Capstone Headwaters

LOGISTICS SERVICES PROVIDERS Q1 2019

TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW

 M&A Overview services providers are a vital component of the Transportation and Logistics (T&L) industry as shippers seek ways to swiftly navigate the  Key Trends & Drivers increasingly complex supply chain. In 2018, third-party logistics providers (3PLs)  T&L Macroeconomic Indicators accounted for an estimated 81% of domestic transportation, 69% of  Notable Transactions warehousing, 50% of freight forwarding and 40% of customs brokerage, according to the 2019 23rd annual Third-Party Logistics Study headed by Dr.  Capstone Headwaters Transaction John Langley of Pennsylvania State University.1 Amid rising T&L costs and the  Select Transactions ongoing truck driver shortage, providers are continually seeking to adoptnew  Data technologies to enhance data-driven supply chain visibility and to mitigate costly disruptions such as volatility in commodity, labor, and energy prices.  Firm Track Record Logistics services providers have turned to mergers and acquisitions (M&A) for inorganic growth and 42 transactions were announced or closed in the space in 2018. Top technology-driven freight brokerage provider GlobalTranz Enterprise, who bought the Capstone Headwaters’ advised company Apex Logistics in 2017, was the most active buyer in 2018. Capitalizing on the fragmented market, GlobalTranz acquired Texas-based freight brokerage and CONTRIBUTORS logistics services provider AJR Transportation (January, terms undisclosed); North Carolina-based less-than-truckload (LTL) 3PL solutions provider Burke Smith SynchOne (August, undisclosed); and -based freight brokerage firm Managing Director, AFN Logistics (September, undisclosed). Notably, GlobalTranz was acquired by Head of Transportation & Logistics private equity firm The Jordan Company for an estimated $400 million in June 310-872-0038 2018. GlobalTranz went on to report 62% year-over-year growth in 2018 and 2 [email protected] reach $1.4 billion in revenue, according to the company press release. Logistics Services Providers Index Anant Vashi Director 16.0x 505-690-3561 14.0x [email protected] 12.0x 10.0x 8.0x

EV/EBITDA Multiple 6.0x Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 CSHW Index S&P 500 Source: Capital IQ, Capstone Headwaters Research 3 www.capstoneheadwaters.com March 2019 Logistics Services Providers | Q1 2019

KEY TRENDS & DRIVERS

WALMART OPENS FIRST HIGH- on Walmart vendor consolidation, was acquired by Hub 07.19 TECH CONSOLIDATION CENTER Group (Nasdaq:HUBG) for $255 million (see page five). Private equity (PE) firm Mason Wells added to the trend in Retail consolidation is one service that companies have 2019 with its acquisition of RJW Logistics Group, Inc. adopted in order to cut costs and improve supply chain efficiencies. T&L operators that offer consolidation PROJECTED GROWTH OF FREIGHT services combine LTL shipments from different suppliers 4.3% BROKERAGE MARKET, 2018-2022 to ensure a consolidated full truckload (TL) shipment. Coordinating freight shipments creates a lower, shared The Freight Brokerage market in the US is projected to cost for vendors and significantly increases on-time- grow at a compound annual rate of 4.3% from 2018 to delivery compliance, even as the merchandise is handled 2022, according to Research and Markets.4 Abroker’s less in transit, reducing damage. Retailers also benefit ability to analyze what needs to go where and from more frequent and predictable inbound shipments, efficiently match freight with carriers, all from behind a fewer stock outs, and reduced inventory costs. computer screen, allows shippers to focus on the core competencies of their businesses. In a maturing freight This technique is highly suited to retailers like Target brokerage market originally built around truckload (NYSE:TGT) and Walmart (NYSE:WMT), who seek efficient brokerage, established brokers have been moving to add methods of sending cargo frequently to distribution specialized brokerage capabilities such as intermodal, LTL centers across the US in less-than-truckload order and flatbed transports to create sticky, niche services. quantities. Several of these large retailers have developed captive consolidation networks to handle “collect freight.” More generally, 2018 saw an active M&A market for non- For example, Walmart recently announced it will open its asset brokerage and transportation management firms, first high-tech consolidation center in Colton, California.3 driven largely by PE buyers. Gryphon Investors acquired With the help of new technologies, Walmart expects stakes in Transportation Insight and the Nolan employees will build flexible and dense pallet Transportation Group from Ridgemont Equity Partners consolidations for transload shipment to its distribution (terms undisclosed). CI Capital Partners acquired center network, tripling freight throughput. Redwood Logistics (January, undisclosed), one of the top freight brokerage firms in North America,5 into its existing Independent retailer consolidators also play an important platform. The resulting company rebranded as Redwood, role in the market, and two such leading service providers and followed in early 2019 with the acquisition of Strive were acquired in 2018. In June, DSC Logistics, serving Logistics. Other PE firms completed initial brokerage vendors to Costco, Sam’s Club, Giant Eagle, and Walmart, platform investments, such as Huron Capital’s controlling was acquired by Korean-owned CJ Logistics for $240.0 investment in Direct Connect Logistix and York Capital million. Later in the year, CaseStack, with a heavy focus Management’s carve-out of Mode from Hub Group.

