Source: Bridgepoint Investment Banking, Capital IQ
Selected Recent Industry Transactions
Selected Public Comparables
TRUCKING & LOGISTICS INDUSTRY UPDATE
bridgepointib.comQ1 2019
BRIDGEPOINT INSIGHTS
3
($ in millions, except per share data) 3/1/2019 Equity
Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT
Company Name Country Share Price Value Value LTM LTM LTM LTM
ArcBest Corporation United States $35.24 $891.2 $885.9 13.9x
0.29x 3.8x 7.0x
Covenant Transportation Group, Inc. United States $23.11 $418.5
$634.5 9.9x 0.72x 4.5x 9.5x
Heartland Express, Inc. United States $20.22 $1,646.1 $1,484.6
22.8x 2.43x 8.9x 22.9x
J.B. Hunt Transport Services, Inc. United States $107.94
$11,707.9 $12,854.2 24.3x 1.49x 11.5x 18.9x
Knight-Swift Transportation Holdings Inc. United States $34.04
$5,830.3 $6,678.7 14.3x 1.25x 6.7x 11.7x
Landstar System, Inc. United States $108.88 $4,359.9 $4,306.2
17.6x 0.93x 11.5x 13.0x
Marten Transport, Ltd. United States $18.77 $1,015.8 $959.0
18.7x 1.22x 6.3x 15.2x
Old Dominion Freight Line, Inc. United States $152.25 $12,234.5
$12,089.2 20.4x 2.99x 11.6x 14.8x
P.A.M. Transportation Services, Inc. United States $48.72 $302.6
$486.6 13.0x 0.91x 5.5x 12.1x
Patriot Transportation Holding, Inc. United States $18.51 $61.6
$41.4 25.5x 0.36x 4.3x 66.8x
Roadrunner Transportation Systems, Inc. United States $0.46
$16.5 $534.6 NM 0.24x NM NM
Saia, Inc. United States $67.05 $1,694.7 $1,815.4 16.6x 1.10x
7.5x 12.9x
Schneider National, Inc. United States $21.97 $3,875.1 $3,856.4
14.4x 0.77x 5.7x 10.1x
TFI International Inc. Canada $31.63 $2,628.6 $3,750.5 11.0x
1.01x 7.8x 12.9x
Universal Logistics Holdings, Inc. United States $22.15 $628.4
$1,013.8 12.0x 0.69x 7.4x 12.1x
USA Truck, Inc. United States $17.19 $139.5 $299.0 11.5x 0.56x
6.3x 15.8x
Werner Enterprises, Inc. United States $34.64 $2,432.4 $2,523.4
14.8x 1.03x 5.5x 10.7x
XPO Logistics, Inc. United States $50.81 $5,498.0 $9,782.0 17.5x
0.57x 6.5x 12.3x
YRC Worldwide Inc. United States $7.92 $259.6 $906.9 12.8x 0.18x
3.4x 7.5x
Total
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 25.5x 2.99x 11.6x 66.8x
Mean 16.2x 0.99x 6.9x 15.9x
Median 14.6x 0.91x 6.4x 12.6x
Low 9.9x 0.18x 3.4x 7.5x
Sub-$1bn TEV
P / E TEV / Revenue TEV / EBITDA TEV / EBIT
High 18.7x 1.22x 7.4x 15.8x
Mean 13.1x 0.65x 5.3x 11.3x
Median 12.8x 0.69x 5.5x 12.1x
Low 9.9x 0.18x 3.4x 7.0x
($ in millions)
Date TEV TEV / LTMAnnounced Target Acquiror ($mm) Sales
EBITDA
01/11/2019 Morris Transport, LLC Alpine 4 Technologies Ltd.
(OTCPK:ALPP) $6.6 - -
01/10/2019 Sheehy Mail Contractors, Inc. EVO Transportation
& Energy Services, Inc. (OTCPK:EVOA) $5.6 - -
01/09/2019 All Assets of Joseph Cory Warehouses J.B. Hunt
Transport, Inc. $100.0 - -
12/20/2018 Ursa Major Corporation EVO Transportation &
Energy Services, Inc. (OTCPK:EVOA) $2.0 - -
12/20/2018 W.E. Graham, Inc. EVO Transportation & Energy
Services, Inc. (OTCPK:EVOA) $0.5 - -
12/07/2018 Deco Logistics, Inc Mason Dixon Intermodal, Inc.
$60.0 1.1x -11/05/2018 CaseStack, Inc. Hub Group, Inc.
(NasdaqGS:HUBG) $255.0 1.1x 11.6x10/25/2018 J & B Services,
Inc. Milan Supply Chain Solutions $6.4 - -10/24/2018 Martin
Transport, Inc. Martin Operating Partnership L.P. $145.0 -
-10/18/2018 Davis Transfer Company Inc USA Truck, Inc.
(NasdaqGS:USAK) $53.0 1.1x -10/18/2018 American Fast Freight, Inc.
