specializes inproviding financial advisory services to middle market companies. Since IB inception, the firm has advised in over 230transactions in a variety of industries including manufacturing, distribution, business services, transportation/logistics, healthcare and software/technology. The firm has an experienced team of M&A advisors consisting of former business owners,seasoned corporate executives, professional service firm partners, CPAs and MBAs. Our ability to deliver customized solutionsto meet or exceed our clients’ expectations is what sets us apart from our competitors.

Industry Sectors Covered:

Disclaimer

The data in this document has been derived from PitchBook Data and has been compiled by R.L. Hulett & Company. Thisdocument is strictly for illustrative purposes only. The data presented in this document is not comprehensive and should notbe used for benchmarking, valuation, or for any other decision making. R.L. Hulett & Company accepts no responsibility forloss or damage caused by dependence on the information in this document.

Industrial Transportation and Logistics Food & Beverage

Business Services Tech-enabled Services Healthcare

Transportation and Logistics M&A Update

Documents

Transcript of Transportation and Logistics M&A Update