Capstone Headwaters

Logistics Service Providers Q3 2019

TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW

 M&A Overview National freight volumes remain strong, though below that of the same period  Key Investment Drivers last year, as trade tensions and volatility in Q1 muddied the long-term economic outlook. Despite some market softening, positive retail sales, the  PE Activity strength of e-commerce, and the digitization of supply chain operations have  Client Case Study continued to be key drivers of industry demand for the Logistics Service  Macro Indicators Providers (3PL) industry. The global 3PL market, valued at $869 billion in 2017, is projected to grow at an annualized rate of 7.1% to reach $1.5 trillion by 2025,  Notable Transactions according to Allied Market Research.1  Select Transactions  Public Company Data Merger and acquisition (M&A) activity has surged with 44 transactions announced or closed year-to-date compared to 21 deals during the same  Firm Track Record period last year. Notably, this included two Capstone Headwaters’ advised transactions: the joint sale of Am Trans Expedite, Inc. and Global Transport Logistics, Inc. to private equity firm Hudson Hill Capital in June (see pagefour) and the sale of SCR Air Services to supply chain solutions provider NFI CONTRIBUTORS Industries in February (deal terms confidential). Financial buyers have identified the industry’s strong investment incentives and have been highly acquisitive, Burke Smith accounting for 43.2% of industry M&A activity. Strategic players have also Managing Director, remained attentive to opportunities as they seek acquisitions with a sticky Head of Transportation & Logistics customer base; complementary geographic presence; niche service offerings; 310-872-0038 scalability; low driver churn; and innovative technologies that will augment [email protected] existing business models and drive up profit margins.

Anant Vashi M&A Activity: Logistics Service Providers Director 60 505-690-3561 50 44 [email protected] 43 40 36 30 30 21 20 10

Number of Transactions 0 2016 2017 2018 2018 YTD 2019 YTD Year-to-date ended July 8 Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research 3 www.capstoneheadwaters.com August 2019 Logistics Service Providers | Q3 2019

KEY INVESMENT DRIVERS

Capstone Headwaters has identified several of the predominant characteristics of the Logistics Service Providers industry which have driven investment interest and M&A. Several of these drivers are highlighted below.

TOP FIVE 2019 FREIGHT BROKERAGE FIRMS HIGHLY FRAGMENED $2,500

Few Logistics Service Providers have meaningful $2,000 $1,789 scale and the industry is comprised of hundreds of small brokers. Approximately three million truck $1,500 drivers or 80% of the workforce are employed by $1,000 small businesses that own six trucks or less, $683 2 according to TruckInfo. This creates significant $515 $514 $420 opportunities for consolidation and dominating Revenue in Millions $500 market share. Financial and strategic buyers have leveraged acquisition opportunities to build scale $0 and access new or complementary markets, locations, and services. Source: Transport Topics

FREIGHT BROKERAGE SHARE OF FREIGHT MARKET MARKET PENETRATION OPPORTUNITY 20.0%

The freight broker model continues to have 15.0% increasing supply chain adoption and has ample opportunity to continue penetrating the overall freight market. The non-asset-based domestic 10.0% transportation (DTM) 3PL segment is projected to reach $146 billion in 2023, or 25% of the total potential market, Evan Armstrong, President of Revenue in Millions 5.0% Armstrong & Associates, stated in a news article.3 This opportunity to expand sales and gain a 0.0% greater share of the current market will drive 2000 2002 2004 2006 2008 2010 2012 2014 2016 competition, technological innovations, and M&A. Source: Armstrong & Associates

C.H. ROBINSON WORLDWIDE RECESSION RESILIENT $20,000 10.0%

Buyers and investors have been attracted to the $16,000 8.0% defensive nature of the industry and its ability to perform well in economic downturns. When the $12,000 6.0% market is strong, shippers turn to 3PL providers due to scarce capacity, while when the market is $8,000 4.0% weak, 3PL providers are outsourced to cut costs EBITDA Margin % EBITDA Margin and maximize capacity of scarce freight. Revenue in Millions $4,000 2.0% Additionally, many leading freight brokerage firms including C.H. Robinson Worldwide Inc. $0 0.0% (NASDAQ:CHRW), see chart, witnessed increased 2000 2006 2012 2018 EBITDA margins during economic recessions. Revenue EBITDA Margin % Note: shaded areas are economic recessions Source: Capital IQ and Capstone Headwaters Research 2 Logistics Service Providers | Q3 2019

