New FOCUS SECTOR: INDUSTRIALS · 2019. 7. 29. · FOCUS SECTOR: INDUSTRIALS. INJECTION MOLDING INDUSTRY UPDATE. MARCH 2019. Manufacturing valuations vary across specialties but injection

Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC. This entity is not affiliated or associated with, authorized or sponsored by Bridgepoint Advisers Limited

FOCUS SECTOR: INDUSTRIALSINJECTION MOLDING INDUSTRY UPDATE

MARCH 2019

Manufacturing valuations vary across specialties but injection molding companies are favorably priced with median public multiples at 8.7x EBITDA

Growth in injection molding is tightly connected to the growth of end-market industries such as packaging, automotive and construction

Environmental considerations could be drivers of change and firms must adapt quickly to remain competitive

Bridgepoint Investment Banking advises injection molding company owners seeking liquidity or growth financing that timing continues to be attractive to consider exploring monetization, financing and other capital options

The Big Picture

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Source: Bridgepoint Investment Banking, Capital IQValuation Cycle is a composite of the public companies found on page 2Bridgepoint Investment Banking is a division of Bridgepoint Holdings, LLC. Securities offered through an unaffiliated entity, M&A Securities Group, Inc., member FINRA/SIPC

Public injection molding companies are currently trading at 8.7x EBITDA , up 61.1% from the most recent cycle trough of 5.4x in early 2016, and higher than the historical median

Innovative advancements like micro injection and eco-materials are expected to continue to shape the injection molding industry throughout 2019

Strong 2019 predictions and capital expenditure projections as technology drives opportunities and continued positive trends for the US injection molding industry

Injection molding companies with niche capabilities or customer bases are garnering premium valuations –cycle is late in its bull run

EXECUTIVE SUMMARY

Valuations Remain Elevated as Industry Cycle Reaches Late Innings

1


MARCH 2019BRIDGEPOINT INSIGHTS

0.4x

0.5x

0.6x

0.7x

0.8x

0.9x

1.0x

1.1x

1.2x

1.3x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

12.0x

TEV/EBITDA Historical TEV/EBITDA TEV/Revenue Historical TEV/Revenue

Injection Molding Valuation Cycle

TEV

/ LT

M E

BITD

ATEV

/ LTM REV

ENUE

TEV / EBITDA

TEV / Revenue

Current Median 8.7x 0.74xHistorical Median 7.6x 0.70xPeak Median 9.8x 1.22xTrough Median 5.4x 0.49x

Source: Bridgepoint Investment Banking, Capital IQ, SDR Ventures, PWC, Merrill Insights, BLS Census Bureau, Deloitte, GrandView Research

Selected Recent Industry Transactions

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2

25%

75%

Private Equity

Strategic

Selected Public Comparables($ in millions, except per share data) 2/8/2019 Equity Enterprise P / E TEV / Revenue TEV / EBITDA TEV / EBIT

Company Name Country Share Price Value Value LTM LTM LTM LTM

AdvanSix Inc. United States $31.28 $932.2 $1,112.0 8.3x 0.74x 7.8x 12.3x

Core Molding Technologies, Inc. United States $8.32 $67.4 $109.2 NM 0.46x 9.2x 28.6x

The Eastern Company United States $25.25 $158.0 $175.7 16.0x 0.76x 7.1x 8.9x

Pro-Dex, Inc. United States $15.20 $63.0 $57.1 20.9x 2.28x 10.7x 11.7x

Plexus Corp. United States $56.19 $1,737.1 $1,744.5 14.1x 0.59x 9.4x 12.8x

Sturm, Ruger & Company, Inc. United States $55.97 $977.1 $839.3 20.2x 1.70x 8.7x 13.3x

Sanmina Corporation United States $32.16 $2,200.7 $2,514.1 23.0x 0.33x 7.5x 11.6x

Sonoco Products Company United States $58.70 $5,858.8 $7,017.1 24.5x 1.32x 9.6x 14.1x

Trinseo S.A. United States $46.71 $1,976.8 $2,738.7 5.0x 0.59x 4.0x 4.9x

P / E TEV / Revenue TEV / EBITDA TEV / EBIT

High 24.5x 2.28x 10.7x 28.6x

Mean 16.5x 0.97x 8.2x 13.1x

Median 18.1x 0.74x 8.7x 12.3x

Low 5.0x 0.00x 4.0x 0.0x

MARCH 2019BRIDGEPOINT INSIGHTS

Key Business Considerations

Private Equity Firms with record amounts of capital are targeting companies leading in unique verticals and increasing valuations from financial buyers

Manufacturers Are Turning to Niche Verticals to Retain Competitive Control

Firms that leverage supply chain efficiencies and produce molds that were once infeasible will become more defensible with price control

Demand for Industrial Plastics used In Automotive and Aerospace is high with a

14,000+ commercial aircraft backlog

Tailwinds favorable to plastics, such as an increase in the production of durable goods, are leading to high cash flow projections and elevated valuations

Injection Molding Growth at 6.0% CAGR through the Forecast Period (2025)

Growth in the plastic injection molding sector is expected to be elevated over the near term – driving high valuations

Increased Production of Durable Goods (incl. Plastics) Driving Industrial Growth

As Signaled by Job Growth

Fluctuating raw material prices in addition to growing environmental concerns regarding disposal, could potentially hinder future market growth

Innovation in Injection Molding is Rapid and Companies Will Need to Continually Rethink Their Manufacturing Processes

KEY MANUFCATURING TRENDS VALUATION CONSIDERATIONS


Date Target Acquiror Buyer Type

01/17/2019 Structured Polymers Inc. Evonik Corporation Strategic

01/07/2019 Marion Process Solutions, Inc. May River Capital, LLC Private Equity

12/21/2018 Mold Hotrunner Solutions Inc. Westfall Technik, Inc. Strategic

12/05/2018 Trajan Scientific Americas Inc Trajan Scientific and Medical Pty Strategic

11/28/2018 South-Tek Systems, LLC Pfingsten Partners, L.L.C. Private Equity

11/01/2018 Specialty Silicone Products, Inc. Electronic Technologies Group, Inc. Strategic

10/26/2018 CSL Silicones Inc. BRB International BV Strategic

10/12/2018 Quadion LLC KKR & Co. Inc. (NYSE:KKR) Private Equity

10/05/2018 Tomken Plastic Technologies, Inc. Quality Models Limited Strategic

10/05/2018 North American Business of Amaray Westfall Technik, Inc. Strategic

08/06/2018 Bemis Company, Inc. (NYSE:BMS) Amcor Limited (ASX:AMC) Strategic

07/09/2018 Rapid Production Tooling, Inc. R.L. Hudson & Company Strategic

Comps (2)

Trucking

Selected Precedent Transactions

DateTargetAcquirorBuyer Type

01/17/2019Structured Polymers Inc.Evonik CorporationStrategic

01/07/2019Marion Process Solutions, Inc.May River Capital, LLCPrivate Equity

12/21/2018Mold Hotrunner Solutions Inc.Westfall Technik, Inc.StrategicPrivate Equity4

12/05/2018Trajan Scientific Americas IncTrajan Scientific and Medical Pty Ltd.StrategicStrategic12

11/28/2018South-Tek Systems, LLCPfingsten Partners, L.L.C.Private Equity

11/01/2018Specialty Silicone Products, Inc.Electronic Technologies Group, Inc.Strategic

10/26/2018CSL Silicones Inc.BRB International BVStrategic

10/12/2018Quadion LLCKKR & Co. Inc. (NYSE:KKR)Private Equity

10/05/2018Tomken Plastic Technologies, Inc.Quality Models LimitedStrategic

10/05/2018North American Business of AmarayWestfall Technik, Inc.Strategic

08/06/2018Bemis Company, Inc. (NYSE:BMS)Amcor Limited (ASX:AMC)Strategic

07/20/2018Medbio Inc.Graham PartnersPrivate Equity

07/09/2018Rapid Production Tooling, Inc.R.L. Hudson & CompanyStrategic

06/26/2018Indiana Plastics, Inc./Kruis Mold & Engineering, Inc.Thunderbird, LLCStrategic

06/26/2018Genesis Plastics and Engineering, LLCViking Plastics, Inc.Strategic

05/22/2018Toledo Molding & Die, Inc.Grammer AG (DB:GMM)Strategic

($ in millions)TEVTEV / LTM

DateTargetAcquiror($mm)SalesEBITDAEBIT

01/04/2019Precision-Hayes International Inc.General Technologies, Inc.$23.6---

12/18/2018Formica CorporationBroadview Holding B.V.$840.0---

12/03/2018Arran Isle, Inc.Patrick Industries, Inc. (NasdaqGS:PATK)$54.00.2x--

11/15/2018Armstrong Wood Products, Inc.American Industrial Partners$100.0-7.2x-

08/23/2018Fiberon, LLCFortune Brands Home & Security, Inc. (NYSE:FBHS)$470.02.4x--

08/14/2018Tandelle-PacerAtlas Engineered Products Ltd. (TSXV:AEP)$6.60.6x4.5x-

07/24/2018WWS Acquisition, LLCPGT Innovations, Inc. (NYSE:PGTI)$360.0-19.2x-

07/02/2018ATCO Rubber Products, Inc.Mueller Industries, Inc. (NYSE:MLI)$162.81.0x--

03/26/2018USG Corporation (NYSE:USG)Gebr. Knauf KG.$6937.32.2x13.1x17.7x

03/07/2018Ashland Products Inc.Amesbury Group Inc.$101.01.5x9.0x-

02/26/2018Spectrum Brands Legacy, Inc.Spectrum Brands Holdings, Inc. (NYSE:SPB)$9594.51.9x11.2x14.7x

01/31/2018Ply Gem Midco, Inc.Clayton, Dubilier & Rice, Inc.$2260.61.1x9.9x13.0x

01/10/2018ADO Products Inc.TopBuild Corp. (NYSE:BLD)$21.30.8x--

High2.4x19.2x17.7x

Mean1.3x10.6x15.1x

Median1.1x9.9x14.7x

Low0.2x4.5x13.0x

Private EquityStrategic412

Screening (2)

