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Transportation & Logistics Industry Report TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. 0 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 CONTENTS HARRIS WILLIAMS & CO. DEAL SPOTLIGHT . M&A TRANSACTIONS . PUBLIC MARKETS OVERVIEW Marquette Transportation Company . STOCK PRICE PERFORMANCE Harris Williams & Co. advised Marquette Transportation . OUR GROUP a portfolio company of Company (“Marquette”), a portfolio company of KRG Capital Partners, on its sale to BDT Capital Partners. Marquette is a leading provider of towing services on the has been acquired by inland waterways of the United States. CONTACTS Press Release UNITED STATES Frank Mountcastle Managing Director WHAT WE’RE READING [email protected] +1 (804) 915-0124 LOGISTICS | INTERNET OF THINGS POISED TO TRANSFORM LOGISTICS Jason Bass Managing Director A new trend report compiled by Cisco Consulting Services and DHL claims that the [email protected] Internet of Things (IoT) will completely transform global supply chain structures and +1 (804) 915-0132 logistics practices. The IoT presents a unique technology transition that is impacting Joe Conner all our lives and will have huge implications for the business of logistics as we move Managing Director from 15 billion connected devices today to some 50 billion by 2020. [email protected] Fleet Owner +1 (804) 915-0151 Jeff Burkett TRUCKING | REVENUE INCREASINGLY FLOWS TO BIGGEST CARRIERS Director [email protected] In the U.S., trucking is considered a "fragmented" industry, with hundreds of +1 (804) 932-1334 thousands of carriers, many of them fielding only a few trucks, hauling freight Jershon Jones across the continent. However, trucking revenue has become increasingly Director concentrated, as the number of carriers with more than $1bn in annual revenue [email protected] more than doubled over the last decade. +1 (804) 932-1356 Journal of Commerce Jeff Kidd Vice President RAIL | 2014 SAFEST YEAR ON RECORD [email protected] +1 (804) 915-0178 The most recent safety statistics released by the Federal Railroad Administration (FRA) in April show that 2014 was the safest year on record for train operations in EUROPE the United States, in terms of both the number of accidents and the accident rate per million train-miles, for a variety of causes. Jeffery Perkins Railway Age Managing Director [email protected] +49 (0) 69 3650638 00 MARINE | SAVINGS AVAILABLE THROUGH ALLIANCE COOPERATION The scale advantage container shipping alliances are realizing at sea comes to an end when vessels arrive in port, and extending that cooperation to land is the critical next step towards improving efficiency and profitability, a new McKinsey report has found. Reducing the overall cost base and complexity of land-based work by combining the operations of alliance members would give a midsize alliance member $100 million in U.S. landside savings a year, the report found. Journal of Commerce AIR | LUNAR NEW YEAR AND U.S. PORT CONGESTION BOOST AIR FREIGHT The International Air Transport Association (IATA) released February data for global air freight markets showing a sharp increase in year-on-year air freight volumes. Growth measured by freight tonne kilometers (FTK) was up 11.7% in February, compared to February 2014. Capacity grew 7.4%. IATA www.harriswilliams.com PAGE | 1 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 M&A TRANSACTIONS RECENT M&A TRANSACTIONS1,2 Date Sector Target Business Description Acquirer Pending Logistics Command Provides truckload brokerage and non-asset based transportation Echo Global Logistics, Inc. Transportation, LLC services. Pending Marine Baltic Trading Limited Transports iron ore, coal, grain, steel products, and other drybulk Genco Shipping & Trading cargo along global shipping routes. Ltd. Pending Logistics TNT Express N.V. Provides express delivery services in Europe, the Middle East and FedEx Corporation Africa, Asia-Pacific, and the Americas. Pending Logistics Transfreight North Provides third-party logistics and supply chain solutions. Penske Logistics, Inc. America Pending Logistics Air Medical Group Provides air ambulance services. KKR & Co. Holdings, Inc. Pending Logistics Toll Holdings Limited Provides integrated logistics services in the Asia-Pacific region and Japan Post Bank Co., Ltd. internationally. Pending Logistics APL Logistics Ltd Provides global supply chain and logistics services across all modes Kintetsu World Express, of transportation. Inc. Pending Marine Horizon Lines, Inc. Engages in Jones Act container shipping with primary service to ports Matson Navigation within the continental United States, Alaska, Hawaii, and Puerto Rico. Company, Inc. 4/2/2015 Logistics Wheels Group Inc. Provides third party logistics and supply chain solutions in North Radiant Global Logistics America. 