PRIVATE EQUITY ACTIVITY

Flushwithcashinthestrongeconomyandattracted 2019 BUYER BREAKDOWN to the investment opportunities in the Logistics Service Providers industry, private equity (PE) buyers have driven 43.2% of transactions to-date in 2019. Add-on acquisitions have accounted for 25% of 2019 deal STRATEGIC 9.1% activity as firms deploy buy-and-build strategies. By Public 25.0% acquiring a primary quality platform at a premium Private price, PE firms are able to create scale and value by making less costly, subsequent add-ons to the initial FINANCIAL company. Across all industries add-ons had a median Direct 18.2% 47.7% transaction size of 7.5x EBITDA in 2018, ~0.5x to 1.0x Add-on less than platform acquisitions, according to PitchBook.4 Notably, The Jordan Company bought, built, and sold GlobalTranz (highlighted below) in less than a year with ~100% return on its investment. Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research

PRIVATE EQUITY PLATFORM AND ADD-ON ACTIVITY HIGHLIGHTS

Private Equity Platform Add-On Description / Investment Rationale Sponsor(s) Investment Acquisition(s) • The Audax Group acquired MNX Global Logistics from the Riverside Company in July 2018 for an undisclosed sum. MNXwentontoacquireNGL’sExpressDivisionin December 2018 and Global First in May 2019 (both (Express Division) undisclosed) to enhance its specialty logistics services.

• CI Capital Partners acquired Simplified Logistics and Redwood Logistics (January 2018, undisclosed) to form a platform under the Redwood brand. Redwood acquired Eminent Logistics (May 2019), Strive Logistics (February (Pheonix Freight Division) 2019), LTX Solutions (January 2019), and a division of ROAR Logistics (April 2018). All deal terms undisclosed. • Providence Equity Partners acquired GlobalTranz Enterprises for ~$400.0 million in April. The deal comes Three to five projected less than a year after The Jordan Company bought transactions in 2019 GlobalTranz from several private equity firms (including Providence) in June 2018.

• The Jordan Company acquired GlobalTranz in June 2018 (undisclosed) and swiftly deployed its buy-and-build strategy with the undisclosed acquisitions of SynchOne, LLC (August 2018), AFN, LLC (September 2018), Our Freight Guy (January 2019) and Circle 8 Logistics, Inc. (April 2019) before selling scaled businesses in 2019. • GTI Specialized Transportation recently acquired Houston- based Jetco Delivery (May 2019, undisclosed) and Ontario- based Precision Specialized Division (February 2019, undisclosed). The acquisitions are the first add-ons since Novacap acquired GTI in March 2014 (undisclosed).

• Eos Partners-backed LEGACY Supply Chain Services acquired 3PL services provider Direct Shot Distributing (June 2019, undisclosed). The deal expands LEGACY’s presence in and strengthens its omni- channel fulfilment services.

Source: Company press releases and Capstone Headwaters Research 3 Logistics Service Providers | Q3 2019

CLIENT CASE STUDY

Am Trans Expedite, Inc. & Global Transport Logistics Inc. Merge to Create Fusion Transport (June 2019, Undisclosed)

Capstone Headwaters advised Am Trans Expedite Inc. (“Am Trans”) and Global Transport Logistics Inc. (“GTLI”) on their merger, funded by Hudson Hill Capital, to form Fusion Transport LLC (“Fusion”), a newly established logistics holding company. Terms of the deal are confidential.

have been acquired by  Headquartered in Glen Rock, New Jersey, GTLI operates one of the highest performing retail vendor consolidation services in the industry with dedicated warehouses in New Jersey, Texas and California. Through this network, GTLI consolidates less than truckload (LTL) shipments from multiple vendors for weekly truckload delivery. The company consistently delivers to form freight to Walmart, Target, Dollar General and other major retailers with well over 90% on-time compliance. Fusion Transport Holdings  Am Trans, based in Addison, Illinois, features a unique combination of proprietary network capacity and high-touch brokerage services. The company’s fleet includes over 300 pieces of equipment, making it an “asset- right” partner for shippers. This combination of assets and brokerage capabilities allows Am Trans to move challenging cargo (hot shot, expedited and oversize/overweight) even in the most capacity-constrained times, without the routine tender rejections that often plague the industry.