Capital IQ Transaction Screening Report

All Transactions Announced DateTarget/IssuerExchange:TickerTransaction TypesTransaction StatusTotal Transaction Value ($USDmm, Historical rate)Buyers/InvestorsSellersCIQ Transaction IDIndustry Classifications [Target/Issuer]Geographic Locations [Target/Issuer]Total Consideration to Shareholders ($USDmm, Historical rate)Percent Sought (%)Transaction CommentsImplied Enterprise Value ($USDmm, Historical rate)Implied Equity Value ($USDmm, Historical rate)Implied Enterprise Value/Revenues (x)Implied Enterprise Value/EBITDA (x)Implied Enterprise Value/EBIT (x)Implied Equity Value/LTM Net Income (x)Implied Equity Value/Book Value (x)Business Description [Target/Issuer]Primary Industry [Target/Issuer]Primary Address [Target/Issuer]Website [Target/Issuer]Target/Issuer LTM Financials - Total Revenue (at Announcement) ($USDmm, Historical rate)Target/Issuer LTM Financials - EBITDA (at Announcement) ($USDmm, Historical rate)Target/Issuer LTM Financials - Net Income (at Announcement) ($USDmm, Historical rate)Target Stock Premium - 1 Day Prior (%)Target Stock Premium - 1 Week Prior (%)Target Stock Premium - 1 Month Prior (%)Acquirer LTM Financials - Total Revenue (at Announcement) ($USDmm, Historical rate)Acquirer LTM Financials - EBITDA (at Announcement) ($USDmm, Historical rate)Acquirer LTM Financials - Net Income (at Announcement) ($USDmm, Historical rate)Consideration OfferedTarget Security TypesAdvisors To TargetAdvisors To BuyersAdvisors To SellersPre-Deal SituationDeal ResolutionAccounting MethodDeal AttitudeSell-Side Termination Fee (%)Sell-Side Termination Fee ($USDmm, Historical rate)

11/05/2018CaseStack, Inc.-Merger/AcquisitionAnnounced255.0Hub Group, Inc. (NasdaqGS:HUBG)-IQTR590235944TruckingUnited States and Canada (Primary)255.0100.0Hub Group, Inc. (NasdaqGS:HUBG) entered into an agreement to acquire CaseStack, Inc. for approximately $260 million on November 5, 2018. The transaction consideration will be paid with cash on hand and borrowings from Hub Group’s credit facility. CaseStack’s senior leadership team will remain with the business. As of September 30, 2018, the revenue reported by CaseStack was approximately $242 million and EBITDA of approximately $22 million. The transaction is subject to the satisfaction of customary closing conditions and required approvals. The transaction is expected to close by early December 2018. Hub Group expects the transaction to be accretive to earnings in 2019. Winston & Strawn LLP acted as legal advisor to Hub Group and Goodwin Procter LLP acted as legal advisor to CaseStack. Oppenheimer & Co. Inc. acted as financial advisor to CaseStack.255.0255.01.0511.59---CaseStack, Inc. provides integrated logistics solutions to retailers and CPG companies. It offers truckload, LTL, intermodal, port drayage, expedited services, ocean, air, and temperature controlled transportation solutions; and transportation brokerage, retailer consolidation, warehousing, carrier opportunities, and cloud services. The company was founded in 1999 and is based in Santa Monica, California. It has additional offices in Buena Park and Ontario, California; Fayetteville, Arkansas; Grand Prairie, Texas; Kennesaw and McDonough, Georgia; Taylor, Pennsylvania; Cincinnati, Ohio; Naperville and Romeoville, Illinois; Kent and Seattle, Washington; Minneapolis, Minnesota; Vaughan, Canada; Belgrade, Serbia; and Mandaluyong City, the Philippines.Air Freight and LogisticsHeadquarters3000 Ocean Park BoulevardSuite 1000 Santa Monica, California 90405United StatesMain Phone: 310-473-8885Main Fax: 310-943-4137Other Phone: 866-828-7120ww2.casestack.com242.022.0----4,486.37210.68165.44CashCommon EquityOppenheimer & Co. Inc. (Financial Advisor); Goodwin Procter LLP (Legal Advisor)Winston & Strawn LLP (Legal Advisor)-Hub Group, Inc. (NasdaqGS:HUBG) intends to pursue acquisitions. “Our 2017 revenue of $4 billion is one significant milestone toward achieving our target of $6 billion in revenue in the next five years. We intend to achieve $6 billion in revenue through organic growth initiatives and acquisitions in both our core business and new service offerings." said Dave Yeager, Hub's Chief Executive Officer.

Hub Group, Inc. (NasdaqGS:HUBG) is exploring strategic alternatives for Mode Transportation, LLC, with the intention of using the proceeds for investments in its existing business, including technology initiatives, and for acquisitions of businesses in both new and existing service lines.

Hub Group, Inc. (NasdaqGS:HUBG) is looking for acquisitions. The company recently said that it will use the proceeds from the sale of its subsdiary Mode Transportation, LLC for acquisitions of businesses in both new and existing service lines.-AcquisitionFriendly--

10/25/2018J & B Services, Inc.-Merger/AcquisitionClosed6.4Milan Supply Chain Solutions-IQTR589397399Trucking (Primary)United States and Canada (Primary)6.4100.0Milan Supply Chain Solutions acquired J & B Services, Inc. from a family for $6.4 million on October 25, 2018. BlackRose Advisors acted as financial advisor to Milan Supply Chain Solutions.6.46.4-----J & B Services, Inc. provides transportation and trucking services. The company was founded in 1986 and is based in Pontotoc, Mississippi. As of October 25, 2018, J & B Services, Inc. operates as a subsidiary of Milan Supply Chain Solutions.TruckingHeadquarters8308 Highway 6 East Pontotoc, Mississippi 38863United StatesMain Phone: 662-844-1611Main Fax: 662-844-1748www.jandbservices.com---------CashCommon Equity-BlackRose Advisors (Financial Advisor)--Milan Supply Chain Solutions completed the acquisition of J & B Services, Inc. from a family on October 25, 2018.AcquisitionFriendly--

10/24/2018Martin Transport, Inc.-Merger/AcquisitionAnnounced145.0Martin Operating Partnership L.P.Martin Resource Management CorporationIQTR588508329TruckingUnited States and Canada (Primary)125.0100.0Martin Operating Partnership L.P. entered into a stock purchase agreement to acquire Martin Transport, Inc. (MTI) from Martin Resource Management Corporation (MRMC) for approximately $150 million on October 22, 2018. The consideration is subject to adjustments and includes an upfront payment of $125 million, assumption of liabilities of up to $10 million and an earn-out payment of up to $10 million based on achieving EBITDA in excess of $22.6 million per year in years 2019, 2020 and 2021. This acquisition will be funded from the Martin Operating Partnership’s revolving credit facility. The purchase price reflects an EBITDA multiple between 5.7 times and 6 times based on MTI's forecasted 2019 net income of $9.3 million and EBITDA of $23.6 million.

The transaction is subject to certain conditions including all consents and approvals from the governmental authorities; MRMC delivering executed and signed master service agreement to Martin Operating Partnership; approval by Board of Directors of MRMC and obtaining financing. The deal is expected to close in January 2019. The acquisition is estimated to generate $16 million of additional incremental EBITDA in 2019. Stephens Inc. provided a fairness opinion to the conflicts committee of Martin Operating Partnership's general partner and to the Board of Directors of MRMC. Houlihan Lokey Capital, Inc. provided a fairness opinion to the Board of Directors of Martin Operating Partnership's general partner. Carol Glendenning of Clark Hill Strasburger acted as legal counsel to MRMC. Michael Hainsfurther of Munsch Hardt Kopf & Harr, P.C. acted as legal counsel to the conflicts committee of Martin Operating Partnership's general partner and Locke Lord LLP acted as legal counsel to Martin Operating Partnership.145.0125.0-----Martin Transport, Inc. transports petroleum products, liquid petroleum gas, molten sulfur, sulfuric acid, paper mill liquids, chemicals, dry bulk, and various other bulk liquid commodities. It transports acids/caustics, anhydrous ammonia, asphalt, crude oil, ethane/ethylene, hot tanks, methanol, acetone, toluene, xylene, petroleum products, pulpmill liquid, and sulfur products. It serves Fortune 500 companies, including petroleum, petrochemical, agriculture, utilities, and chemical through truck trailers, tank trucks, tank barges, and pushboats/tugboats in the United States. Martin Transport, Inc. was incorporated in 1988 and is based in Kilgore, Texas. It has locations in Arcadia, Baton Rouge, Bossier City, and Reserve, Louisiana; Crossett, West Memphis, Smackover, and Stephens, Arkansas; Hattiesburg, Mississippi; Chattanooga, Tennessee; San Antonio, Baytown, Beaumont, Corpus Christi, Houston, Kilgore, Longview, Odessa, and Plainview, Texas; Kenova, West Virginia; Mobile, Alabama; and Tampa, Florida. Martin Transport, Inc. operates as a subsidiary of Martin Resource Management Corp.Oil and Gas Storage and TransportationHeadquarters4200 B Stone Road Kilgore, Texas 75662United StatesMain Phone: 800-256-6644Main Fax: 903-986-8840www.themartincompanies.com---------CashCommon Equity-Stephens Inc. (Fairness Opinion Provider); Locke Lord LLP (Legal Advisor); Munsch Hardt Kopf & Harr, P.C. (Legal Advisor); Houlihan Lokey Capital, Inc. (Fairness Opinion Provider)Stephens Inc. (Fairness Opinion Provider); Clark Hill PLC (Legal Advisor)--AcquisitionFriendly--

10/24/2018Substantially All of the Assets of Southwest Freight Distributors, Inc.-Merger/AcquisitionAnnounced16.25Central States Trucking Co.Southwest Freight Distributors Inc.IQTR588816175Trucking (Primary)United States and Canada (Primary)16.25100.0Central States Trucking Co. entered into an agreement to acquire substantially all of the assets of Southwest Freight Distributors, Inc. for $16.3 million on October 24, 2018. The acquisition will be funded by a combination of cash on hand. The closing of the transaction is subject to various customary conditions, including but not limited to, compliance with the covenants and agreements in the definitive agreement in all material respects. The transaction will close within a month.16.2516.25-----Substantially All of the Assets of Southwest Freight Distributors, Inc. comprises fright transportation business. The asset is located in the United States.TruckingHeadquartersUnited States----------CashAsset-----AcquisitionFriendly--

