11
Date Target Buyer(s) SegmentAmount ($ in
Mil)TEV/ Rev TEV/ EBITDA
12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers - - -
12/22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation
Equipment
- - -
12/22/2016 Daseke, Inc. Hennessy Capital Acquisition Corp. II Trucking 448.28 0.66x -
12/15/2016 Folding Guard LLC Troax, Inc. Warehousing and
Storage
28.00 1.40x -
12/8/2016 JS Logistics, Inc. NewSpring Growth; US Pack Logistics
LLC
Logistics Providers - - -
11/17/2016 Western Refining, Inc. Tesoro Corp. Warehousing and
Storage
5,696.75 0.74x 10.48x
11/16/2016 Infor, Inc. Koch Equity Development LLC Software 2,500.00 0.83x -
11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. Software 1,008.35 1.02x 4.88x
10/31/2016 International Shipholding Corp. Seacor Capital Corp. Trucking 156.28 0.60x 4.98x
10/27/2016 Xpo Logistics, Inc. /Truckload Business/ TransForce, Inc. Logistics Providers 558.00 - -
10/4/2016 Golden State Overnight Delivery Service, Inc. General Logistics Systems BV Trucking 90.00 0.79x -
Strategic82%
Financial18%
2 7
11
4
18
2
-
5
10
15
20
Financial Buyer Inv. Date Select Corporate Investments
500 Startups 5/16/2016 ▪ Cognitive Operational Systems, LLC11/5/2015 ▪ Moveha, LLC11/5/2015 ▪ Whiplash Merchandising LLC1/27/2015 ▪ KidzJet, L.L.C.
2/3/2014 ▪ myDoorman Inc.
Ridgemont Equity Partners 9/7/2016 ▪ Nolan Transportation Group, Inc.7/1/2016 ▪ WhiteWater Midstream
10/20/2015 ▪ Unishippers Global Logistics, LLC
10/15/2014 ▪ Transportation Insight, LLC
KJM Capital LLC 12/22/2016 ▪ Blue Sky Logistics LLC
12/22/2016 ▪ Interide Transportation LLC12/6/2016 ▪ Sunco Carriers, Inc.
ABRY Partners, LLC 2/6/2016 ▪ FLS Transportation Services, Inc.9/15/2014 ▪ CitiXsys Americas Inc.
Wood Creek Capital Management, LLC 4/14/2015 ▪ Tiger Cool Express, LLC3/3/2015 ▪ Milestone Equipment Holdings, LLC
Strategic Buyer Inv. Date Select Corporate Acquisitions
Dicom Transportation Group, L.P. 2/11/2016 ▪ Advanced Distribution Services
9/9/2015 ▪ Eastern Connection Operating, Inc.
8/4/2015 ▪ Courier Express Enterprises LLC
7/21/2015 ▪ EXTRA Express Cerritos, Inc.
6/17/2015 ▪ Orbis Logistics, Inc.
XPO Logistics, Inc. (NYSE:XPO) 9/9/2015 ▪ Con-way Inc.
5/4/2015 ▪ Bridge Terminal Transport Inc.
7/29/2014 ▪ Simply Logistics, Inc.
7/29/2014 ▪ XPO Logistics Supply Chain, Inc.
1/6/2014 ▪ XPO Intermodal, Inc.
Echo Global Logistics, Inc. (NasdaqGS:ECHO) 4/21/2015 ▪ Command Transportation, LLC
2/5/2015 ▪ Xpress Solutions, Inc.
5/13/2014 ▪ One Stop Logistics, Inc.
2/26/2014 ▪ Comcar Logistics LLC
2/6/2014 ▪ Online Freight Services, Inc.
Lineage Logistics, LLC 8/18/2016 ▪ Consolidated Distribution Corporation, LLC
1/9/2015 ▪ Columbia Colstor, Inc.
7/7/2014 ▪ Dreisbach Enterprises, Inc.
5/13/2014 ▪ Loop Fresh Produce, L.P.
3/12/2014 ▪ Millard Refrigerated Services, Inc.