Third-Party Logistics Services: Third-Party Logistics Revenue Revenue by Segment

Actual Projected

5.8% $250 $221 billion

Transporation $200 management 21.4% $150 Warehousing and related services $100 $119 billion

Other services of Dollars Billions $50 72.8% $0 2009 2011 2013 2015 2017 2019 2021 2023

Source: IBISWorld 2 Logistics Services Providers | Q1 2019

T&L MACROECONOMIC INDICATORS

AVERAGE DIESEL $5

RETAIL PRICE $4

$3 The average price for a gallon of $2 diesel increased Dollars per Gallon from $2.65 in 2017 $1 to $3.17 in 2018 $0

Source: US Energy Information Administration

CASS FREIGHT INDEX, 15% SHIPMENTS 10%

Freight volumes 5% increased significantly year-over-year, with 0% the largest percentage of 13.9% in May -5% YoY % Change Change YoY % by Month

-10% 2014 2015 2016 2017 2018

Source: Cass

TRUCK 120 TONNAGE INDEX 115 (Seasonally Adjusted) 110

105 The index hit an all-time high of 100 (2000=100) 117.6 in November 95 only to retreat to

112.5 in December Tonnage Carried Month per 90

Source: American Trucking Associations

3 Logistics Services Providers | Q1 2019

NOTABLE TRANSACTIONS

Several notable transactions were announced or completed in the industry in 2018 and in Q1 2019. Select transactions are outlined below, followed by a more comprehensive list on the following pages.

Hub Group, Inc. acquires CaseStack (November 2018, $255 Million)

Freight transportation management company Hub Group (Nasdaq:HUBG) has acquired CaseStack for $255 million in cash at 11.6x EBITDA.

CaseStack is a non-asset-based logistics provider based in Santa Monica, California. With more than 250 employees, the company generated approximately $242 million in revenue and $22 million in EBITDA for the 12 months ending September 30, 2018, according to the press release.7 On the investor call announcing the deal, Hub Group identified CaseStack as the market leader in Acquires consolidation services for consumer packaged goods (CPG) companies, with 80% of its revenue derived from these services and 20% from other brokerage. Hub executives expect to leverage CaseStack’s service offering for cross-selling opportunities within Hub’s CPG vertical, which accounts for 70% of Hub’s revenue. Additionally, according to Hub executives, the acquisition aligned with all five of its previously articulated investment criteria: diverse offerings,goodculturalfit,strong management team, not a fixer-upper, and immediately accretive.

“We believe Hub is the perfect fit for us,” said CaseStack CEO and Founder DanSankerinthe Company press release. “Our core values, including collaboration, determination and excellence, are aligned. The CaseStack team will continue to provide retailer consolidation programs to consumer packaged goods customers and technology enabled brokerage services. We are thrilled that Hub will sponsor our growth by introducing new customers and enhancing our services with assets, drivers and technology. There couldn’t be a better team to help our customers with their challenges. This combination will provide terrific opportunities for our customers, service providers and team members.”

Transplace acquires Yusen Logistics (Americas) Inc.’s Intermodal Operations (October 2018, Undisclosed)

Transplace, a transportation management and logistics technology services provider owned by TPG Capital, has acquired Yusen Logistics' intermodal marketing company/over-the-road freight brokerage group. Terms of the deal were not disclosed.

Founded in 1968, Yusen Logistics (America) is based in Secaucus, New Jersey with a warehouse in Acquires Laredo, Texas. The company is a subsidiary of Nippon Yusen Kaisha (TSE:9101) and provides freight Operations of forwarding, transportation, warehousing, and other supply chain services.

The acquisition will expand Transplace’s presence in North America with newly acquired intermodal operations located in Jacksonville, Florida; Cincinnati, Ohio; Memphis, Tennessee; Chicago, Illinois; and , Texas.