10/18/2018Davis Transfer Company Inc./Davis Transfer Logistics Inc./B & G Leasing, L.L.C.-Merger/AcquisitionClosed53.0USA Truck, Inc. (NasdaqGS:USAK)-IQTR587342519Trucking (Primary)United States and Canada (Primary)53.0100.0USA Truck, Inc. (NasdaqGS:USAK) entered into an equity purchase agreement to acquire Davis Transfer Company Inc. and Davis Transfer Logistics Inc. and B & G Leasing, L.L.C. (collectively “Davis”) for $53 million on October 18, 2018. Pursuant to the terms, USA Truck paid $52.25 million in cash and $0.75 million of its equity for acquisition of all issued and outstanding equity interests in a cash-free, debt-free transaction. The purchase price is subject to a customary working capital adjustment post-closing. The cash consideration was funded pursuant to a draw on USA Truck’s existing credit facility with Bank of America, National Association. In connection with the Transaction, on October 18, 2018, USA Truck entered into a joinder agreement with Bank of America, National Association, which joined Davis to USA Truck’s existing credit facility. Davis will operate as a wholly owned subsidiary of USA Truck. Davis generates approximately $50 million in revenues. Todd Davis will join the USA Truck leadership team as a Vice President. The transaction is expected to be immediately accretive to USA Truck.53.053.01.06----Davis Transfer Company Inc./Davis Transfer Logistics Inc./B & G Leasing, L.L.C. represents the combined operations of Davis Transfer Company Inc., Davis Transfer Logistics Inc., and B & G Leasing, Inc. in their sale to USA Truck, Inc. As of October 18, 2018, Davis Transfer Company Inc./Davis Transfer Logistics Inc./B & G Leasing, L.L.C. was acquired by USA Truck, Inc. Davis Transfer Company, Inc. offers general and expedited truckload services. Davis Transfer Logistics Inc. offers truckload services. B & G Leasing, Inc. provides dry-van truckload carrier services. The companies are based in the United States.TruckingHeadquartersUnited States-50.0-----516.2544.9321.7CombinationsCommon Equity----USA Truck, Inc. (NasdaqGS:USAK) completed the acquisition of Davis Transfer Company Inc. and Davis Transfer Logistics Inc. and B & G Leasing, L.L.C. on October 18, 2018. AcquisitionFriendly--

10/18/2018American Fast Freight, Inc.-Merger/AcquisitionAnnounced465.0Odyssey Logistics & Technology Corporation-IQTR587349273TruckingUnited States and Canada (Primary)465.0100.0Odyssey Logistics & Technology Corporation entered into an agreement to acquire AFF Global Logistics for approximately $470 million on October 18, 2018. The consideration is in a combination of cash and equity. The acquisition will add 35 global locations and 600 employees to Odyssey. The transaction is subject to satisfaction of customary closing conditions and is expected to close by year-end. The acquisition will be accretive. RBC Capital Market acted as financial advisor to American Fast Freight, Inc.465.0465.0-----American Fast Freight, Inc., a transportation and logistics company, provides domestic offshore and international ocean freight forwarding of dry and temperature-controlled products in the United States. It offers ocean freight forwarding, project logistics, and warehousing-distribution services; less-than-container load and full container load services to the Hawaiian Islands and Guam; trucking and rail forwarding services; third party warehousing, cold storage, and distribution services; and shredding services. The company handles cargo and projects, such as heavyweight-over-dimensional, ocean freight forwarding-steamship and barge, aircraft and barge charters, and full trailer loads. It engages in handling commercial and residential moving needs, including personal effects and household goods. American Fast Freight, Inc. was founded in 1982 and is based in Fife, Washington with office locations and facilities in Renton and Fife, Washington; Rancho Dominguez and San Leandro, California; Honolulu, Hawaii; and Anchorage, Fairbanks, and Soldotna, Alaska.MarineHeadquarters7400 45th Street Court East Fife, Washington 98424United StatesMain Phone: 253-926-5000Main Fax: 253-926-5100Other Phone: 800-642-6664www.americanfast.com---------CombinationsCommon EquityRBC Capital Markets LLC (Financial Advisor)----AcquisitionFriendly--

08/10/2018Southern Counties Express, Inc./Aquarius Financial, Inc.-Merger/AcquisitionClosed65.0Mason Dixon Intermodal, Inc.-IQTR577085178Trucking (Primary)United States and Canada (Primary)64.23100.0Mason Dixon Intermodal, Inc. acquired Southern Counties Express, Inc. and Aquarius Financial, Inc. from Rocio Griley and Brian Griley for $65 million on August 10, 2018. Under the terms of the purchase agreement, the purchase price was determined on a cash-free, debt-free basis and is subject to customary post-closing adjustments. Simultaneously with the execution and delivery of agreement, Mason Dixon Intermodal will transfer $0.33 million (“Indemnification Escrow Amount”) and $0.45 million (“Working Capital Escrow Amount”) to one account designated by escrow agent. Escrow Funds will be released after closing.

To finance the acquisition, Mason Dixon Intermodal, Inc. executed an amended and restated revolving credit, term loan and security agreement with PNC Bank National Association and Steel City Capital Funding for $180 million comprising $30 million term loan and $150 million revolving credit facility. Pursuant to the acquisition, Southern Counties Express, Inc. will operate as part of Mason Dixon Intermodal, Inc. Southern Counties Express, Inc. reported total operating revenues of $54.4 million for the year-ended December 31, 2017. The transaction is expected to be immediately accretive. Brendan J. Cahill of Dykema Gossett PLLC acted as the legal advisor to Mason Dixon Intermodal, Inc. Leib Orlanski of KL Gates LLP acted as the legal advisor to Rocio Griley and Brian Griley. Plethora Businesses served as financial advisor to Southern Counties Express, Inc. and Aquarius Financial, Inc. U.S. Bank National Association acted as escrow agent for the transaction. PrimeMark Group, Inc. acted as financial advisor to Southern Counties Express, Inc. and Aquarius Financial, Inc.65.064.23-----Southern Counties Express, Inc./Aquarius Financial, Inc. represents the combined operations of Southern Counties Express, Inc. and Aquarius Financial, Inc. in their sale to Mason Dixon Intermodal, Inc. As of August 10, 2018, Southern Counties Express, Inc./Aquarius Financial, Inc. were acquired by Mason Dixon Intermodal, Inc. Aquarius Financial, Inc. is engaged in the business of financing tractors to independent contractor truck drivers servicing. Southern Counties Express, Inc., a trucking company, provides transportation, warehousing, and distribution services. The companies are based in the United States.TruckingHeadquartersUnited States----------CashCommon EquityK&L Gates LLP (Legal Advisor); Plethora Businesses (Financial Advisor); The PrimeMark Group, Inc. (Financial Advisor)Dykema Gossett PLLC (Legal Advisor)-Mason Dixon Intermodal, Inc. completed the acquisition of Southern Counties Express, Inc. and Aquarius Financial, Inc. from Rocio Griley and Brian Griley on August 10, 2018.AcquisitionFriendly--

08/08/2018Capstan Hauling Ltd.-Merger/AcquisitionClosed10.5ENTREC Corporation (TSX:ENT)-IQTR576807273Trucking (Primary)United States and Canada (Primary)10.5100.0ENTREC Corporation (TSX:ENT) entered into a letter of intent to acquire Capstan Hauling Inc. on August 8, 2018. Following completion of the acquisition, Entrec plans to merge Entrec’s Grande Prairie oilfield transportation division with Capstan and operate the combined business under the Capstan brand. The shareholders of Capstan will also retain a large ownership interest in the combined business post-acquisition and the existing Capstan management will lead and manage the combined business going forward.

The transaction is subject to a number of conditions, including the execution of a definitive share purchase agreement. The transaction is expected to close in September, 2018.10.510.5-----Capstan Hauling Ltd., an oilfield trucking company, provides heavy haul transportation services to the oil and natural gas industry in north-west Alberta and north-east British Columbia. The company was founded in 2002 and is based in Grande Prairie, Canada. As of October 2, 2018, Capstan Hauling Ltd. operates as a subsidiary of ENTREC Corporation.TruckingHeadquarters9511 154 Avenue Grande Prairie, Alberta T8X 0L2CanadaMain Phone: 780-402-3110Main Fax: 780-402-3240www.capstanhauling.com------121.238.52(12.32)CombinationsCommon Equity----ENTREC Corporation (TSX:ENT) completed the acquisition of Capstan Hauling Inc. for CAD 13.72 million on October 2, 2018. The aggregate consideration paid at closing consisted of: (i) the issuance of common shares in a subsidiary of ENTREC at a value of CAD 4 million; (ii) a promissory note of CAD 3 million bearing interest at an annual rate of 5.00% and due September 30, 2023; and (iii) cash of CAD 10 million less outstanding debt and finance lease obligations at closing and less certain holdback amounts. The final purchase price remains subject to adjustment based on Capstan's working capital as at September 30, 2018 as well as other post-closing adjustments.AcquisitionFriendly--

07/31/2018Substantially All Assets Of Auto Strap Transport L.L.C.-Merger/AcquisitionAnnounced3.1Nations Fund I, LLCAuto Strap Transport L.L.C.IQTR576571040Trucking (Primary)United States and Canada (Primary)3.1100.0Nations Fund I, LLC entered into an asset purchase agreement to acquire substantially all assets from Auto Strap Transport L.L.C. for $3.45 million on July 31, 2018. Under the terms of agreement, Nations Fund will pay $3.2 million plus $0.25 million at closing and assumption of certain liabilities. Nations Fund I, LLC entered into an amended asset purchase agreement to acquire substantially all assets from Auto Strap Transport L.L.C. for $3.1 million on August 15, 2018. Under the terms of agreement, Nations Fund will pay $2.85 million plus $0.25 million at closing. The transaction is subject to regulatory approval and approval by Bankruptcy court. As of August 29, 2018, the amended agreement has been approved by the bankruptcy court. Kristina M. Wesch of Farrell Fritz acted as legal advisor to Nations Fund and Todd L. Turoci, Julie philippi of The Turoci Firm acted as legal advisor to Auto Strap.3.13.1-----Substantially All Assets Of Auto Strap Transport L.L.C. comprises transportation business of Auto Strap Transport L.L.C. The Asset is located in the United States.TruckingHeadquartersUnited States----------CashAsset-Farrell Fritz (Legal Advisor)The Turoci Firm (Legal Advisor)--AcquisitionFriendly--

07/25/2018Dacota Freight Services Ltd.-Merger/AcquisitionClosed1.83Hi-Way 9 Group of Companies-IQTR588589257Trucking (Primary)United States and Canada (Primary)1.6100.0Hi-Way 9 Group of Companies acquired Dacota Freight Services Ltd for CAD 2.4 million on April 6, 2018. Consideration paid includes CAD 2.1 million for all the issued and outstanding shares and CAD 0.3 million for the repayment of debt. Included in this amount is CAD 0.2 million of contingent consideration for achieving certain financial targets over the two year period ending March 31, 2020.1.831.6-----Dacota Freight Services Ltd. provides transportation and logistics services primarily in western Canada. The company is based in Cranbrook, Canada. As of April 6, 2018, Dacota Freight Services Ltd. was acquired by Hi-Way 9 Group of Companies.TruckingHeadquarters1474 Theatre Road Cranbrook, British Columbia V1C 7G1CanadaMain Phone: 250-426-3808----------CashCommon Equity----Hi-Way 9 Group of Companies completed the acquisition of Dacota Freight Services Ltd on April 6, 2018.AcquisitionFriendly--