Rising Tide Development, LLC 1/12/2016 ▪ Self-Storage Center
10/2/2014 ▪ Self-Storage Property
5/7/2014 ▪ Self Storage Center
4/9/2014 ▪ Self Storage Property
-10%
-5%
0%
5%
10%
15%
20%
Rail Trucking Warehousing & Storage
Transportation Equipment Logistics Providers S&P 500
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Union Pacific Corp. UNP 85,444$ 103.68$ 6.3% 32.6% 97.2% 4.3% 47.8% 4.9x 10.7x 20.8x 4.8x 10.1x
Canadian National Railway Co. CNI 51,683 67.40 3.1% 20.6% 96.3% (0.2%) 57.0% 6.5x 12.3x 18.9x 6.3x 11.7x
Canadian Pacific Railway Ltd. CP 20,901 142.77 -6.5% 11.9% 90.7% (0.5%) 53.2% 5.7x 12.1x 18.0x 5.7x 10.7x
Norfolk Southern Corp. NSC 31,550 108.07 11.3% 27.8% 97.0% 3.9% 42.7% 4.1x 10.1x 20.0x 4.0x 9.4x
CSX Corp. CSX 33,654 35.93 17.8% 38.5% 96.0% 4.1% 42.9% 4.0x 9.8x 20.0x 3.9x 9.1x
Kansas City Southern KSU 9,128 84.85 -9.1% 13.6% 84.3% 4.1% 44.6% 5.0x 10.4x 18.8x 4.7x 9.6x
Genesee & Wyoming, Inc. GWR 4,255 69.41 0.7% 29.3% 86.0% 8.1% 28.4% 3.2x 11.6x 18.5x 2.8x 9.0x
Trinity Industries, Inc. TRN 4,227 27.76 14.8% 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x
American Railcar Industries, Inc. ARII 877 45.29 9.2% -2.1% 88.6% (28.2%) 20.1% 1.7x 6.0x 10.3x 2.3x 7.2x
$26,858 5.3% 20.8% 92.3% (3.6%) 39.9% 4.1x 9.9x 17.1x 4.0x 9.5x$20,901 6.3% 20.6% 94.7% 3.9% 42.9% 4.1x 10.4x 18.8x 4.0x 9.4x
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
J.B. Hunt Transport Services, Inc. JBHT 10,890$ 97.07$ 19.6% 32.3% 94.8% 10.5% 16.3% 1.8x 10.9x 25.7x 1.7x 10.2x
Old Dominion Freight Line, Inc. ODFL 7,073$ 85.79$ 25.0% 45.2% 93.6% 6.8% 24.5% 2.4x 10.6x 23.9x 2.3x 9.8x
Ryder System, Inc. R 3,980$ 74.44$ 12.9% 31.0% 87.1% 4.5% 27.8% 1.4x 5.4x 13.7x 1.3x 5.0x
Landstar System, Inc. LSTR 3,563$ 85.30$ 25.3% 45.4% 93.9% 4.5% 8.5% 1.1x 13.7x 26.7x 1.1x 13.1x
Knight Transportation, Inc. KNX 2,645$ 33.05$ 15.2% 36.4% 85.2% 5.7% 23.0% 2.4x 10.0x 26.9x 2.3x 9.5x
Swift Transportation Co. SWFT 3,226$ 24.36$ 13.5% 76.3% 89.6% 2.2% 10.4% 1.1x 8.0x 19.6x 1.0x 7.2x
Werner Enterprises, Inc. WERN 1,942$ 26.95$ 15.8% 15.2% 92.8% 2.9% 15.3% 1.0x 5.9x 20.7x 1.0x 5.9x
Heartland Express, Inc. HTLD 1,696$ 20.36$ 7.8% 19.6% 89.7% (3.0%) 30.6% 2.5x 8.6x 28.3x 2.5x 8.3x
Navistar International Corp. NAV 2,563$ 31.37$ 37.0% 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x NM 0.8x 11.4x
Marten Transport Ltd. MRTN 759$ 23.30$ 11.0% 31.6% 86.1% 5.2% 19.0% 1.2x 5.8x 22.6x 1.1x 5.5x
Saia, Inc. SAIA 1,113$ 44.15$ 47.4% 98.4% 90.4% 6.5% 13.5% 1.0x 7.9x 23.0x 1.0x 7.0x
ArcBest Corp. ARCB 708$ 27.65$ 45.4% 29.3% 81.4% 7.4% 6.5% 0.3x 5.7x 33.3x 0.3x 4.5x
Universal Logistics Holdings, Inc. ULH 465$ 16.35$ 21.8% 16.5% 89.3% 0.4% 7.0% 0.6x 7.4x 15.0x 0.6x 7.8x
Covenant Transportation Group, Inc. CVTI 306$ 19.34$ 0.1% 2.4% 75.0% 3.0% 17.5% 0.8x 4.4x 14.7x 0.8x 4.9x
YRC Worldwide, Inc. YRCW 442$ 13.28$ 7.8% -6.3% 78.3% 2.9% 6.5% 0.2x 4.7x 83.0x 0.2x 3.6x