Odyssey Logistics & Technology Corporation $465.0 - -08/10/2018
Southern Counties Express, Inc Mason Dixon Intermodal, Inc. $65.0 -
-08/08/2018 Capstan Hauling Ltd. ENTREC Corporation (TSX:ENT) $10.5
- -07/25/2018 Dacota Freight Services Ltd. Hi-Way 9 Group of
Companies $1.8 - -06/27/2018 Prime EFS LLC Transportation and
Logistics Systems, Inc. (OTCPK:TLSS) $0.5 0.1x -
06/07/2018 Thunder Ridge Transport, Inc. EVO Transportation
& Energy Services, Inc. (OTCPK:EVOA) $3.0 - -
02/07/2018 Marshall Trucking Inc. Mullen Trucking Corp. $7.8 -
-02/02/2018 Fore Transportation, Inc. Universal Logistics Holdings,
Inc. (NasdaqGS:ULH) $34.9 1.1x -12/07/2017 Keen Transport, Inc.
Wallenius Wilhelmsen ASA (OB:WALWIL) $64.0 0.8x 6.4x11/01/2017
Indiana Transport, Inc. Patrick Industries, Inc. (NasdaqGS:PATK)
$59.0 - -
09/05/2017 RDK Transportation Co. Inc. Mullen Group Ltd.
(TSX:MTL) $10.9 - -08/31/2017 Milgram & Company Ltd. C.H.
Robinson Worldwide, Inc. (NasdaqGS:CHRW) $49.5 0.4x -07/18/2017
Commodity Forwarders Inc. Kuehne + Nagel International AG
(SWX:KNIN) $94.4 0.5x -07/06/2017 Interstate Distributor Co., Inc.
Heartland Express, Inc. (NasdaqGS:HTLD) $113.0 0.3x -06/16/2017
Owen Logistics, LLC AlumiFuel Power Corporation (OTCPK:AFPW) $0.1 -
-06/15/2017 Big Red L.T.L. Transport, Inc. Bulova Technologies
Group, Inc. (OTCPK:BTGI) $1.2 - -05/25/2017 Hub Group Dedicated Hub
Group Trucking, Inc. $285.0 1.1x -04/10/2017 Swift Transportation
Company Knight-Swift Transportation Holdings Inc. (NYSE:KNX) - -
-03/02/2017 David Oppenheimer Transport, Inc. Grandview Brokerage
Limited $15.7 - -02/08/2017 Kel-West Carriers Ltd. Payne
Transportation Ltd. $2.8 - -
High 1.1x 11.6x
Mean 0.7x 9.0xMedian 0.9x 9.0x
Low 0.1x 6.4x
Moon Graph
Complete Nutrition Competitor Comparison
CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share
PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports
NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV /
EBITDATierValueMoon
Complete
Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00
FitLife Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75
Pacifichealth Laboratories
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50
Creative Edge Nutrition,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25
Culture Medium Holdings
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00
Inergetics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
MYOS
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Avidus Management Group
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Strike Axe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Naturade,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
RBC Life Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Health Sciences Group,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Mannatech,
Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Reliv International,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Muscle Pharm
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Natural Alternatives International
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
GNC Holdings
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
LifeQuest World
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ForU Holdings,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutroganics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ChromaDex
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Vitamin Shoppe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Blyth,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutraceutical International
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Integrated Biopharma
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
USANA Health Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Medifast
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Boulder Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Herbalife
Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Omega Protein
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
Public Trading Comps
McCoy National Leasing
Selected Public Trading Comparables
($ in millions, except per share data)3/1/19EquityEnterpriseP /
ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare
PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited
States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x
CVTICovenant Transportation Group, Inc.United
States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x
HTLDHeartland Express, Inc.United
States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x
JBHTJ.B. Hunt Transport Services, Inc.United
States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x
knxKnight-Swift Transportation Holdings Inc.United
States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x
LSTRLandstar System, Inc.United
States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x
MRTNMarten Transport, Ltd.United
States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x
ODFLOld Dominion Freight Line, Inc.United
States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x
PTSIP.A.M. Transportation Services, Inc.United
States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United
States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x
RRTSRoadrunner Transportation Systems, Inc.United
States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM
SAIASaia, Inc.United
States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x
sndrSchneider National, Inc.United
States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x
TSX:TFIITFI International
Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x
ULHUniversal Logistics Holdings, Inc.United
States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x
USAKUSA Truck, Inc.United