06/27/2018Prime EFS LLC-Merger/AcquisitionClosed0.505Transportation and Logistics Systems, Inc. (OTCPK:TLSS)-IQTR572335001Trucking (Primary)United States and Canada (Primary)0.505100.0PetroTerra Corp. (OTCPK:PTRA) acquired Prime EFS LLC from Rosemary Mazzola, James S. Lynch, Christopher A. Manieri and others for $1 million on June 18, 2018. Under the terms of the transaction, PetroTerra will acquire all of the issued and outstanding membership interests of Prime for $1 million in cash, 1.5 million of PetroTerra’s common stock and shares of a newly designated series of preferred stock of PetroTerra. Additionally, PetroTerra will provide Prime with a certain amount of working capital both at closing and over the next six months. The transaction was funded with a senior secured convertible note issued to an institutional investor. As a result of the transaction, Prime EFS LLC will become a wholly owned subsidiary of PetroTerra Corp. Prime EFS LLC Concurrent with the transaction, PetroTerra intends to change its name to Transportation and Logistics Systems Inc. Within 12 months from the closing date, PetroTerra will apply to have its common stock listed and trading on NYSE and NASDAQ. Prime EFS reported revenues of $7 million for the year ended 2017. In September 2018, the agreement was amended to correct the purchase price error in the original agreement. PetroTerra agreed to pay $0.49 in cash as per the correction. M. Ali Panjwani of Pryor Cashman acted as legal advisor to PetroTerra Corp. and Marc J. Ross of Sichenzia Ross Ference Kesner LLP acted as legal advisor to Prime EFS in the transaction.0.5050.5050.072----Prime EFS LLC provides delivery services to online retailers. The company was founded in 2016 and is based in Hasbrouck Heights, New Jersey. As of June 18, 2018, Prime EFS LLC operates as a subsidiary of Transportation and Logistics Systems, Inc.TruckingHeadquarters440 RT17 North suite 3B Hasbrouck Heights, New Jersey 07604United StatesMain Phone: 201 623 3404www.primeefs.com7.0-----2.45-(0.657)CombinationsCommon EquitySichenzia Ross Ference LLP (Legal Advisor)Pryor Cashman LLP (Legal Advisor)--PetroTerra Corp. (OTCPK:PTRA) completed the acquisition of acquire Prime EFS LLC from Rosemary Mazzola, James S. Lynch, Christopher A. Manieri and others on June 18, 2018.AcquisitionFriendly--

06/21/2018All Assets of Big Red L.T.L. Transport, Inc. and CIN-SAN Leasing, Inc.-Merger/AcquisitionClosed0.732Big Red Express Trucking LLCBig Red L.T.L. Transport, Inc.; CIN-SAN Leasing, Inc.IQTR571507201Trucking (Primary)United States and Canada (Primary)0.732100.0Big Red Express Trucking LLC acquired all assets of Big Red L.T.L. Transport, Inc. and CIN-SAN Leasing, Inc. for $0.73 million on June 21, 2018.0.7320.732-----As of June 21, 2018, All Assets of Big Red L.T.L. Transport, Inc. and CIN-SAN Leasing, Inc. was acquired by Big Red Express Trucking LLC. Big Red L.T.L. Transport, Inc. and CIN-SAN Leasing, Inc. provide trucking services. The companies are based in the United States.TruckingHeadquartersUnited States----------CashAsset----Big Red Express Trucking LLC completed the acquisition of all assets of Big Red L.T.L. Transport, Inc. and CIN-SAN Leasing, Inc. on June 21, 2018.AcquisitionFriendly--

06/07/2018Thunder Ridge Transport, Inc.-Merger/AcquisitionClosed2.95EVO Transportation & Energy Services, Inc. (OTCPK:EVOA)-IQTR570153829Trucking (Primary)United States and Canada (Primary)2.5100.0EVO Transportation & Energy Services, Inc. acquired Thunder Ridge Transport Inc. from Billy Lee Peck for $3 million On June 1, 2018. As consideration for the transaction, EVO Transportation & Energy issued a promissory note dated June 1, 2018 in the principal amount of $2.5 million to Peck. EVO Transportation & Energy also agreed to pay $0.45 million on behalf of Thunder Ridge to the Bank of Missouri. Post completion. Thunder Ridge became a wholly-owned subsidiary of EVO Transportation & Energy Services. Frank B. Bennett of Fredrikson & Byron P.A. acted as legal advisor to EVO Transportation & Energy Services and Randy L. Smith of Law Offices of Randy L. Smith, L.L.C. acted as legal advisor to Billy Lee Peck. 2.952.5-----Thunder Ridge Transport, Inc. provide freight trucking services. The company was founded in 2000 and is based in Springfield, Missouri. As of June 1, 2018, Thunder Ridge Transport, Inc. operates as a subsidiary of EVO Transportation & Energy Services, Inc.TruckingHeadquarters319 North Main AvenueSuite 330 Springfield, Missouri 65806United StatesMain Phone: 417-833-8456Main Fax: 800-997-4401www.trtmail.com------1.94(1.66)(8.35)Cash; DebtCommon Equity-Fredrikson & Byron P.A. (Legal Advisor)--EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) completed the acquisition of Thunder Ridge Transport Inc. from Billy Lee Peck On June 1, 2018.AcquisitionFriendly--

02/07/2018Marshall Trucking Inc.-Merger/AcquisitionClosed8.05Mullen Trucking Corp.-IQTR560580725Trucking (Primary)United States and Canada (Primary)1.59100.0Mullen Trucking Corp. acquired Marshall Trucking Inc. for CAD 10.1 million on November 1, 2017. Mullen Group Ltd. (TSX:MTL), the parent company of Mullen Trucking, used CAD 1.7 million of cash, acquired CAD 0.3 million of cash and allocated CAD 8.1 million towards the repayment of shareholders loans.7.811.59-----As of November 1, 2017, Marshall Trucking Inc. was acquired by Mullen Trucking Corp. Marshall Trucking Inc. provides trucking services in Canada. The company was founded in 1984 and is based in Calgary, Canada.TruckingHeadquarters424 Aviation Road NE Calgary, Alberta T2E 8H6CanadaMain Phone: 403-235-5143Other Phone: 800-461-2191----------CashCommon Equity----Mullen Trucking Corp. completed the acquisition of Marshall Trucking Inc. on November 1, 2017.AcquisitionFriendly--

02/02/2018Fore Transportation, Inc.-Merger/AcquisitionClosed34.9Universal Logistics Holdings, Inc. (NasdaqGS:ULH)-IQTR551565847Trucking (Primary)United States and Canada (Primary)34.9100.0Universal Logistics Holdings, Inc. (NasdaqGS:ULH) acquired Fore Transportation, Inc. for $34.9 million on February 2, 2018. Universal Logistics Holdings paid the purchase price in cash, subject to customary post-closing adjustments. The transaction is funded from the available cash and borrowed approximately $31.3 million using its margin credit facility, revolving credit facility and secured real estate financing. Fore Transportation reported total operating revenues of approximately $32.3 million for the year ended December 31, 2017. Universal expects the acquisition to be immediately accretive. Mesirow Financial, Inc. acted as a financial advisor to Fore Transportation.34.934.91.08----Fore Transportation, Inc. offers local, regional, and long-haul intermodal trucking services. The company provides dry, overweight, and refrigerated transportation services. It also offers transloading and cross docking solutions, as well as warehousing and distribution services. Fore Transportation, Inc. was founded in 1994 and is based in Harvey, Illinois. As of February 2, 2018, Fore Transportation, Inc. operates as a subsidiary of Universal Logistics Holdings, Inc.TruckingHeadquarters250 East 167th Street Harvey, Illinois 60426United StatesMain Phone: 708-362-5657Main Fax: 708-362-5656Other Phone: 800-459-3673www.foretransportation.com32.3-----1,216.6774.0128.15CashCommon EquityMesirow Financial, Inc. (Financial Advisor)--Universal Logistics Holdings, Inc. (NasdaqGS:ULH)'s Jeffrey A. Rogers recently stated, "So as we look forward, we're constantly reevaluating what is the appropriate way to grow, is it small chunks at a time or is it big chunks? So we're constantly looking at that, and that's really tactical. A little bit, maybe strategic. But I don't see a whole lot of changes, but just kind of analyzing things. But we're going to constantly look at reducing debt, because I think that makes perfect sense. As free cash flow comes on, that's probably going to be priority #1, reduce our debt. Priority #2 is, what can we do from a shareholder value perspective? I mean that's obviously on the list of things. And then 3, I think its going to be time, very soon, to start looking at acquisitions. And we've always got things on the table, but they haven't -- we haven't found anything yet that makes sense, that moves the needle, and we haven't been in a position to really do it because we've been so focused internally trying to fix some of the issues, get the right leadership in place. And so I feel more comfortable now that we're in a better position. So I think, as things start to improve, more free cash flow, consistent earnings, all of the things that we're talking about here, just put us in a very good spot for lots of different options to be honest with you."Universal Logistics Holdings, Inc. (NasdaqGS:ULH) completed the acquisition of Fore Transportation, Inc. on February 2, 2018.AcquisitionFriendly--

12/07/2017Keen Transport, Inc.-Merger/AcquisitionClosed64.0Wallenius Wilhelmsen ASA (OB:WALWIL)Platinum Equity, LLCIQTR545971197Trucking (Primary)United States and Canada (Primary)64.0100.0Wallenius Wilhelmsen Logistics ASA (OB:WWL) signed an agreement to acquire Keen Transport, Inc. from Platinum Equity, LLC for $64 million on December 7, 2017. The transaction will be financed through existing credit facilities. Keen Transport generated revenues of $82 million and EBITDA of $10 million in the year 2016. Stubbs Alderton & Markiles LLP acted as a legal advisor to Platinum Equity, LLC. Raymond James & Associates, Inc. acted as a financial advisor to Platinum Equity, LLC and Keen Transport, Inc.64.064.00.786.4---Keen Transport, Inc. provides heavy-haul logistics and transportation services for construction, mining, and agriculture equipment markets in the United States. The company offers storage and assembly, and transportation services, as well as customized work. Keen Transport, Inc. was founded in 1968 and is based in Carlisle, Pennsylvania. The company has facilities in Athens, Savannah, and La Grange, Georgia; Clayton, Sanford, and Winston Salem, North Carolina; League City, Texas; Little Rock, Arkansas; Marysville, Washington; Morton, Aurora, and Decatur, Illinois; Santa Paula, California; and Shippensburg, Pennsylvania. As of December 8, 2017, Keen Transport, Inc. operates as a subsidiary of Wallenius Wilhelmsen Logistics ASA.TruckingHeadquarters1951 Harrisburg Pike Carlisle, Pennsylvania 17015United StatesMain Phone: 717-243-6622Main Fax: 717-243-8195Other Phone: 888-872-5336www.keentransport.com82.010.0----2,058.0415.031.0CashCommon Equity--Raymond James & Associates, Inc. (Financial Advisor); Stubbs Alderton & Markiles LLP (Legal Advisor)-Wallenius Wilhelmsen Logistics ASA (OB:WWL) completed the acquisition of Keen Transport, Inc. from Platinum Equity, LLC on December 8, 2017. AcquisitionFriendly--

11/01/2017Indiana Transport, Inc.-Merger/AcquisitionClosed59.0Patrick Industries, Inc. (NasdaqGS:PATK)-IQTR542322231Trucking (Primary)United States and Canada (Primary)59.0100.0Patrick Industries, Inc. (NasdaqGS:PATK) acquired the business and the assets of Indiana Transport, Inc. for $59 million on November 1, 2017. The purchase price for Indiana Transport was funded under Patrick Industries' existing credit facility. Indiana Transport will continue to operate on a stand-alone basis under its brand name in its existing facilities. Patrick Industries expects the acquisition to be immediately accretive to 2017 net income per share. Justin Marriott, Bryan Burden and the team of Marriott & Co. acted as exclusive financial advisors for Indiana Transport, Inc.59.059.0-----Indiana Transport, Inc. offers trucking services for the transportation of RV travel trailers, utility trailers, boats, buses, and cars. The company is based in Elkhart, Indiana. As of November 1, 2017, Indiana Transport, Inc. operates as a subsidiary of Patrick Industries, Inc.TruckingHeadquarters2311 South Nappanee StreetSuite E Elkhart, Indiana 46517United StatesMain Phone: 574-293-3642Main Fax: 574-522-0308www.indianatransport.com------1,484.02141.170.23CashCommon EquityMarriott & Co. (Financial Advisor)--ANDY NEMETH, President of Patrick Industries, Inc. (NasdaqGS:PATK) said,"Our objective is to continue to outperform the MH market by capitalizing on our breadth of product and focusing on expansion and acquisition strategies."