Roadrunner Transportation Systems, Inc. RRTS 398$ 10.39$ 30.2% 10.2% 76.0% 3.1% 4.4% 0.4x 8.4x 16.0x 0.4x 7.0x
Celadon Group, Inc. CGI 202$ 7.15$ -18.2% -27.7% 59.4% 1.1% 6.3% 0.6x 6.6x 19.3x 0.6x 6.5x
USA Truck, Inc. USAK 72$ 8.71$ -14.9% -50.1% 40.6% (1.3%) 6.9% 0.5x 6.1x NM 0.5x 5.5x
P.A.M. Transportation Services, Inc. PTSI 167$ 25.98$ 29.8% -5.8% 80.6% 8.6% 13.3% 0.7x 5.5x 12.9x 0.7x 4.6x
4.2% 19.5%4.5% 19.6%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Manhattan Associates, Inc. MANH 3,775$ 53.03$ -8.0% -19.9% 77.3% 10.7% 36.7% 6.1x 18.6x 31.9x 5.6x 15.3x
Aspen Technology, Inc. AZPN 4,223 54.68 16.9% 44.8% 98.7% 3.3% 47.1% 8.8x 18.8x 32.5x 8.8x 18.1x
The Descartes Systems Group, Inc. DSGX 1,619 21.40 -0.6% 6.6% 93.5% 9.3% 33.1% 7.7x 23.6x 69.1x 6.9x 19.7x
SPS Commerce, Inc. SPSC 1,191 69.89 -4.8% -0.5% 93.4% 23.0% 11.1% 5.8x 57.2x 199.7x 4.8x 33.1x
QAD, Inc. QADA 561 30.40 35.8% 48.1% 98.4% 4.5% 5.4% 1.6x 50.8x 226.9x 1.6x 25.9x
American Software, Inc. AMSWA 277 10.33 -6.9% 1.5% 86.6% 6.2% 9.0% 2.1x 16.0x 39.7x 2.0x 13.4x
Amber Road, Inc. AMBR 243 9.08 -5.9% 78.4% 73.8% 17.0% (9.2%) 3.5x NM NM 3.0x (330.8x)
Park City Group, Inc. PCYG 246 12.70 7.6% 6.6% 82.7% NM 18.9% 15.7x 103.8x 271.9x NM NM
10.6% 19.0%9.3% 15.0%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Public Storage PSA 38,764$ 223.50$ 0.2% -9.8% 80.5% 7.8% NM 17.1x NM 34.2x 15.9x 22.1x
PACCAR, Inc. PCAR 22,399 63.90 8.7% 34.8% 93.3% (12.1%) 17.7% 1.6x 9.2x 39.0x 1.9x 14.4x
Extra Space Storage, Inc. EXR 9,716 77.24 -2.7% -12.4% 81.5% 16.3% NM 14.9x NM 33.7x 13.4x 20.3x
Westinghouse Air Brake Technologies Corp. WAB 7,395 83.02 1.7% 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x
CubeSmart CUBE 4,820 26.77 -1.8% -12.6% 79.9% 12.7% NM 13.0x NM 50.4x 11.6x 18.6x
Life Storage, Inc. SSS 3,956 85.26 -4.1% -20.5% 72.1% 20.6% NM 13.0x NM 35.4x 10.4x 17.3x
Dana, Inc. DAN 2,730 18.98 21.7% 37.5% 95.8% 4.4% 11.8% 0.6x 5.9x 33.9x 0.6x 5.4x
Mobile Mini, Inc. MINI 1,345 30.25 0.2% -2.8% 79.3% 2.7% 34.5% 4.5x 12.5x 36.0x 4.3x 11.6x
American Axle & Manufacturing Holdings, Inc. AXL 1,476 19.30 12.1% 1.9% 97.8% 3.2% 15.7% 0.6x 4.0x 5.9x 0.6x 4.0x
Navistar International Corp. NAV 2,563 31.37 37.0% 254.9% 93.8% (0.3%) 5.6% 0.8x 13.8x NM 0.8x 11.4x
Wabash National Corp. WNC 981 15.82 11.1% 33.7% 97.1% (17.6%) 13.8% 0.6x 4.2x 8.2x 0.7x 6.4x
Meritor, Inc. MTOR 1,095 12.42 11.6% 48.7% 92.9% (3.3%) 8.9% 0.6x 6.2x 2.0x 0.6x 6.7x
National Storage Affiliates Trust NSA 936 22.07 5.4% 28.8% 96.5% 48.6% NM 11.5x NM 60.7x 7.1x 12.1x
9.3% 16.1%4.4% 14.8%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
United Parcel Service, Inc. UPS 79,028$ 114.64$ 4.8% 19.1% 95.2% 7.0% 16.9% 1.8x 11.3x 20.4x 1.7x 10.3x
FedEx Corp. FDX 49,624 186.20 6.6% 25.0% 92.4% 11.8% 13.2% 1.1x 9.2x 27.0x 1.0x 6.8x
C.H. Robinson Worldwide, Inc. CHRW 10,382 73.26 4.0% 18.1% 94.1% 7.9% 6.8% 0.9x 12.3x 20.3x 0.8x 12.4x