 “Having worked with GTLI and Am Trans for some time, we saw a compelling opportunity to create value for all parties through a business combination,” commented Burke Smith, managing director and head of Transportation & Logistics at Capstone Headwaters. “This transaction starts from a powerful shared strategic vision. With Fusion, the combined team has created a highly differentiated national asset-light network. We couldn’t have found a better partner to back the long-term vision for Fusion than Hudson Hill Capital, with its long-term growth investment strategy.”

Capstone Headwaters made the difficult task of marketing and selling our closely held family business a real success. They guided us through all phases of the “ transaction from valuation, to preparation and presentation of marketingand financial information, through the offer and negotiation phase, to a successful closing, with exceptional commitment and diligence. ” -Anthony Matarazzo, Founder of GTLI

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T&L MACROECONOMIC INDICATORS

AVERAGE DIESEL $5

RETAIL PRICE $4 June 2018 $3.25 $3 June 2019 National fuel prices $3.08 remain favorable for the $2 industry and are slightly Dollars per Gallon below that of June 2018 $1 at $3.08 per gallon $0

Source: U.S. Energy Information Administration

CASS FREIGHT INDEX, 15% SHIPMENTS 10%

The index was negative 5% in December for the first time in 24 months and 0% has continued on a downward trajectory -5% YoY % Change Change YoY % by Month

-10% 2013 2014 2015 2016 2017 2018 2019

Source: Cass Information Systems

TRUCK 160 May 2019 TONNAGE INDEX 150 143.6 (Seasonally Adjusted) 140

130 May 2018 Freight carriers have 141.6 moved an average of 144 120 (2000=100) tons per month in 2019, 110 compared to 139 tons per

month in 2018 Tonnage Carried Month per 100

Source: American Trucking Associations

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NOTABLE TRANSACTIONS

Several notable transactions have already been announced or completed in the industry to-date in 2019. Select transactions are outlined below, followed by a more comprehensive list on the following pages.

FLS Transportation Services, Inc. acquires Scott Logistics Corp. (February 2019, Undisclosed)

FLS Transportation Services, based in Montreal, has acquired Georgia-based Scott Logistics, a freight broker providing transportation solutions. Terms of the transaction were not disclosed. FLS is the largest freight brokerage business in Canada and is backed by Abry Partners, a Boston-based private equity firm targeting investments from $20 million to $200 million. Abry targets a variety of industries including Business Services, Media, Insurance, Information Services, and Logistics. Scott Logistics offers 24/7 customer care with services including truckload, LTL, intermodal, and electronic data interchange (EDI) capabilities. With nine branch locations, Scott serves 48 states as well Acquires as Mexico and Canada. Scott employs more than 160 people, and its customer base also includes 30 Fortune 500 companies. The transaction offers FLS a greater network in the U.S. and will lower costs for shipments out of Canada.

“Scott Logistics is one of the fastest growing 3PLs in our space,” said John Leach, Chief Executive Officer of FLS in a press release.5 “The combination of FLS’s 30-year cross-border expertise with Scott’s deep U.S. carrier network will significantly increase our scale and coverage in the highly fragmented Truck Load brokerage space.” Abry and FLS are actively seeking additional M&A opportunities, and are focused on finding branch- based brokerages and centralized shops with coherent cultural and organizational fits, Leach stated in an interview with Freight Waves.6

Redwood Logistics, LLC acquires Strive Logistics, LLC (February 2019, Undisclosed)

Redwood Logistics, a Chicago-based logistics company backed by CI Capital Partners LLC, has acquired Strive Logistics for an undisclosed sum.

Founded in 1995, Chicago-based Strive provides 3PL solutions using proprietary algorithms. The company offers flatbed, LTL, rail, air, and international transportation services. Strive’s customer base ranges from Fortune 500 companies to North American startups. The transaction creates a top-15 truck brokerage company with over $1 billion in freight under management.

Acquires "We are focused on bringing next generation, tech-driven solutions so that our customers can continue to realize cost savings and efficiencies and achieve their shipping goals. Strive's high caliber team, blue chip customer base, focus on technology, geographic reach, and the clear similarities in how we work to serve our customers make Strive the perfect merger candidate,” said Redwood President Todd Berger in a press release.7

Redwood has also acquired Eminent Global Logistics this past May. Terms of the deal were not disclosed. Eminent provides transportation management systems (TMS) implementation, bolstering CI Capital’s transportation acquisitions in the heavily fragmented space.