Andy L. Nemeth, President and Director of Patrick Industries, Inc. (NasdaqGS:PATK), said, "Our objective is to continue to outperform the MH market by capitalizing on our breadth of product and focusing on expansion and acquisition strategies." "We will continue to concentrate on leveraging our existing capabilities and core competencies in the residential, retail, commercial, hospitality and institutional markets as the industrial markets represent a breadth of product opportunities for us, both through organic market penetration, potential acquisitions and geographic expansion opportunities in these markets and as well expand our presence into new territories and markets to further grow market share," Nemeth said.

Patrick Industries, Inc. (NasdaqGS:PATK) seeks acquisitions. Patrick Industries is focused on continuing to drive strong growth on both the top and bottom line, make strategic acquisitions in our existing businesses and similar marketsPatrick Industries, Inc. (NasdaqGS:PATK) completed the acquisition of the business and the assets of Indiana Transport, Inc. on November 1, 2017.AcquisitionFriendly--

09/05/2017RDK Transportation Co. Inc.-Merger/AcquisitionClosed10.93Mullen Group Ltd. (TSX:MTL)-IQTR536621728Trucking (Primary)United States and Canada (Primary)10.93100.0Mullen Group Ltd. (TSX:MTL) acquired RDK Transportation Co. Inc. for CAD 13.5 million in cash on September 1, 2017. Concurrent to the closing of the transaction, Mullen Group entered into an agreement to acquire the facility which RDK operates from in Saskatoon. After the completion of acquisition, RDK will operate as a stand-alone business unit within Mullen Group's Trucking/Logistics segment. Rod Friesen, one of RDK's former owners, will stay with RDK and serve as its business unit leader. The transaction will be immediately accretive.10.9310.93-----RDK Transportation Co. Inc. offers truck transportation services. The company is based in Martensville, Canada. As of September 1, 2017, RDK Transportation Co. Inc. operates as a subsidiary of Mullen Group Ltd.TruckingHeadquarters2 Cory Lane Martensville, Saskatchewan S0K 0A2CanadaMain Phone: 866-381-9615Main Fax: 306-651-6967www.rdktransportation.com------827.11138.3139.28CashCommon Equity---Mullen Group Ltd. (TSX:MTL) seeks acquisition opportunities. Murray Mullen, said "The challenging market conditions are now creating acquisition opportunities that we have not seen for many years. In the quarter we completed a sequence of investments that fit our strategic as well as our disciplined financial approach to acquisitions." He further added "Acquisitions are the only viable way of mitigating this slow growth business cycle and I fully expect we can use our strong balance sheet as a competitive advantage, positioning Mullen Group for the future."

Mullen Group Ltd. (TSX:MTL) is looking for acquisition opportunities. we are well positioned to accelerate growth with quality acquisitions. Having a strong balance sheet is an integral component to our acquisition strategy. The other is timing and from this perspective my view is that we will be presented with many opportunities to evaluate in 2017 as business owners struggle to find success in this ultra-competitive market. Our focus will be to pursue acquisitions that we believe can be successfully integrated into our organization, Murray K. Mullen, Chairman and Chief Executive Officer of Mullen, said.

Chairman, Chief Executive Officer & President of Mullen Group Ltd. (TSX:MTL), Murray K. Mullen said-"We maintain a strong and well-structured balance sheet with over $250 million in cash at quarter-end, providing our organization the flexibility to pursue quality acquisition opportunities or reduce debt, if no such opportunities come our way. We are an acquisition-based company, however, and have always have been, but we are also disciplined in terms of our acquisition strategy, which simply means we do not chase growth. We make acquisitions when they make sense and when we believe that our shareholders will derive value. We are an organization with a strong set of values focused on quality and customer service, and we are focused on providing value to shareholders, either via growth or dividend."Mullen Group Ltd. (TSX:MTL) completed the acquisition of RDK Transportation Co. Inc. on September 1, 2017.AcquisitionFriendly--

08/31/2017Milgram & Company Ltd.-Merger/AcquisitionClosed49.47C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW)-IQTR536149580TruckingUnited States and Canada (Primary)49.47100.0C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW) acquired Milgram & Company Ltd. for CAD 62 million in cash on August 31, 2017. The acquisition was financed through cash and funds drawn from C.H. Robinson’s existing revolving credit facility. C.H. Robinson will integrate Milgram into its Global Forwarding division and single global technology platform, Navisphere®. For the fiscal year ending May 31, 2017, Milgram had approximately CAD 155.3 million in gross revenues. The acquisition is expected to be approximately neutral to earnings in 2017 and slightly accretive in 2018 for C.H. Robinson.49.4749.470.399----Milgram & Company Ltd. provides customs brokerage, international freight forwarding, and truck transportation services. It offers cargo insurance, consulting, export, import, TPL, and online services. The company serves textile and apparel industries. Milgram & Company Ltd. was founded in 1951 and is based in Montreal, Canada. As of August 31, 2017, Milgram & Company Ltd. operates as a subsidiary of C.H. Robinson Worldwide, Inc.Air Freight and LogisticsHeadquarters400 - 645 Wellington Montreal, Quebec H3C 0L1CanadaMain Phone: 514-288-2161Main Fax: 514-288-2519Other Phone: 514-288-2100www.milgram.com123.91-----13,895.87848.19484.48CashCommon Equity---John Wiehoff, Chief Executive Officer, C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW) said that, We've hit on this a little bit already, but we do expect to continue to look for both. We will look for market share and service expansion opportunities both in North America and outside of it. Andy talked about some of the restructuring that we've done to make sure that we can take the earnings that we're now achieving outside of North America and redeploy those internationally, to have a more efficient structure. So with that in place and the success of some of our businesses outside of North America, the mix going forward will have a greater bent towards looking at global acquisitions than we have had in the past. But we will continue to look for both.C.H. Robinson Worldwide, Inc. (NasdaqGS:CHRW) completed the acquisition of Milgram & Company Ltd. on August 31, 2017.AcquisitionFriendly--

07/21/2017Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC-Merger/AcquisitionClosed137.6J.B. Hunt Transport Services, Inc. (NasdaqGS:JBHT)-IQTR531619790Trucking (Primary)United States and Canada (Primary)-100.0J.B. Hunt Transport Services, Inc. (NasdaqGS:JBHT) entered into an agreement to acquire Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC (Special Logistics business) from Albert J. LaRose, Jr. and Gregory P. Back for approximately $140 million on July 20, 2017. The purchase price includes no assumption of debt. The purchase price includes the amount of debt held by Special Logistics which J.B. Hunt intends to pay off at closing. The transaction is subject to purchase price adjustments. J.B. Hunt anticipates using its existing revolving credit facility to finance the transaction and to provide liquidity for future operations.

The transaction is subject to customary closing conditions including regulatory approval, non-competition agreement, written resignations of all of the officers, directors and managers of Special Logistics, third party approval including lender, holders of debt securities and lessors. The transaction is expected to close on July 31, 2017. J.B. Hunt expects the transaction to be immaterial to 2017 operating results and accretive in 2018. The transaction is not expected to have a significant impact on interest expense. C. Douglas Buford, Jr. of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C. acted as legal advisor for J.B. Hunt Transport Services. James J. Spring, III of Hunt. Chamberlain, Hrdlicka, White, Williams & Aughtry acted as legal advisor for Albert J. LaRose, Jr. and Gregory P. Back. Goldman Sachs & Co. acted as broker for J.B. Hunt Transport Services.-------As of July 31, 2017, Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC were acquired by J.B. Hunt Transport Services, Inc. Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC represents the combined operations of Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC in their sale to J.B. Hunt Transport Services, Inc. Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC provide transportation and delivery services. The companies are based in the United States.TruckingHeadquartersUnited States-------6,767.791,058.37427.55CashAssetChamberlain, Hrdlicka, White, Williams & Aughtry (Legal Advisor)Mitchell Williams Selig Gates (Legal Advisor)--J.B. Hunt Transport Services, Inc. (NasdaqGS:JBHT) completed the acquisition of Special Dispatch of San Antonio, Inc. and Special Logistics Dedicated, LLC (Special Logistics business) from Albert J. LaRose, Jr. and Gregory P. Back on July 31, 2017. Total consideration paid consisted of the agreed upon purchase price adjusted for an estimated working capital adjustment and cash acquired.AcquisitionFriendly--