4/2/2015 Trucking Jardine Transport Ltd. Provides long-haul trucking solutions including flatbed and drop- SeaFort Capital deck services. 3/31/2015 Marine Marquette Provides towing services on inland waterways of the United States. BDT Capital Partners, LLC Transportation Company 3/25/2015 Rail Freightliner Group Ltd Provides international freight rail services with operations in the Genesee & Wyoming Inc. United Kingdom, Poland, Germany, the Netherlands, and Australia. 3/23/2015 Logistics McNutt Automotive Provides asset-light automotive logistics services. MetroGistics, LLC Logistics, LLC 3/23/2015 Logistics Modern Forwarding and Provides truckload and less-than-truckload transport services with Dicom Transportation Leasing Company Inc. emphasis on U.S.-Canada cross-border business. Group, L.P. 3/9/2015 Trucking CLP Towne Inc. Doing business as Towne Air Freight. Provides full-service trucking Forward Air, Inc. solutions and specializes in time-definite airport-to-airport trucking. 3/3/2015 Logistics Neovia Logistics Provides third party contract logistics services, including warehouse The Goldman Sachs Group Services, LLC management, fulfillment, and distribution solutions. Rhone Capital L.L.C. 2/9/2015 Logistics UX Specialized Logistics Provides non-asset based, last mile logistics services including home XPO Last Mile, Inc. delivery, assembly and installation, and same-day delivery. 2/4/2015 Rail Railroad Controls Limited Provides railroad signal construction services to the freight and Westinghouse Air Brake commuter rail industry. Technologies Corporation PAGE | 2 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2015E EBITDA Logistics Providers 11.3x Logistics Providers 10.4x Rail & Rail Services 10.6x Rail & Rail Services 9.1x Marine 9.4x Marine 8.4x Trucking 8.2x Trucking 6.6x Transportation Transportation 7.1x 6.0x Equipment Equipment AVERAGE REVENUE GROWTH (2011 – 2014) AVERAGE REVENUE GROWTH (2014 – 2016P) Rail & Rail Services 11.5% Trucking 9.5% Transportation 8.7% Rail & Rail Services 8.7% Equipment Trucking 7.7% Logistics Providers 7.0% Transportation Logistics Providers 6.4% 5.2% Equipment Marine 3.5% Marine 2.0% AVERAGE EBITDA GROWTH (2011 – 2014) AVERAGE EBITDA GROWTH (2014 – 2016P) Rail & Rail Services 17.5% Trucking 15.7% Trucking 13.0% Logistics Providers 13.3% Marine 8.1% Marine 12.3% Transportation 7.4% Rail & Rail Services 11.5% Equipment Transportation Logistics Providers 6.8% 11.2% Equipment PAGE | 3 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Marine 9.7% Rail & Rail Services 15.7% Rail & Rail Services (2.0%) Logistics Providers 9.1% Transportation (4.3%) Trucking 6.9% Equipment Transportation Logistics Providers (4.5%) (5.9%) Equipment Trucking (7.2%) Marine (9.5%) TRAILING TWELVE MONTHS (Indexed to April 21, 2014) 40% 30% 20% 10% 0% (10%) (20%) (30%) 4/21/14 7/21/14 10/21/14 1/21/15 4/21/15 Logistics Providers Trucking Rail & Rail Services Marine Transportation Equipment S&P 500 Index PAGE | 4 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & Logistics Group has experience across a broad range of sectors, including third-party logistics, rail and rail services, marine transportation, transportation equipment, niche transportation, automotive and heavy duty vehicle, and airport and aviation services. RECENTLY CLOSED T&L TRANSACTIONS RCL Services Group in partnership with a portfolio company of and a portfolio company of a portfolio company of a portfolio company of a portfolio company of has sold and has been acquired by to has been acquired by has been acquired by has been acquired by has been acquired by a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by DEEP EXPERIENCE ACROSS T&L SECTORS THIRD-PARTY LOGISTICS RAIL & RAIL SERVICES MARINE TRANSPORTATION TRANSPORTATION EQUIPMENT NICHE TRANSPORTATION AUTOMOTIVE & HEAVY DUTY VEHICLE AIRPORT & AVIATION SERVICES PAGE | 5 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2015
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