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SELECT TRANSACTIONS

Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA

Offers owner operator, fleet and broker factoring 06/28/19 eCapital Accutrac Capital --- services.

Direct Shot LEGACY Supply Chain 06/21/19 Provides third-party logistics solutions (3PL) to clients. --- Distributing Services

Offers logistics services, including retail consolidation, 06/20/19 GTLI & Am Trans Hudson Hill Capital CF CF CF LTL shipping, and multimodal brokerage.

Provides third-party dedicated contract services and 06/10/19 Cardinal Logistics H.I.G. Capital --- freight brokerage solutions.

Custom Courier Provides logistics management, warehousing, and 06/05/19 Excel Courier --- Systems delivery services.

Lucas Freight Freight Brokers 06/04/19 Provides freight management and shipping solutions. --- Management International Corp.

Provides asset-based third-party logistics (3PL) 06/01/19 Wilson Logistics Market Transport --- services.

Maverick Provides logistics services for specialized products - 05/24/19 KLLM -- Transportation requiring refrigeration.

Spectrum Provides shipping infrastructure, enabling customers to 05/17/19 DW Healthcare --- Solutions fill gaps in the supply chain.

05/16/19 GlobalTranz Providence Equity Develops freight management and logistics software. ~$400.0 - -

Trident Freight 05/14/19 Manitoulin Transport Provides road transportation and logistics services. --- Logistics

Provides intermodal import and export services, 05/13/19 Jetco Delivery The GTI Group --- logistics freight brokerage services.

Eminent Global CI Capital Partners; Provides logistic services. It offers consulting and - 05/09/19 -- Logistics Redwood Logistics outsourcing.

Provides dry bulk transportation, warehousing and 05/07/19 A&R Logistics Wind Point Partners --- packaging, distribution, and third-party logistics.

Axis Global Provides transportation and logistics services around 05/06/19 MNX Global Logistics --- Delivery Systems the world.

Audax Private Equity; Offers first flight, dedicated hand carry, expedited - 05/06/19 Global FIRST -- Midnite Air ground, dangerous goods, and security management.

Provides transportation, brokerage, and logistics 05/03/19 Save On Transport Private Investor $8.9 - - services relating to vehicle shipping.

Note: CF = confidential; highlighted deals are Capstone Headwaters’ transactions Source: Capital IQ, Pitchbook, and Capstone Headwaters Research 7 Logistics Service Providers | Q3 2019

SELECT TRANSACTIONS (CONTINUED)

Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA

Eastern Freight 04/26/19 Estes Express Lines Offers truckload carrier services and logistics services. $15.0 - - Ways/Carrier

Provides air and ocean freight services, contract 04/17/19 Freight Logistics Rhenus SE & Co. --- logistics, custom brokerage, and warehousing.

Assets in Logistics Offers non-asset transportation, supply chain, and 04/15/19 TA Dispatch $64.3 0.5x - Business Division warehousing solutions across North America.

Alliance Border Near North Customs Provides customs brokerage and freight forwarding 04/04/19 --- Services Brokers services.

ISL Customs Near North Customs Provides customs brokerage and international business 04/04/19 --- Broker Brokers importation solutions.

GlobalTranz 04/02/19 Circle 8 Logistics --- Enterprises Provides transportation and logistics services.

Safe Harbour Clarksons Platou Provides freight brokerage and logistics solutions 03/27/19 --- Tanker Chartering Shipping Services worldwide.

Specializes in freight arrangement and supply chain 03/27/19 Trinity Logistics Burris Logistics --- solutions.

International Rakuten Super Provides complete front end e-commerce shipping 03/26/19 --- Fulfillment Logistics solutions for carriers, networks, and shippers globally.

Rockwater Energy Offers water transfer, containment, and other rental 03/25/19 PVT Group --- Solutions Canada services throughout Western Canada.

Offers air and ocean freight forwarding services, supply 03/21/19 MIQ Logistics Noatum Logistics SL --- chain, project logistics, and trade compliance services.

Rodair Provides freight forwarding, customs brokerage, and 03/18/19 Rhenus SE & Co. --- International Ltd. third party logistics services internationally.

Offers LTL consolidation services for consumer 03/07/19 RJW Logistics Mason Wells --- packaged goods suppliers.

Provides customs brokerage, freight forwarding, and 02/21/19 Livingston Group Platinum Equity --- trade compliance services.

Vandegrift A.P. Møller - Mærsk Provides customs brokerage, trade compliance, and 02/12/19 --- Forwarding A/S global logistics services.