States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x
WERNWerner Enterprises, Inc.United
States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x
XPOXPO Logistics, Inc.United
States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x
YRCWYRC Worldwide Inc.United
States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x
Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x
Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x
Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x
Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x
Source: Capital IQ, Bridgepoint Investment Banking
Moon Graph
Complete Nutrition Competitor Comparison
CompanyLTM Sales (mm)LTM EBITDA (mm)LTM Net Income (mm)Share
PriceMarket cap (mm)Total debt (mm)TEV (mm)Weight LossSports
NutritionGeneral HealthOtherBusiness ModelOverallTEV / SalesTEV /
EBITDATierValueMoon
Complete
Nutrition0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x011.00
FitLife Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.750.75
Pacifichealth Laboratories
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.50.50
Creative Edge Nutrition,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x00.250.25
Culture Medium Holdings
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x000.00
Inergetics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
MYOS
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Avidus Management Group
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Strike Axe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Naturade,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
RBC Life Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Health Sciences Group,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Mannatech,
Incorporated0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Reliv International,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Muscle Pharm
Corp.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Natural Alternatives International
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
GNC Holdings
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
LifeQuest World
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ForU Holdings,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutroganics,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
ChromaDex
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Vitamin Shoppe,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Blyth,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Nutraceutical International
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Integrated Biopharma
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
USANA Health Sciences
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Medifast
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Boulder Brands,
Inc.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Herbalife
Ltd.0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
Omega Protein
Corporation0.000.000.00$0.00$0.000.00$0.000.000.000.000.000.000.000.0x0.0x0
&R&G
Public Trading Comps
McCoy National Leasing
Selected Public Trading Comparables
($ in millions, except per share data)3/1/19EquityEnterpriseP /
ETEV / RevenueTEV / EBITDATEV / EBIT
TickerCompany NameCountryShare
PriceValueValueLTMLTM2018E2019ELTM2018E2019ELTM
arcbArcBest CorporationUnited
States$35.31$902.9$898.414.0x0.29x0.3x0.3x3.9x3.5x3.5x7.1x
CVTICovenant Transportation Group, Inc.United
States$22.98$421.6$637.610.0x0.72x0.6x0.6x4.5x4.3x4.2x9.6x
HTLDHeartland Express, Inc.United
States$20.09$1,646.1$1,484.622.8x2.43x2.5x2.4x8.9x7.5x7.3x22.9x
JBHTJ.B. Hunt Transport Services, Inc.United
States$107.22$11,659.0$12,805.324.2x1.49x1.3x1.2x11.5x8.9x8.4x18.8x
knxKnight-Swift Transportation Holdings Inc.United
States$33.68$5,826.9$6,675.314.3x1.25x1.2x1.2x6.9x6.2x5.9x12.5x
LSTRLandstar System, Inc.United
States$109.31$4,385.2$4,331.517.7x0.94x0.9x0.9x11.6x11.3x10.9x13.1x
MRTNMarten Transport, Ltd.United
States$18.70$1,018.5$961.818.7x1.22x1.1x1.1x6.3x5.5x5.2x15.2x
ODFLOld Dominion Freight Line, Inc.United
States$152.61$12,383.8$12,238.620.7x3.03x2.8x2.6x11.7x10.8x10.2x15.0x
PTSIP.A.M. Transportation Services, Inc.United
States$50.01$298.7$482.712.8x0.91x--5.4x--12.0x
NasdaqGS:PATIPatriot Transportation Holding, Inc.United
States$18.51$61.6$41.425.5x0.36x--4.3x--66.8x
RRTSRoadrunner Transportation Systems, Inc.United
States$0.53$494.2$1,012.3NM0.45x0.5x0.4xNM41.2x14.5xNM
SAIASaia, Inc.United
States$67.32$1,724.4$1,845.116.9x1.12x1.1x1.0x7.6x6.6x6.1x13.1x
sndrSchneider National, Inc.United
States$21.95$3,885.7$3,867.014.4x0.78x0.7x0.7x5.7x5.3x5.1x10.1x
TSX:TFIITFI International
Inc.Canada$31.25$2,667.5$3,781.311.3x1.02x0.9x0.9x7.9x6.8x6.5x13.1x
ULHUniversal Logistics Holdings, Inc.United
States$22.02$624.7$1,010.112.0x0.69x0.6x0.6x7.4x5.8x5.5x12.1x
USAKUSA Truck, Inc.United
States$17.09$138.6$298.111.5x0.56x0.5x0.5x6.3x4.8x4.3x15.7x
WERNWerner Enterprises, Inc.United
States$34.53$2,434.0$2,525.014.8x1.03x1.0x0.9x5.5x5.1x4.9x10.7x
XPOXPO Logistics, Inc.United
States$49.71$5,428.1$9,712.117.3x0.56x0.5x0.5x6.4x5.8x5.3x12.2x
YRCWYRC Worldwide Inc.United
States$7.72$261.3$908.612.9x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Total
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High25.5x0.0x3.03x2.8x2.6x0.0x11.7x41.2x14.5x0.0x66.8x
Mean16.2x1.00x1.0x0.9x7.0x8.4x6.5x16.0x
Median14.6x0.91x0.9x0.9x6.4x5.8x5.5x12.8x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.5x
Sub-$1bn TEV
P / ETEV / RevenueTEV / EBITDATEV / EBIT
High18.7x0.0x1.22x2.8x2.6x0.0x7.4x41.2x14.5x0.0x15.7x
Mean13.1x0.65x1.0x0.9x5.3x10.6x6.7x11.3x
Median12.8x0.69x0.9x0.9x5.4x5.8x5.5x12.0x
Low10.0x0.18x0.2x0.2x3.4x3.0x2.9x7.1x
Source: Capital IQ, Bridgepoint Investment Banking