Expeditors International of Washington, Inc. EXPD 9,553 52.96 2.8% 17.4% 94.0% 5.8% 11.5% 1.4x 11.8x 22.4x 1.3x 11.6x
XPO Logistics, Inc. XPO 4,785 43.16 17.7% 58.4% 86.6% 5.2% 8.9% 0.7x 9.2x NM 0.7x 7.9x
Forward Air Corp. FWRD 1,446 47.38 9.5% 10.2% 93.4% 4.7% 13.7% 1.5x 10.5x 38.2x 1.4x 9.5x
Hub Group, Inc. HUBG 1,452 43.75 7.3% 32.8% 94.8% 7.4% 4.4% 0.4x 8.8x 19.2x 0.4x 8.9x
Atlas Air Worldwide Holdings, Inc. AAWW 1,304 52.15 21.8% 26.1% 90.3% 11.7% 15.0% 1.7x 16.2x NM 1.5x 6.7x
Air Transport Services Group, Inc. ATSG 951 15.96 11.2% 58.3% 92.3% 23.0% 25.0% 1.9x 6.7x 28.0x 1.5x 5.1x
Echo Global Logistics, Inc. ECHO 732 25.05 8.6% 22.9% 86.7% 11.8% 3.2% 0.5x 15.9x 119.3x 0.5x 10.8x
Park-Ohio Holdings Corp. PKOH 528 42.60 16.9% 15.8% 95.4% 1.1% 9.1% 0.7x 8.5x 14.2x 0.7x 7.0x
8.9% 11.6%7.4% 11.5%
Market Stats Operating Stats LTM Multiples NTM Multiples
Company Name SymbolMarket Cap
($ in Mil)Price ($)
Quarter
Change
YTD
Change
% of 52
Week High
Est.
Revenue
Growth
EBITDA
Margin
TEV/
Rev
TEV/
EBITDA
Price/
EPS
TEV/
NTM
Revenue
TEV/
NTM
EBITDA
Westinghouse Air Brake Technologies Corp. WAB 7,395$ 83.02$ 1.7% 16.7% 93.1% 38.1% 20.7% 2.6x 11.8x 20.9x 1.9x 10.8x
Kirby Corp. KEX 3,581 66.50 7.0% 26.4% 90.8% (5.9%) 24.5% 2.4x 9.0x 22.5x 2.5x 10.4x
Trinity Industries, Inc. TRN 4,227 27.76 14.8% 15.6% 94.7% (27.9%) 22.7% 1.4x 6.0x 8.9x 1.9x 8.7x
Seaspan Corp. SSW 966 9.14 -31.4% -42.2% 45.7% 1.5% 61.4% 4.8x 7.5x NM 4.7x 7.6x
Matson, Inc. MATX 1,516 35.39 -11.3% -17.0% 81.8% 4.6% 13.3% 1.2x 8.6x 17.7x 1.2x 7.4x
Costamare Inc. CMRE 506 5.60 -38.7% -46.3% 50.9% (10.6%) 67.6% 3.9x 5.7x 3.9x 4.2x 6.2x
Danaos Corp. DAC 291 2.65 -1.1% -55.8% 43.2% (17.8%) 54.1% 5.2x 7.5x 3.4x 6.3x 9.0x
Blue Bird Corp. BLBD 349 15.45 5.7% 52.4% 85.6% 7.4% 6.7% 0.5x 14.3x 110.4x 0.5x 6.3x
(1.3%) 33.9%(2.2%) 23.6%
Market Stats Operating Stats LTM Multiples NTM Multiples
Date Target Buyer(s) Segment Amount TEV/ RevTEV/
EBITDA12/30/2016 RPM Transportation KCI Technologies, Inc. Logistics Providers - - -
12/22/2016 Blue Sky Logistics LLC KJM Capital LLC Transportation Equipment - - -
12/22/2016 Daseke, Inc. Hennessy Capital Acquisition Corp. II Trucking $448.28 0.66x -
12/22/2016 Interide Transportation LLC KJM Capital LLC Transportation Equipment - - -
12/22/2016 Proximetry, Inc. relayr GmbH Software - - -
12/20/2016 Workhorse Rail LLC Westinghouse Air Brake Technologies Corp. Rail - - -
12/19/2016 American Railcar Leasing LLC Sumitomo Mitsui Banking Corp.; SMBC
Leasing & Finance, Inc.; SMBC Rail Services
LLC
Rail$2,778.00
- -
12/15/2016 Folding Guard LLC Troax, Inc. Warehousing and Storage $28.00 1.40x -
12/14/2016 Truckingindustry.news Trucking Unlimited LLC Trucking - - -
12/13/2016 Communication Networks LLC ACRE LLC Logistics Providers - - -
12/8/2016 Best Courier & Delivery Services US Pack Logistics LLC Logistics Providers - - -
12/8/2016 Smart Track Logistics, Inc. NASCENT Technology LLC Software - - -