Provides logistics services for non-asset truckload, LTL, 02/11/19 SCR Air Services NFI Industries CF CF CF intermodal, air freight, and flatbed solutions.

02/11/19 Strive Logistics Redwood Logistics Provides third party transportation logistics services. ---

Note: CF = confidential; highlighted deals are Capstone Headwaters’ transactions Source: Capital IQ, Pitchbook, and Capstone Headwaters Research 8 Logistics Service Providers | Q3 2019

PUBLIC COMPANY TRADING & OPERATING DATA

Price % 52 Wk Market Enterprise LTM EV / LTM Company 07/10/19 High Cap Value Revenue EBITDA Margin Revenue EBITDA C.H. Robinson Worldwide, Inc. $83.19 82.2% $11,360.6 $12,521.5 $16,457.1 $1,027.4 6.2% 0.8x 12.2x

DSV A/S $95.69 96.1% $17,050.2 $19,495.9 $12,125.6 $932.7 7.7% 1.6x 20.9x

Echo Global Logistics, Inc. $19.38 52.7% $540.6 $720.2 $2,400.7 $75.3 3.1% 0.3x 9.6x

Expeditors Int’l. of Washington, Inc. $73.53 91.1% $12,646.9 $11,806.8 $8,304.2 $844.8 10.2% 1.4x 14.0x

FedEx Corporation $159.19 61.4% $41,480.9 $56,742.9 $69,693.0 $4,888.0 7.0% 0.8x 11.6x

Hub Group, Inc. $38.90 68.7% $1,352.4 $1,595.1 $3,779.2 $233.0 6.2% 0.4x 6.8x

Landstar System, Inc. $106.84 83.0% $4,290.9 $4,144.9 $4,604.3 $380.4 8.3% 0.9x 10.9x

Radiant Logistics, Inc. $5.90 80.5% $292.5 $327.6 $919.7 $37.8 4.1% 0.4x 8.7x

United Parcel Service, Inc. $101.73 81.3% $87,564.7 $108,248.7 $71,908.0 $7,540.0 10.5% 1.5x 14.4x

XPO Logistics, Inc. $55.00 47.3% $5,057.5 $12,675.5 $17,207.0 $1,522.0 8.8% 0.7x 8.3x

EV = enterprise value; LTM = last twelve months Mean 7.2% 0.8x 10.7x $ in millions, except per share data Median 7.4% 0.8x 10.9x NM = Not Meaningful Harmonic Mean 6.3% NA 11.0x

Last Twelve Month Margin Performance Gross Margin % EBITDA Margin % 30% 26.8% 24.7% 25% 22.1% 21.1% 18.3% 20% 17.2% 14.7% 15% 13.2% 12.1% 10.2% 10.5% 10% 8.2% 7.7% 8.3% 8.8% 6.2% 7.0% 6.2% 5% 3.1% 4.1%

0%

Last Twelve Month 1-Year Revenue Growth 30%

25% 23.2%

20% 17.6% 14.1% 14.9% 15% 13.5%

10% 7.0% 7.5% 7.3% 6.5% 5.5% 5%

0%

Source: Capital IQ as of July 10,, 2019 9 Logistics Service Providers | Q3 2019

FIRM TRACK RECORD

Capstone Headwaters maintains an active Transportation & Logistics practice with operational expertise that enables us to profoundly understand how to help companies maximize value. We are known for our work in all links of the supply chain, including transportation, logistics, warehousing, supply-chain management, technology, packaging and other outsourced services. This market presence allows Capstone Headwaters to provide companies with experienced, up-to-date market data and access to key decision makers among the industry’s most active acquirers and investors.

 Offers logistics  Specializes in services, including providing retail consolidation, non-asset LTL shipping, and truckload, LTL, have been acquired by multimodal has been acquired by air freight, brokerage and flatbed solutions

to form Fusion Transport Holdings

 Marine  Value-added transporter of freight liquid asphalt, management cement, light oil services that drive has been acquired by petroleum has been acquired by efficiency, products and reliability, and calcium chloride cost savings for businesses

 Staffs and  Distributor of bulk manages the fuels and lubricants operations of the to oil & gas and U.S. Communities mining companies has been acquired by Government has been acquired by Purchasing Alliance

