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TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2017 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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized 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 2017 WHAT WE’RE READING CONTENTS LOGISTICS | BIG RETURNS IN HASSLE-FREE RETURNS . M&A TRANSACTIONS Processing of returns and excess inventory, known in the retail trade as reverse . PUBLIC MARKETS OVERVIEW logistics, is attracting interest from venture capital and strategic investors looking . STOCK PRICE PERFORMANCE for new software and services. With retail sales in the US totaling almost $4.7 trillion . OUR GROUP in 2015 and a median retail return rate of 8%, more than $375 billion of merchandise is returned on an annual basis. While that figure represents the median of returns on all retail sales, not just online, it is estimated that upwards of 30% of goods purchased online are returned annually, according to Jeff Burkett, CONTACTS director in the Transportation & Logistics Group at investment bank Harris Williams. Mergermarket UNITED STATES TRUCKING | US TRUCKLOAD SPOT RATE RAMP-UP Frank Mountcastle Managing Director After falling earlier in the year and experiencing a modest uptick in March, US spot [email protected] truckload rates have started to increase at a faster clip — a hint of things to come +1 (804) 915-0124 for the contract market, according to industry analysts. It’s not atypical for US spot Jason Bass truckload rates to jump up this time every year, as shippers rush to move goods out Managing Director before closing their books for the first quarter. But modest, sustained, and earlier- [email protected] than-usual rate increases this spring in the spot market should be a canary in the +1 (804) 915-0132 coal mine for shippers with longer term contracts, according to DAT Solutions Joe Conner Industry Pricing Analyst Mark Montague. Managing Director Journal of Commerce [email protected] +1 (804) 915-0151 MARINE | CARGO SHIPMENTS THROUGH U.S. PORTS ROSE IN MARCH Jeff Burkett Director [email protected] Cargo swelled through U.S. ports in March, as trade with China bounced back +1 (804) 932-1334 and companies rushed shipments before new shipping-industry alliances kicked in. The Ports of Los Angeles and Long Beach, which make up the nation’s largest Jershon Jones seaport complex, said they imported a combined 622,083 loaded 20-foot Director equivalent units in March. That amounted to a 26% increase over the same month [email protected] +1 (804) 932-1356 last year and a 13% rise from February. The rush of inbound ocean trade marks a return to form after a surprise slump in Chinese exports in February, as factories Jeff Kidd closed for the Lunar New Year holiday. Chinese exports rose 16.4% in March, Vice President topping economists’ expectations amid a wider trade boom in Asia. [email protected] +1 (804) 915-0178 Wall Street Journal James O’Malley Vice President RAIL | U.S. RAIL AND INTERMODAL SEE ANNUAL GAINS IN MARCH [email protected] +1 (804) 915-0165 United States rail carload and intermodal volumes in March each saw annual gains, according to data issued by the Association of American Railroads (AAR). Carloads were up 7.3% compared to March 2016. 13 of the 20 carload commodity categories tracked by the AAR saw annual gains, including coal up 19%, crushed stone, gravel and sand up 12.5%, and grain up 10.6%. Intermodal containers and EUROPE trailers were up 5.5%, in March. On a year-to-date-basis through March, U.S. rail carloads were up 5.7%, and intermodal containers and trailers were up 1.4%. Jeffery Perkins Logistics Management Managing Director [email protected] +49 (0) 69 3650638 00 AIR | AIRPORT CARGO DEMAND IMPROVES IN FEBRUARY Airports enjoyed another bumper month in February for cargo, fueled by international demand. The latest cargo figures from industry body Airports Council International (ACI) show that volumes “surged” by 7.8% year on year in February. International demand improved ahead of domestic, with the former growing by 9.6% on the same month last year and the latter by 3.1%. The performance in February continues a strong start to the year for airports; in January ACI figures show that cargo demand increased by 5.7%. Air Cargo News www.harriswilliams.com PAGE | 1 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2017 M&A TRANSACTIONS(1,2,3) RECENT M&A TRANSACTIONS Date