“Acquiring Yusen Logistics’ North American intermodal operations further supports Transplace’s commitment to strategic growth in order to build a competitive advantage for our company and our customers. Our customers will benefit from the network synergy with Transplace’s current intermodal and over-the-road footprint, resulting in better opportunities for more effective execution of their intermodal shipments as well as mode conversion,” Transplace CEO Frank McGuigan said in his company’s press release.8

4 Logistics Services Providers | Q1 2019

CAPSTONE HEADWATERS TRANSACTION

Intermodal Focused Brokerage Company Acquired by NFI Industries – (February 2019, Confidential)

Capstone Headwaters advised SCR Air Services (“SCR” or the “Company”) on its acquisition by supply chain solutions provider NFI Industries. With this acquisition, NFI will expand its non-asset intermodal services, as well asits refrigerated capabilities.

has been acquired by  SCR Air is an innovative non-asset transportation services brokerage with robust intermodal capabilities and a growing LTL consolidation program. Headquartered in , , SCR has over 30 years of experience in the non-asset based logistics arena with access to a large and reliable network of carriers. SCR specializes in providing non-asset truckload, LTL, intermodal, air freight, and flatbed solutions.

 “Our services and culture align with those of NFI’s, making it an ideal company to grow with,” said Scott Rooney, CEO of SCR. “We look forward to providing further opportunities to our employees and customers with NFI’s end-to-end supply chain solutions and large footprint throughout North America.”

 SCR will join NFI’s brokerage team, made up of more than 200 employees spanning nine offices across North America. Ranked as a top brokerage provider, NFI has over 40,000 partner carriers and moves more than 300,000 shipments annually. In addition to expertise in dry truckload and less-than- truckload, NFI’s specialized capabilities include refrigerated, flatbed, over- dimensional, intermodal, and final mile.

 Continually expanding its suite of supply chain solutions over its 87-year history, the addition of SCR further reinforces NFI’s position as a best-in- class provider of both asset and non-asset transportation solutions, as well as expands the company’s footprint across North America. In addition to providing brokerage solutions, NFI’s integrated suite of services includes dedicated transportation, distribution, transportation management, port drayage, intermodal, global logistics, and commercial real estate.

The acquisition of SCR will enhance the service offerings of NFI. SCR’s expertise in non- “ asset intermodal solutions, particularly within the refrigerated sector, will expand our brokerage services, as well as increase our presence in the Pacific Northwest. Our shared vision and commitment to customer service makes it a perfect fit for NFI and we look forward to integrating the two companies to further expand our services and better serve our customers. We are excited to have Scott and his team join our company.

-Sid Brown,” CEO of NFI

5 Logistics Services Providers | Q1 2019

SELECT TRANSACTIONS

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

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

FLS Transportation Provides freight brokerage transportation solutions to 02/14/19 Scott Logistics --- Services Fortune 500 companies in the US, , and .

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

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

GlobalTranz 01/16/19 Our Freight Guy Provides freight brokerage and logistics services. - - - Enterprises

J&J Drive Away & Auto Driveaway Comprises assets of business division that offers 01/14/19 --- J&J Freight Brokers Corporation trucking and freight brokerage services.

Joseph Cory Offers furniture preparation, warehousing and 01/09/19 J.B. Hunt Transport $100.0 - - Warehouses distribution, and logistics management services.

Qontinuity 01/09/19 Legion Logistics Provides logistics brokerage services. - - - Enterprises

Nolan Offers freight brokerage services across the United 12/18/18 Gryphon Investors --- Transportation States, Canada, and Mexico.

Provides integrated logistics solutions to retailers and 11/05/18 CaseStack Hub Group $255.0 1.1x 11.6x CPG companies.

Masterpiece Operates as a freight forwarding and customs 11/02/18 Domek Logistics --- International brokerage company.

TransX Group of Canadian National Provides integrated transportation and logistics 10/30/18 --- Companies Railway Company services for businesses in North America.

Anderson Cargo Argosy Capital & Provides logistic solutions to healthcare, financial 10/24/18 --- Services Headhaul Capital services, technology, and home delivery industries.

Hybrid Transit Alliant Energy Provides freight management services to Fortune 500 10/22/18 --- Systems Transportation shippers, processors, and manufacturers.

Specialized Rail Provides local and regional intermodal drayage 10/12/18 Westport Axle Corp. $12.3 0.5x - Service services in Utah and Nevada.

Sunteck Transport Provides transportation and supply chain services for 10/09/18 HA Logistics --- Group small and medium size growth companies.