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CITATIONS

1. Allied Market Research, “Global 3PL (Third Party Logistics) Market, Opportunities and Forecasts, 2018-2025,” https://www.alliedmarketresearch.com/3PL-market, accessed July 24, 2019. 2. TruckInfo, “Trucking Statistics,” https://www.truckinfo.net/trucking/stats.htm, accessed July 25, 2019. 3. Supply Chain 24/7, “2019 Truckload Brokerage Roundtable: Market Calms, But Strength Persists,” https://www.supplychain247.com/article/2019_truckload_brokerage_roundtable_market_calms_but_strength_persists/mot or, accessed July 24, 2019. 4. PitchBook, “Exploring Buyout Multiples: Part III,” https://files.pitchbook.com/website/files/pdf/PitchBook_4Q_2018_Analyst_Note_Exploring_Buyout_Multiples_Part_III.pdf, accessed July 25, 2019. 5. Cision, “FLS Transportation Acquires Scott Logistics Corp,” https://www.prweb.com/releases/fls_transportation_acquires_scott_logistics_corp/prweb16104594.htm, accessed July 25, 2019. 6. Freight Waves, “FLS acquires Scott Logistics, creating a $500M revenue brokerage,” https://www.freightwaves.com/news/economics/fls-acquires-scott-logistics-creating-500m-brokerage, accessed July 15, 2019. 7. PR Newswire, “Redwood Logistics Joining Forces with Strive Logistics,” https://www.prnewswire.com/news- releases/redwood-logistics-joining-forces-with-strive-logistics-300793163.html, accessed July 15, 2019.

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi- tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any securityof any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information contained herein should not be construed as legal advice.

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LOGISTICS SERVICE PROVIDERS REPORT CONTRIBUTIONS

Burke Smith Managing Director, Head of Transportation & Logistics [email protected] | 310-872-0038

Burke is the Head of the Transportation & Logistics practice at Capstone Headwaters and is based in the Denver office. Burke joined the firm in 2014, bringing to Capstone Headwaters 19 years experience as an advisor to or leader of middle market companies. Most recently, Burke ran several asset-based trucking and warehousing operations, and previously managed an 8-state last mile delivery network. Over his career to date, Burke has executed more than 45 transactions with a combined value in excess of $40 billion. Burke began his career working on Wall Street. He initially trained at Wasserstein Perella & Co., where he worked directly for famed M&AbankerBruce Wasserstein. Burke then joined Donaldson, Lufkin & Jenrette (DLJ) as an early member of the firm’s Exclusive Sales Group, which became one of the most successful middle market sell-side advisory practices on Wall Street. Following the acquisition of DLJ by Credit Suisse, Burke joined UBS as an Executive Director in the mergers and acquisitions group. Burke earned a Law degree from Harvard Law School, and an MA and BA from Stanford University. He is a Series 79 Registered Investment banking Representative.

Anant Vashi Director [email protected] | 505-690-3561

Anant joined Capstone Headwaters after several years in investment banking sourcing capital for early and growth stage companies. Prior to investment banking, Anant worked with Sun Mountain Capital, a $90 million New Mexico-based co-investment fund focused on emerging technologies and economic development within the state. Prior to that, Anant worked as a Senior Associate for Mesa Capital Partners, a private equity fund which invests in growth opportunities in the service, manufacturing and technology areas. Anant began his private equity career with MWV Pinnacle, a $23 million fund mandated to invest in minority owned or managed companies. In addition to his investment banking and private equity positions, Anant has also worked in several corporate roles, including as CFO for an early stage transportation technology company and as Director of Corporate Development and FP&A for two middle market private equity sponsored companies. Anant earned his MBA from Case Western University and holds an MA from New School University and a BA from St John’s College.

2019 2018 2018 2017

TURNAROUND AWARDS

INVESTMENT BANKING FIRM US MIDDLE MARKETS US ‐ DEBT FINANCING MIDDLE MARKET INVESTMENT OF THE YEAR INVESTMENT BANK OF THE YEAR ADVISORY OF THE YEAR BANK OF THE YEAR

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UNITED STATES

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Capstone Headwaters is an elite investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. Capstone Headwaters provides merger & acquisition, private placement, corporate restructuring and financial advisory services across 16 industry verticals to meet the life cycle needs of emerging enterprises. Headquartered in Boston, MA and Denver, CO, Capstone Headwaters has 19 offices in the US, UK and Brazil with a global reach that includes over 450 professionals in 40 countries.

www.capstoneheadwaters.com

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