07/18/2017Commodity Forwarders Inc.-Merger/AcquisitionClosed94.44Kuehne + Nagel International AG (SWX:KNIN)-IQTR585458924TruckingUnited States and Canada (Primary)94.44100.0Kuehne + Nagel International AG (SWX:KNIN) entered into an agreement to acquire Commodity Forwarders Inc. for CHF 90 million ($94.4 million) on July 17, 2017. Commodity Forwarders Inc. generates annual revenues of $200 million. The transaction is subject to customary closing conditions and to clearance by the competent merger control authorities. The Federal Trade Commission granted early termination notices on the transaction for Commodity Forwarders Inc on August 30, 2017.94.4494.440.472----Commodity Forwarders Inc. provides transportation, distribution, and consulting services for perishable products worldwide. It offers freight handling services for frozen fish and meats, fruits, vegetables and flowers, chilled fish, organic produce, and dry cargo. The company also handles temperature sensitive cargo through its perishable network relationships in the United States, Canada, Mexico, Europe, Latin America, the South Pacific, Asia, and the Middle East. In addition, it offers various services, such as AES export filings, domestic and international air freight, air craft chartering, cold and freezer storage, computerized inventory control, cross dock, customs brokerage and bonded facilities, export documentation, exhibitions, forced air cooling, fumigation, H.A.C.C.P. compliance, high humidity forced air cooling, refrigerated trucking, pick and pack, ocean freight, quality inspections, re-packing, safety and sanitation programs, sorting, U.S.D.A. PPQ compliance, and warehousing; dry, gel, and wet re-icing; and air, truck, and ocean consolidations. Commodity Forwarders Inc. was incorporated in 1974 and is based in Los Angeles, California with additional offices in Los Angeles and San Francisco, California; Seattle, Washington; Anchorage, Alaska; Miami and Orlando, Florida; Honolulu, Hilo, Kahului Maui, Lihue, and Kona, Hawaii; Lawrence, New York; and Chicago, Illinois. As of October 2, 2017, Commodity Forwarders Inc. operates as a subsidiary of Kuehne + Nagel International AG.Air Freight and LogisticsHeadquarters11101 South La Cienega Boulevard Los Angeles, California 90045United StatesMain Phone: 310-348-8855Main Fax: 310-348-8879www.cfi-lax.com200.0-----17,945.831,137.73749.44CashCommon Equity---Detlef A. Trefzger, the Chairman and Chief Executive Officer of Kuehne + Nagel International AG (SWX:KNIN) recently stated, "We -- Far East is one of our growth markets. Not only Far East and China specifically, but also India and other markets in Asia. Even Japan being a mature market shows a lot of interesting growth momentum, and we have a growth strategy for all those countries. And yes, our exposure, hopefully will increase, but I wouldn't call it exposure. It is market share, and it is participating in growth momentum in Asia. The third question, Daniel, has been related to bolt-on acquisitions. We always stated that we are looking for competence and footprint in our, what you call, specialty logistics, our solution areas. And yes, that will continue with the right targets that we engage with."Kuehne + Nagel International AG (SWX:KNIN) completed the acquisition of Commodity Forwarders Inc. on October 2, 2018.AcquisitionFriendly--

07/06/2017Interstate Distributor Co., Inc.-Merger/AcquisitionClosed117.0Heartland Express, Inc. (NasdaqGS:HTLD)Saltchuk Resources, Inc.IQTR529628829Trucking (Primary)United States and Canada (Primary)94.0100.0Heartland Express, Inc. (NasdaqGS:HTLD) acquired Interstate Distributor Co., Inc. from Saltchuk Resources, Inc. for an enterprise value of approximately $110 million on July 6, 2017. Heartland Express acquired 100% of the outstanding stock of Interstate Distributer. The transaction was funded through $94 million of Heartland's existing cash, plus assumption of approximately $23 million of Interstate Distributor's debt and acquisition of $4 million in cash on Interstate Distributor's balance sheet. Heartland expects to pay off all of Interstate Distributor's debt after closing. After funding the transaction, including repayment of assumed debt but excluding funding of certain insurance reserves with restricted cash, Heartland will remain debt-free, with substantial liquidity and financial flexibility from a remaining cash balance of over $50 million and $170 million of availability on its revolving line of credit. Heartland will integrate Interstate Distributor into Heartland's existing operations and operate under the Heartland brand soon after closing.

As on December 31, 2016, Interstate Distributor reported annual revenue of approximately $325 million and generated as operating loss. The experienced personnel of Interstate Distributor will join Heartland after the transaction. The overlapping Heartland and Interstate Distributor's locations largely will be consolidated over the next 18 months. The purchase agreement contains customary terms and conditions, including an invested capital true up as of June 30, 2017. The parties will provide certain post-closing services to each other under transition services and other agreements. Based on expected synergies, the transaction is expected to be accretive to Heartland's earnings in the first full quarter of operations. Scudder Law Firm, PC LLO acted as legal advisor to Heartland. Zachary Scott & Co. acted as financial advisor and Garvey Schubert & Barer acted as legal advisor to Interstate Distributor.113.094.00.348----Interstate Distributor Co., Inc. provides trucking services for Fortune 500 companies and other customers in the United States, Western Canada, and along the Mexican border. Its services include regional and trans-continental coverage, dedicated fleets, specialized and refrigerated equipment, and intermodal services. The company was founded in 1933 and is headquartered in Tacoma, Washington. As of July 6, 2017, Interstate Distributor Co., Inc. operates as a subsidiary of Heartland Express, Inc.TruckingHeadquarters11707 21st Avenue Court South Tacoma, Washington 98444United StatesMain Phone: 253-537-9455Main Fax: 253-538-4430Other Phone: 800-426-8560www.intd.com325.0-----548.88165.354.29CashCommon EquityZachary Scott & Co. (Financial Advisor); Garvey Schubert Barer, P.C. (Legal Advisor)Scudder Law Firm, PC LLO (Legal Advisor)-Heartland Express, Inc. (NasdaqGS:HTLD) is looking for acquisitions. Michael J. Gerdin, Chief Executive Officer and President said, "And our industry is made up of thousands of small truckers right now that are living on the edge of paper logs and making the transition to ELDs, and given the mandates that are coming, going forward, I think there are going to be plenty of opportunities for acquisitions going forward and for profitable growth in the next few years."Heartland Express, Inc. (NasdaqGS:HTLD) completed the acquisition of Interstate Distributor Co., Inc. from Saltchuk Resources, Inc. on July 6, 2017.AcquisitionFriendly--

06/16/2017Owen Logistics, LLC-Merger/AcquisitionClosed0.075AlumiFuel Power Corporation (OTCPK:AFPW)-IQTR434650371Trucking (Primary)United States and Canada (Primary)0.038100.0AlumiFuel Power Corporation (OTCPK:AFPW) acquired Owen Logistics, LLC for $0.08 million on June 16, 2017. Under the terms, AlumiFuel Power Corporation will issue 125 million restricted common shares as consideration for the acquisition and will issue an additional 125 million restricted common shares in 180 days if certain performance milestones are achieved. Management of Owen Logistics has agreed to a two year employment agreement.0.0750.038-----Owen Logistics, LLC, doing business as Meridian Moving Systems, offers freight transportation services by road. The company is based in Anthem, Arizona. As of June 16, 2017, Owen Logistics, LLC operates as a subsidiary of AlumiFuel Power Corporation.TruckingHeadquarters41615 North Signal Hill Court Anthem, Arizona 85086United StatesMain Phone: 480-766-1699---------(0.79)Cash; Common EquityCommon Equity----AlumiFuel Power Corporation (OTCPK:AFPW) completed the acquisition of Owen Logistics, LLC on June 16, 2017.AcquisitionFriendly--

06/15/2017Big Red L.T.L. Transport, Inc.-Merger/AcquisitionClosed1.23Bulova Technologies Group, Inc. (OTCPK:BTGI)-IQTR434431780Trucking (Primary)United States and Canada (Primary)0.504100.0Bulova Technologies Group, Inc. (OTCPK:BTGI) signed letter of intent to acquire Big Red Transport, Inc. from Michael and Constance Pryslak for $1.2 million on June 15, 2017. Bulova Technologies Group entered into an agreement to acquire Big Red Transport, Inc. from Michael and Constance Pryslak on July 20, 2017. Under the terms of the transaction, purchase price will be paid in the form of a seven year unsecured promissory note payable without interest, plus the assumption of certain liabilities. The transaction was financed by Peoples Bank. The transaction is expected to complete by July 15, 2017.1.230.504----- As of July 21, 2017, operates as a subsidiary of Bulova Technologies Group, Inc.TruckingHeadquartersPO BOX 88 Great Meadows, New Jersey 07838United StatesMain Phone: 908-475-3220Main Fax: 908-475-3770Other Phone: 800-366-7338www.bigredtransport.com------25.97(1.73)(7.83)Cash; DebtCommon Equity----Bulova Technologies Group, Inc. (OTCPK:BTGI) completed the acquisition of Big Red Transport, Inc. from Michael and Constance Pryslak on July 21, 2017.AcquisitionFriendly--

05/25/2017Hub Group Dedicated-Merger/AcquisitionClosed285.0Hub Group Trucking, Inc.-IQTR432178105Trucking (Primary)United States and Canada (Primary)-100.0Hub Group Trucking, Inc. entered into an agreement to acquire substantially all assets of Estenson Logistics, LLC from Timothy J. Estenson, Traci M. Estenson and Paul A. Truman for approximately $290 million on May 25, 2017. Under the terms of the agreement, Hub Group Trucking will pay $288.5 million in cash, subject to the working capital and capital expenses adjustments and up to $6 million in cash subject to Estenson’s performance results in the two years following the closing. Under the terms of the transaction, Hub Group will also assume the secured equipment notes of Estenson. The transaction will be financed with a combination of cash, an assumption of Estenson's secured equipment notes and $350 million unsecured credit facility that will become effective as of the closing date. Following the closing of the transaction, Estenson Logistics, LLC will be named Hub Group Dedicated Services and will operate as part of Hub Group Trucking.

The consideration represents an EBITDA multiple of 6.75. As of December 31, 2016, Estenson generated revenue of approximately $250 million. The transaction is subject to the antitrust approval and other customary closing conditions. As of June 7, 2017, Hub Group has received the antitrust approval for the transaction. Hub Group expects the Transaction will close on or about July 1, 2017. The transaction is accretive to the earnings of Hub Group Trucking in 2017. Patrick O. Doyle of Winston & Strawn LLP acted as the legal advisor to Hub Group Trucking and Michael Kearney of Lewis Brisbois Bisgaard & Smith LLC acted as the legal advisor to Estenson in this transaction. Bank of America, N.A. acted as the escrow agent in the transaction.285.0-1.14----Estenson Logistics, LLC offers road transportation of freight and logistics services. The company was founded in 1999 and is headquartered in Mesa, Arizona. As of July 1, 2017, Estenson Logistics, LLC operates as a subsidiary of Hub Group Trucking, Inc.TruckingHeadquarters560 West Brown RoadSuite 3001 Mesa, Arizona 85201United StatesMain Phone: 480-940-8800Main Fax: 855-315-2960Other Phone: 888-455-8092www.estensonlogistics.com250.0--------CashCommon EquityLewis Brisbois Bisgaard & Smith LLP (Legal Advisor)Winston & Strawn LLP (Legal Advisor)--Hub Group Trucking, Inc. completed the acquisition of substantially all assets of Estenson Logistics, LLC from Timothy J. Estenson, Traci M. Estenson and Paul A. Truman on July 1, 2017. The deal value of $285 million is subject to customary post-closing adjustments. The purchase agreement was amended on July 1, 2017, excluding certain assets and liabilities and reducing base purchase price by $21.5 million. On July 1, 2017, Hub Group, Inc. and Hub City Terminals, Inc. entered into $350 million credit agreement which matures on July 1, 2022 with Bank of Montreal as administrative agent. Hub Group, Inc. intends to use the credit facility to finance the acquisition of Estenson Logistics, LLC.AcquisitionFriendly--