12/8/2016 JS Logistics, Inc. NewSpring Growth; US Pack Logistics LLC Logistics Providers - - -
12/8/2016 Wunderlich Perarson & Tetzlaff, Inc. The Marek Group, Inc. Logistics Providers - - -
12/6/2016 Sunco Carriers, Inc. KJM Capital LLC Trucking - - -
12/5/2016 Total Container Group, Inc. National Container Group LLC Warehousing and Storage - - -
12/1/2016 Bluvision, Inc. HID Global Corp. Software - - -
11/29/2016 Lanyon, Inc. Cvent, Inc. Software - - -
11/28/2016 Maui Island Air, Inc. Royal Pacific Air LLC Logistics Providers - - -
11/17/2016 Maher Terminals LLC Nippon Yusen KK; Macquarie Infrastructure
Partners, Inc.; NYK Ports LLC; Maher Terminals
LLC /Private Group/
Logistics Providers-
- -
11/17/2016 Western Refining, Inc. Tesoro Corp. Warehousing and Storage $5,696.75 0.74x 10.48x
11/16/2016 Infor, Inc. Koch Equity Development LLC Software $2,500.00 0.83x -
11/14/2016 PROTEUS Technologies LLC Arlington Capital Partners LLC; EOIR
Technologies, Inc.
Software-
- -
11/14/2016 United Transportation Group, Inc. SteelRiver Infrastructure Partners LP; Lakeshore
Railcar Services LLC
Logistics Providers-
- -
11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. Software $1,008.35 1.02x 4.88x
11/4/2016 Blue Ribbon Transport, Inc. /Logistics
Business/
SpartanNash Co. Logistics Providers - - -
11/2/2016 Auction123, Inc. ARI Network Services, Inc. Software $12.00 - -
11/2/2016 FreshTemp LLC Digi International, Inc. Software - - -
10/31/2016 MetroGistics LLC Tailwind Management LP Logistics Providers - - -
10/31/2016 International Shipholding Corp. Seacor Capital Corp. Trucking $156.28 0.60x 4.98x
10/31/2016 Northwest Furniture Express Inc. Sunbelt Furniture Xpress, Inc. Logistics Providers - - -
10/30/2016 Outlook Group Corp. Capital Partners, Inc.; M&Q Packaging LLC Logistics Providers - - -
10/28/2016 All Aboard America! Holdings, Inc. AAAHI Acquisition Corp. Trucking - - -
10/27/2016 Diamond Transportation Services, Inc. National Express Group Plc Logistics Providers - - -
10/27/2016 Xpo Logistics, Inc. /Truckload Business/ TransForce, Inc. Logistics Providers $558.00 - -
10/26/2016 Total Transportation Services LLC Sunteck Transport Group, Inc. Logistics Providers - - -
10/14/2016 Aviation A.I. Inc. NWP Builder Sdn. Bhd. Logistics Providers $5.00 - -
10/12/2016 Appterra, Inc. The Descartes Systems Group, Inc. Software $7.40 - -
10/12/2016 GlobalServe, Inc. PC Connection, Inc. Software $11.88 - -
10/4/2016 Golden State Overnight Delivery Service,
Inc.
General Logistics Systems BV Trucking $90.00 0.79x -
10/4/2016 Atlantic Logistics LLC EPES Logistics Services, Inc. Logistics Providers - - -
10/3/2016 Noble Mansfield Commodity Services Noble Americas Corp. Logistics Providers $4.94 - -
10/3/2016 Jet Yard LLC Global Aviation Partners LLC Warehousing and Storage - - -
10/1/2016 IDS Transportation Services LLC R² Freight & Logistics, Inc. Trucking - - -