N.D. Cunningham 09/20/18 D J Powers Company Provides logistics services in Alabama. - - - & Company

GlobalTranz Offers freight brokerage, third-party logistics, and 09/13/18 AFN --- Enterprises transportation management services.

Dot Family Provides third party logistics services for mid-sized 08/31/18 TAGG Logistics --- Holdings healthcare and consumer products businesses.

Mode York Capital Delivers TL, LTL, intermodal, air, ocean, and parcel, as 08/31/18 $238.5 - 10.0x Transportation Management well as managed transportation services.

Note: CF = confidential; highlighted deals are Capstone Headwaters’ transactions Source: Capital IQ, Pitchbook, and Capstone Headwaters Research 6 Logistics Services Providers | Q1 2019

SELECT TRANSACTIONS (CONTINUED)

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

D. Mosley Trucking Represents the combined operations of D. Mosley 08/23/18 PS Logistics --- & DMT Logistics trucking, Inc. and DMT Logistics Services, Inc.

GlobalTranz 08/15/18 SynchOne Provides logistics services. - - - Enterprises

Rock-It Cargo USA Offers freight forwarding and logistics services in the 07/31/18 ATL Partners --- & Rich Forwarding US and UK.

Dacota Freight Hi-Way 9 Group of Provides transportation and logistics services primarily 07/25/18 $1.8 - - Services Companies in western Canada.

MNX Global Provides expedited transportation and logistics 07/10/18 Audax Group --- Logistics services.

07/02/18 Unlimited Freight BNSF Logistics Provides 3PL and asset-based carrier services. - - -

National Logistics Fulcrum Capital Offers logistics services including warehousing, reverse 06/25/18 --- Services Partners logistics/recall management, and freight management.

New Age Evans Delivery Provides third-party freight, warehousing, and 06/11/18 --- Transportation Company distribution services.

CJ Logistics USA Offers lead logistics partner, logistics center 06/07/18 DSC Logistics $240.1 0.4x - Corporation management, and transportation management.

First Coast Offers intermodal drayage, storage and depot, and 06/07/18 RoadOne --- Logistics Services third party logistics services.

Logistics Business 05/02/18 LSC Communications Provides logistics services and technologies. $60.0 - - of R.R. Donnelley

Services Division 04/30/18 Redwood Logistics Comprises freight management operations. - - - of ROAR Logistics

The Grimes Provides warehousing, transportation, and packaging 04/16/18 Peoples Services --- Companies services for manufacturers, distributors, and retailers.

Provides logistics services, e-logistics services, and 04/03/18 Hansol Goldpoint Hansol Logistics Co. $1.8 - - supply chain management consulting services.

Provides freight forwarding, customs brokerage, as well 03/05/18 Oceanstar Seldat Distribution --- as ocean and air freight transportation services.

Tidewater Apollo Global 02/15/18 Provides logistics solutions to the oil and gas industry. - - - Logistics Management

Sequel Int’l. 01/19/18 Loomis AB Provides logistics services. $2.0 0.8x - Logistics

AJR GlobalTranz 01/10/18 Offers freight brokerage and logistics services. - - - Transportation Enterprises

The Irwin Brown C.H. Powell Provides customs brokerage and freight forwarding 01/08/18 --- Company Company services.

Redwood Offers transportation brokerage, asset-based 01/02/18 Simplified Logistics --- Logistics warehouse and distribution, and freight exchange.

Source: Capital IQ, Pitchbook, and Capstone Headwaters Research 7 Logistics Services Providers | Q1 2019

PUBLIC COMPANY TRADING & OPERATING DATA

Price % 52 Wk Market Enterprise LTM EV / LTM Company 03/20/19 High Cap Value Revenue EBITDA Margin Revenue EBITDA C.H. Robinson Worldwide, Inc. $86.64 85.6% $11,857.0 $12,824.7 $16,631.2 $994.1 6.0% 0.8x 12.9x

DSV A/S $83.99 90.3% $14,951.9 $15,845.4 $12,125.0 $905.5 7.5% 1.3x 17.5x

Echo Global Logistics, Inc. $23.56 64.1% $655.4 $798.3 $2,439.7 $75.9 3.1% 0.3x 10.5x

Expeditors Int’l. of Washington, Inc. $74.82 95.7% $12,844.3 $11,921.5 $8,138.4 $850.6 10.5% 1.5x 14.0x

FedEx Corporation $175.07 65.7% $45,700.9 $61,244.9 $69,200.0 $8,785.0 12.7% 0.9x 7.0x