04/10/2017Swift Transportation Company-Merger/AcquisitionClosed2,970.64Knight-Swift Transportation Holdings Inc. (NYSE:KNX)The Teamsters General FundIQTR427257149Trucking (Primary)United States and Canada (Primary)2,952.32100.0Knight Transportation, Inc. (NYSE:KNX) entered into a definitive agreement to acquire Swift Transportation Company (NYSE:SWFT) for $3 billion on April 9, 2017. Under the terms of the definitive agreement, each Swift share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share. Knight is expected to be the accounting acquirer and the combined company will be named Knight-Swift Transportation Holdings Inc. (“Knight-Swift”) and will trade under the ticker “KNX.” Pursuant to closing of the transaction, Swift stockholders will own approximately 54% and Knight stockholders will own approximately 46% of the combined company. Pursuant to merger, Knight-Swift will have a single class of stock outstanding with one vote per share. In the transaction, Swift’s existing Class B common stock with two votes per share held by members of the Jerry Moyes family will be converted on a one-for-one basis into Class A common stock. Those shares, like all other Class A shares of Swift, will convert into 0.72 shares of Knight-Swift and there will be no shares of Class B common stock outstanding following the close of the transaction. After giving effect to the transaction, Jerry Moyes family will beneficially own approximately 24% of the Knight-Swift stock and has agreed that any shares they are entitled to vote in excess of 12.5% of the combined company’s shares will be voted as directed by a committee comprising Jerry Moyes, Kevin Knight and Gary Knight, except in the case of a vote of any sale of Knight-Swift. In addition, the Jerry Moyes family has agreed to certain standstill restrictions and provisions designed so that any share sales by the Jerry Moyes family are implemented in an orderly manner. Knight will be required to pay a termination fee of $75.3 million while Swift will be required to pay a termination fee of $89.1 million in the event they choose to terminate the transaction. Jerry Moyes has agreed to pay $25 million to Knight in the event that the merger agreement is terminated under circumstances that require Swift to pay the $89.1 million termination fee to Knight.

The Board of Directors of Knight-Swift will comprise all Knight Directors and four current Swift Directors. The Jerry Moyes family will initially be entitled to designate two Directors reasonably acceptable to the Board, one of whom must be independent, with the initial designees being Glenn Brown and Jerry Moyes. The remaining two Directors were chosen by the Swift board and will be Richard Dozer and David Vander Ploeg. Kevin Knight will serve as Executive Chairman of the Board and Gary Knight will serve as Vice Chairman. The executive team of Knight-Swift will be led by Kevin Knight as Executive Chairman, Dave Jackson as Chief Executive Officer and Adam Miller as Chief Financial Officer. Following the close of the transaction, Kevin Knight will serve as President of the Swift operating entities. Jerry Moyes will serve as a non-employee senior advisor to Kevin and Gary Knight. Richard Stocking, Chief Executive Officer of Swift, and Ginnie Henkels, Chief Financial Officer of Swift, have chosen to pursue other opportunities following the closing of the transaction. In the interim, Swift’s Chief Executive Officers, Richard Stocking and Ginnie Henkels will continue to lead Swift to ensure a smooth transition. The combined company will remain headquartered in Phoenix, Arizona.

The transaction is subject to customary conditions, including regulatory approvals, the approval of the stockholders of Knight and Swift, listing of shares on the stock exchange, Knight Charter amendment proposals, receipt of any required approval under the Federal Economic Competition Law of Mexico, effectiveness of the registration statement on Form S-4, listing on the NYSE of the combined company shares to be issued, receipt by Swift of an opinion from Kirkland, and Knight of an opinion from Fried Frank as well as antitrust approvals. The Jerry Moyes family, which holds approximately 56% of the Swift voting power, and Kevin Knight and Gary Knight, who hold approximately 10% of the Knight voting power, have agreed to vote their shares in favor of the transaction. The transaction has been unanimously approved by the Boards of Directors of both Swift Transportation and Knight Transportation. As of May 1, 2017, Federal Trade Commission granted an early termination notice of antitrust approval waiting period. Comisión Federal de Competencia Económica approved the transaction without conditions on June 26, 2017. As on September 7, 2017, the transaction was approved by the shareholders of Swift Transportation Company. The transaction is expected to occur in the third quarter of 2017. As on September 7, 2017, the deal is expected to close on September 8, 2017. The transaction is expected to be accretive to adjusted earnings per share.

Evercore Group L.L.C. acted as the financial advisor and will receive a fees of $10.5 million and, Philip Richter, Warren de Wied, Robert McLaughlin, Adam Kaminsky, Michael Alter, Bernard Nigro, Tobias Caspary, Israel David, Scott Luftglass, Joshua Roth, Howard Fine, Amber Meek, Jennifer Wollenberg, Donna Mussio, Amir Ghavi, Dallas Cruz, P.Ryan Messier, Christina Robinson, Jake Saifman, Maxwell Yim, Jaclyn Waters, W.Reid Thompson, Matthew Joseph, Max Kuttner, Andrew Cashmore, Samuel Dykstra, Alana Berrocal, J.Tyler Finn and Jason Meyers from Fried, Frank, Harris, Shriver & Jacobson LLP acted as the legal advisors for Knight Transportation, Inc. Morgan Stanley & Co. LLC acted as the financial advisor and will receive a fees of upto $10 million and Richard Aftanas, Daniel Wolf, Michael Brueck and Claire James of Kirkland & Ellis LLP acted as the legal advisors for Swift Transportation Company. Mark Scudder and Earl Scudder of Scudder Law Firm, P.C., L.L.O. acted as the legal advisor for Jerry Moyes family. Ryley, Carlock & Applewhite, P.C. acted as legal advisor to Knight Transportation. Okapi Partners LLC acted as information agent for Knight Transportation, Inc. and will receive base a fee of approximately $11,500. Innisfree M&A Incorporated acted as information agent for Swift Transportation Company and receive will a fee of approximately $17,500. Citigroup Inc. (NYSE:C) acted as financial advisor for Swift Transportation Company. Cravath, Swaine & Moore LLP acted as legal advisor to Morgan Stanley & Co , financial advisor to Swift Transportation company. Gibson, Dunn & Crutcher LLP acted as legal advisor to Evercore Group L.L.C.-2,952.32---24.094.33Swift Transportation Company operates as a multi-faceted transportation services company in North America. The company operates through four segments: Truckload, Dedicated, Swift Refrigerated, and Intermodal. The Truckload segment provides services through one-way movements over irregular routes utilizing company’s and owner-operator tractors with dry van, flatbed, and specialized trailing equipment in the United States, Mexico, and Canada. The Dedicated segment offers tailored solutions under long-term contracts utilizing refrigerated, dry van, flatbed, and other specialized trailing equipment. The Swift Refrigerated segment primarily offers shipments for customers who require temperature-controlled trailers. This segment’s shipments include one-way movements over irregular routes, as well as dedicated truck operations. The Intermodal segment moves freight over the rail in containers and other trailing equipment; and provides drayage services to transport loads between the railheads and customer locations. The company also offers logistics and freight brokerage services, as well as support services to its customers and owner-operators, including repair and maintenance shop services, equipment leasing, and insurance. As of December 31, 2016, it operated a fleet of 13,937 company tractors and 4,429 owner-operator tractors; 64,066 trailers; and 9,131 intermodal containers from 40 terminals near key freight centers and traffic lanes. Swift Transportation Company serves various customers principally in the retail, food and beverage, consumer products, paper products, transportation and logistics, housing and building, automotive, and manufacturing industries. The company was formerly known as Swift Holdings Corp. Swift Transportation Company was founded in 1966 and is headquartered in Phoenix, Arizona. Swift Transportation Company operates as a subsidiary of Knight-Swift Transportation Holdings Inc.TruckingHeadquarters2200 South 75th Avenue Phoenix, Arizona 85043United StatesMain Phone: 602-269-9700Other Phone: 800-800-2200www.swifttrans.com4,027.53503.61122.5710.238.185.541,117.13247.1385.72Common EquityCommon Equity; Rights / Warrants / OptionsKirkland & Ellis LLP (Legal Advisor); Citigroup Inc. (NYSE:C) (Financial Advisor); Innisfree M&A Inc. (Information Agent); Morgan Stanley & Co. LLC (Financial Advisor)Fried, Frank, Harris, Shriver & Jacobson LLP (Legal Advisor); Ryley Carlock & Applewhite (Legal Advisor); Okapi Partners LLC (Information Agent); Evercore Group L.L.C. (Financial Advisor)-Knight Transportation Inc. (NYSE:KNX) is looking for acquisitions. The company stated, “We also continue to explore growth through acquisition and believe the current environment should yield opportunities.”

Knight Transportation, Inc. (NYSE:KNX) is looking for acquisitions. The company stated that it remains focused on improving lane density, increasing productivity of tractors, improving yield, managing size of fleet based on market conditions, investing in long-term growth of logistics capabilities and continuing to assess acquisition opportunities as a means to continue to grow business.Knight Transportation, Inc. (NYSE:KNX) completed the acquisition of Swift Transportation Company (NYSE:SWFT) on September 8, 2017. AcquisitionFriendly-89.1

03/28/2017Florida East Coast Holdings Corp.-Merger/AcquisitionClosed2,100.0GMéxico Transportes, S.A. de C.V. (BMV:GMXT *)Florida East Coast Industries, LLCIQTR424863830TruckingUnited States and Canada (Primary)2,003.0100.0Grupo México Transportes S.A. de C.V. entered into an agreement to acquire Florida East Coast Holdings Corp. from Florida East Coast Industries, LLC for $2.1 billion on March 28, 2017. The consideration will be paid in cash. The acquisition was completed with a $2 billion payment from Grupo México Transportes, funded with a $1.55 billion unsecured bridge loan from BBVA and Credit Suisse, and a $250 million one from Santander. The remainder was funded with GMXT’s own resources. The transaction also included $97 million in debt at the Florida East Coast Holdings level being assumed. As on December 31, 2016, Florida East Coast Railway has reported sales of $404 million, EBITDA of $154 million. The acquisition is expected to close subject to satisfaction of closing conditions including the receipt of applicable government approvals. On May 22, 2017, the transaction has been approved by the Surface Transportation Board.