Sector Target Business Description Acquirer 4/11/2017 Trucking Atlantic Trucking Provides intermodal, drayage, and related services. Forward Air Corporation Company 4/10/2017 Trucking Swift Transportation Provides trucking and transportation services. Knight Transportation 4/6/2017 Logistics Postal Express Provides regional overnight delivery services. Royal Mail (General Logistics Systems) 4/4/2017* Trucking Dickinson Fleet Services Provides services to the vehicle fleet maintenance industry. Ridgemont Equity Partners 3/27/2017 Logistics Premium Transportation Provides expedited domestic ground and freight brokerage services. Magnate Worldwide, LLC Logistics 3/23/2017 Logistics DAVACO, Inc. Provides logistics for high volume remodel and rollout programs to Crane Worldwide retail, restaurant and hospitality clients. Logistics 3/16/2017 Logistics Supply Chain Coach, Provides supply chain and logistics solutions. Rockfarm Supply Chain Inc. Solutions 3/15/2017 Rail Aero Transportation Manufacturers hatch covers and outlet gates for freight cars. Wabtec Corporation Products 3/14/2017 Air Air Methods Provides air medical transportation and air tourism services. American Securities Corporation 3/6/2017 Logistics Simplified Logistics Provides third party logistics services with a focus on less-than- CI Capital Partners truckload transportation management services. 3/2/2017 Logistics AsepTrans Provides tank transportation and cleaning services. Odyssey Logistics & Technology 3/2/2017 Rail Appalachian Railcar Provides railcar repair, railcar storage, plant loading and unloading, GenNx360 Capital Services and short line switching and operations. Partners 2/23/2017 Logistics Quick International Provides courier and priority freight services. The Jordan Company Courier 2/21/2017 Logistics Zentral Archiv Service Provides archiving services and logistics services in Germany. Rhenus Archive Services 2/15/2017 Logistics Transfreight Automotive Provides cross-docking, transportation and manufacturing plant Yusen Logistics Logistics Europe logistical support and operations services. 2/13/2017 Marine Marine Trading Services Provides regional port logistics services in New Jersey. Ship Supply International Inc 2/9/2017 Logistics Evans Network of Provides intermodal, flatbed, brokerage, and van trucking services. Calera Capital Companies 2/7/2017 Rail Atlantic Western Operates 219 miles of railway track leased from the Georgia Genesee & Wyoming Inc. Transportation Department of Transportation. 2/7/2017 Marine Settoon Towing - Liquid Purchased assets include 35 towboats and 63 liquid tank barges with Savage Companies Bulk Marine Assets a total capacity of nearly 2 million barrels. *Denotes minority investment PAGE | 2 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2017 PUBLIC MARKETS OVERVIEW(1) TEV / LTM EBITDA TEV / 2017E EBITDA Rail & Rail Services 10.9x Rail & Rail Services 10.0x Logistics Providers 10.2x Logistics Providers 9.4x Marine 8.8x Marine 9.1x Transportation Transportation 7.3x 7.5x Equipment Equipment Trucking 6.6x Trucking 6.3x AVERAGE REVENUE GROWTH (2013 – 2016) AVERAGE REVENUE GROWTH (2016 – 2018P) Transportation 4.7% Marine 7.9% Equipment Logistics Providers 4.0% Logistics Providers 6.6% Trucking 2.6% Trucking 4.6% Transportation Rail & Rail Services 2.1% 3.6% Equipment Marine (6.0%) Rail & Rail Services (1.9%) AVERAGE EBITDA GROWTH (2013 – 2016) AVERAGE EBITDA GROWTH (2016 – 2018P) Transportation 19.4% Logistics Providers 12.3% Equipment Rail & Rail Services 6.0% Marine 11.5% Transportation Trucking 5.1% 11.2% Equipment Logistics Providers 5.1% Trucking 8.4% Marine (4.5%) Rail & Rail Services(2.9%) PAGE | 3 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2017 STOCK PRICE PERFORMANCE(1) MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Marine 8.5% Transportation Equipment 47.3% Rail & Rail Services 1.4% Trucking 14.4% S&P 500 (1.2%) S&P 500 13.7% Logistics Providers (2.3%) Marine 13.7% Transportation Equipment (2.9%) Rail & Rail Services 13.3% Trucking (8.6%) Logistics Providers 12.8% TRAILING TWELVE MONTHS (Indexed to April 12th, 2016) 70% 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Logistics Providers Trucking Rail and Rail Services Marine Transportation Equipment S&P 500 Index PAGE | 4 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ APRIL 2017 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck,
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