Hub Group, Inc. $41.03 72.5% $1,426.8 $1,703.7 $3,683.6 $204.1 5.5% 0.5x 8.3x

Landstar System, Inc. $107.07 83.2% $4,295.3 $4,241.6 $4,619.0 $374.3 8.1% 0.9x 11.3x

Radiant Logistics, Inc. $5.91 91.2% $292.6 $340.9 $917.5 $34.9 3.8% 0.4x 9.8x

United Parcel Service, Inc. $107.92 86.3% $92,830.4 $110,587.4 $71,861.0 $7,665.0 10.7% 1.5x 14.4x

XPO Logistics, Inc. $50.20 43.2% $5,481.6 $9,765.6 $17,279.0 $1,513.0 8.8% 0.6x 6.5x

Mean 7.7% 0.8x 10.2x EV = enterprise value; LTM = last twelve months $ in millions, except per share data Median 7.8% 0.8x 10.5x NM = Not Meaningful Harmonic Mean 6.4% NA 10.9x

Last Twelve Month Margin Performance

30% 26.8% 24.7% 25% 22.1% 21.1% 18.3% 20% 17.2% 14.7% 15% 13.2% 12.6% 12.1% 10.5% 10.7% 10% 8.2% 7.5% 8.1% 8.8% 6.0% 5.5% 5% 3.1% 3.8% 0% C.H. Robinson DSV A/S Echo Global Expeditors FedEx Hub Group Landstar Radiant United Parcel XPO Logistics Worldwide Logistics International System Logistics Service

Gross Margin % EBITDA Margin %

Last Twelve Month 1-Year Revenue Growth 50%

40%

30% 25.6% 26.6%

17.9% 20% 17.6% 16.4% 12.3% 11.8% 10.2% 7.9% 10% 5.5%

0% C.H. Robinson DSV A/S Echo Global Expeditors FedEx Hub Group Landstar Radiant United Parcel XPO Logistics Worldwide Logistics International System Logistics Service

Source: Capital IQ as of March 20, 2019 8 Logistics Services Providers | Q1 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.

CONFIDENTIAL CONFIDENTIAL

corporate sale corporate sale (IN PROCESS) (IN PROCESS)

$40 MM REVENUE RETAIL $60 MM REVENUE CONSOLIDATION BROKERAGE AND PLATFORM INTERMODAL

 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 Government has been acquired by Purchasing has been acquired by Alliance

9 Logistics Services Providers | Q1 2019

CITATIONS

1. John Langley Jr., Ph.D., and Infosys, “2019 23rd Annual Third-Party Logistics Study: The State of Logistics Outsourcing,” https://dsqapj1lakrkc.cloudfront.net/media/sidebar_downloads/2019-3PL-Study.pdf, accessed March 13, 2019. 2. GlobalTranz, “GlobalTranz Reports Record Growth in 2018,” https://www.globaltranz.com/blog/globaltranz-reports- record-growth-in-2018/, accessed March 13, 2019. 3. Walmart, “High-Tech Consolidation Center Set to Open in July, Adding Efficiency to Walmart’s Supply Chain,” https://news.walmart.com/2019/01/14/high-tech-consolidation-center-set-to-open-in-july-adding-efficiency-to- walmarts-supply-chain, accessed March 12, 2019. 4. Research and Markets, “Americas Freight Brokerage Market 2018-2022 - Growing Demand for Outsourced 3PL Services is Driving the Market,” https://www.businesswire.com/news/home/20180118005970/en/Americas-Freight-Brokerage- Market-2018-2022---Growing, accessed March 13, 2019. 5. Transport Topics, “Top Freight Brokerage Firms,” https://www.ttnews.com/top50/freightbrokerage/2018, accessed March 13, 2019. 6. JOC.com, “CH Powell's Irwin Brown buy is latest broker-forwarder deal,” https://www.joc.com/international-logistics/ch- powells-irwin-brown-buy-latest-broker-forwarder-deal_20180108.html, accessed March 13, 2019. 7. GlobeNewswire, “Hub Group To Acquire CaseStack, Inc.,” https://www.globenewswire.com/news- release/2018/11/05/1644906/0/en/Hub-Group-To-Acquire-CaseStack-Inc.html, accessed March 11, 2019. 8. Transplace, “Transplace Acquires Yusen Logistics’ Intermodal & Freight Brokerage Group,” https://www.transplace.com/2018/10/08/transplace-acquires-yusen-logistics-intermodal-freight-brokerage-group, accessed March 11, 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 mate- rially. 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.

10 Logistics Services Providers | Q1 2019

LOGISTICS SERVICES 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

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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.

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