BBVA Bancomer, S.A. and Credit Suisse acted as financial advisors. Howard Kleinman, Bernardo Piereck, Joshua Milgrim, Elizabeth Tabas, Francois Quintard-Morenas, Susan Nieto, Daniel Mozes, Benjamin Snyder, Stephanie Haas, Daniel Rainer, Steven Lorch and Juan Pablo Betancourt of Dechert and Christian Lippert, Maurice Berkman, Carlos Chávez, Guillermo Pérez Santiago and Ángeles Padilla of Galicia Abogados acted as legal advisors to Grupo México Transportes. Barclays and Morgan Stanley & Co. LLC acted as financial advisors and Damien R. Zoubek, Keith Hallam, G.J. Ligelis Jr., David J. Kohtz, Ammanuel G. Gebeyehu, Hector A. Sants, Andrew W. Needham, Christopher K. Fargo, Tara L. Rhoades, Cecily Xi, Eric W. Hilfers, Michelle M. Garrett, George E. Zobitz, Matthew M. Kelly, Matthew Morreale, Annmarie M. Terraciano, Jesse M. Weiss, Joyce Law, Brian M. Budnick, Christopher C. Gonnella of Cravath, Swaine & Moore and James Mendenhall, Terence Hynes, Mark Schneider and Marc Raven of Sidley Austin acted as legal advisors for Florida East Coast Holdings. Mauricio Castilla and Diego Noriega of Jones Day represented Banco Santander, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent; BBVA Securities Inc. and Credit Suisse Securities (USA) LLC, as joint lead arrangers.2,100.02,003.05.213.64---Florida East Coast Holdings Corp., through its subsidiaries, provides freight transportation services in the United States. The company owns and operates a 351-mile freight railroad along the east coast of Florida from Jacksonville to Miami, as well as approximately 270 miles of branch, switching, and other secondary track; and 115 miles of yard track in Florida. It also owns/leases and operates various rail car marshalling yards; trailers/containers, and automobile loading and unloading facilities; signaling system facilities; and various operating offices, shops, and service house buildings. The company is involved in the transportation of freight, including crushed rock, automobiles, food products, chemicals, and other industrial products in conventional freight cars; and intermodal shipments of containers and trailers on flatcars. In addition, it provides car hire and demurrage, real estate lease, ancillary dray, switching, and other transportation services. The company owned or leased diesel electric locomotives, freight cars, trailers, containers, and chassis for highway service; and various pieces of rail-mounted work equipment and automobiles used in maintenance and transportation operations. The company was incorporated in 2011 and is based in Jacksonville, Florida. As of June 30, 2017, Florida East Coast Holdings Corp. operates as a subsidiary of GMéxico Transportes, S.A. de C.V.RailroadsHeadquarters7411 Fullerton StreetSuite 300 Jacksonville, Florida 32256United StatesMain Phone: 800-342-1131-404.0154.0----1,597.39619.26324.16CashCommon EquityCravath, Swaine & Moore LLP (Legal Advisor); Sidley Austin LLP (Legal Advisor); Morgan Stanley & Co. LLC (Financial Advisor); Barclays Capital Inc. (Financial Advisor)Credit Suisse Group AG (SWX:CSGN) (Financial Advisor); BBVA Bancomer, S.A. (Financial Advisor); Dechert LLP (Legal Advisor); Galicia Abogados, S.C (Legal Advisor)-Fortress Investment Group LLC (NUSE:FIG) is exploring a sale of Florida East Coast Railway Corp. held by Florida East Coast Industries, LLC, according to people familiar with the matter. Fortress is working with Barclays Plc and Morgan Stanley to weigh options for Florida East Coast Railway, people said.GMéxico Transportes, S.A. de C.V. completed the acquisition of Florida East Coast Holdings Corp. from Florida East Coast Industries, LLC on June 30, 2017. Grupo México Transportes obtained the authorizations from all US regulatory agencies, including the Committee of Foreign Investment in the United States and the Federal Communications Commission.AcquisitionFriendly--

03/02/2017David Oppenheimer Transport, Inc.-Merger/AcquisitionCancelled1.41Grandview Brokerage LimitedT&G Global Limited (NZSE:TGG)IQTR426781695Trucking (Primary)United States and Canada (Primary)1.419.0Grandview Brokerage Limited agreed to acquire 9% stake in David Oppenheimer Transport, Inc. from T&G Global Limited (NZSE:TGG) for NZD 2 million on March 2, 2017. In related transactions, T&G Global Limited entered into an agreement to acquire 24.4% stake in David Oppenheimer & Company I, L.L.C and The Oppenheimer Group entered into an agreement to acquire 50% stake in Delica North America Limited from T&G Global Limited on March 2, 2017. The transaction is expected to complete at the end of March 2017.15.7215.72-----David Oppenheimer Transport, Inc. provides transportation services. The company was founded in 1992 and is based in Wilmington, Delaware. David Oppenheimer Transport, Inc. operates as a subsidiary of The Oppenheimer Group.TruckingHeadquarters1050 Christiana Avenue Wilmington, Delaware 19801United StatesMain Phone: 302-429-0966----------CashCommon Equity----Grandview Brokerage Limited cancelled the acquisition of David Oppenheimer Transport, Inc. from T&G Global Limited (NZSE:TGG) on March 2, 2018.AcquisitionFriendly--

02/18/2017Moringa Cooperative, Inc.-Merger/AcquisitionCancelled0.3Liht Cannabis Corp. (DB:2M0)-IQTR421022743Trucking (Primary)United States and Canada (Primary)0.380.0Marapharm Ventures Inc. (DB:2M0) agreed to acquire 80% stake in Moringa Cooperative, Inc. for $0.3 million on February 18, 2017. Under the terms of the agreement, Marapharm Ventures Inc. (DB:2M0) will purchase 80% of the shares of Moringa Cooperative, Inc. "Moringa" and 20% ownership remains with the founding group, who will continue to operate the business. 0.3750.375-----Moringa Cooperative, Inc., doing business as MedicalDriveBy, operates a fleet of vehicles to provide cannabis product delivery services. The company was incorporated in 2016 and is headquartered in Palm Desert, California. As of February 18, 2017, Moringa Cooperative, Inc. operates as a subsidiary of Marapharm Ventures Inc.TruckingHeadquarters73550 Alessandro DriveSuite 201 Palm Desert, California 92260United States--------(3.26)(4.01)CashCommon Equity---Marapharm Ventures Inc. (DB:2M0) is seeking acquisitions. Linda Sampson, Chief Executive Officer of Marapharm, said, "All of our production and cultivation is pre-sold for medical purposes so the 'yes' vote does not affect our present structure but it makes us aggressive for expansion in Nevada in cultivation and distribution for recreational product and we are on the hunt for acquisitions within the space."Marapharm Ventures Inc. (DB:2M0) cancelled the acquisition of 80% stake in Moringa Cooperative, Inc. on April 17, 2017.AcquisitionFriendly--

02/08/2017Kel-West Carriers Ltd.-Merger/AcquisitionClosed2.81Payne Transportation Ltd.-IQTR560561605Trucking (Primary)United States and Canada (Primary)2.81100.0Payne Transportation Ltd. acquired Kel-West Carriers Ltd. for CAD 3.7 million on January 31, 2017. The purchase consideration was paid in cash. Following the transaction, Kel-West Carriers was integrated into the operations of Payne Transportation.2.812.81-----As of January 31, 2017, Kel-West Carriers Ltd. was acquired by Payne Transportation Ltd.. Kel-West Carriers Ltd. offers freight transportation services. The company is based in Kelowna, Canada.TruckingHeadquarters3396 Sexsmith Road Kelowna, British Columbia V1X 7S5CanadaMain Phone: 250-765-8080Main Fax: 250-765-9191Other Phone: 800-665-8788----------CashCommon Equity----Payne Transportation Ltd. completed the acquisition of Kel-West Carriers Ltd. on January 31, 2017.AcquisitionFriendly--

01/30/2017Cavalier Transportation Services Inc.-Merger/AcquisitionClosed28.43TFI International Inc. (TSX:TFII)-IQTR418520653Trucking (Primary)United States and Canada (Primary)28.43100.0TFI International Inc. (TSX:TFII) acquired Cavalier Transportation Services Inc. for CAD 37.2 million on January 30, 2017. Cavalier will operate as a standalone business unit within TFI. Rick Leckner of MaisonBrison Communications MaisonBrison Communications acted as public relations advisor for TFI International.28.4328.43-----Cavalier Transportation Services Inc. offers freight forwarding services. The company was founded in 1979 and is based in Bolton, Canada. As of January 28, 2017, Cavalier Transportation Services Inc. operates as a subsidiary of TFI International Inc.TruckingHeadquarters14091 Humber Station Road Bolton, Ontario L7E 5T1CanadaMain Phone: 905-857-6981Main Fax: 905-857-1932Other Phone: 800-263-2394www.cavalier.ca------2,996.69322.58116.93CashCommon Equity---TransForce Inc. (TSX:TFI) intends to use the net proceeds from the sale of the waste management segment for general corporate purposes, to support its program of strategic acquisitions, for its normal course issuer bid and to reduce indebtedness.

TransForce Inc. (TSX:TFI) is seeking selective acquisitions in order to grow organically and to enhance shareholders’ value. Alain Bedard, Chairman, President and Chief Executive Officer of TransForce, said, “The appointment of David Saperstein will allow TransForce to provide a continuous focus on M&A and to continue its successful strategy of growing through selective acquisitions. He brings specific expertise in this domain and we look forward to benefiting from David's acumen, as we aim to further enhance shareholder value."

TransForce Inc. (TSX:TFI) is looking for acquisition. The company said that it's going to be between 1,000 and 3,000, 4,000, 5,000 trucks additional, and there's not that many carriers that have that kind of fleet.

TransForce Inc. (TSX:TFI) is looking for acquisition opportunities. "We expect market conditions to remain fragile due to weak manufacturing activity across North America and softness in Canada where the economy remains broadly affected by low resource prices. Under such constraints, TransForce's decentralized and diversified business model is a key advantage, as we can rapidly adapt to evolving market conditions and capture high-return opportunities that may arise. Our focus remains on growing asset-light activities, such as e-commerce as well as intermodal and brokerage, which produce superior returns and generate a solid cash flow. We will continue to use our free cash flow to repurchase shares and reimburse debt, while remaining on the lookout to deploy capital in executing our selective acquisition strategy. TransForce remains firmly committed to enhancing shareholder value and our actions will continue to reflect this commitment, concluded Alain Bedard, Chairman, President and Chief Executive Officer of TransForce.TFI International Inc. (TSX:TFII) completed the acquisition of Cavalier Transportation Services Inc. on January 30, 2017.AcquisitionFriendly--

01/09/2017Dependable Auto Shippers, Inc., Peterbilt Truck-Merger/AcquisitionClosed0.145Bailey Truck & TrailerDependable Auto Shippers, Inc.IQTR416071752Trucking (Primary)United States and Canada (Primary)0.145100.0Bailey Truck and Trailer agreed to acquire Dependable Auto Shippers, Inc., Peterbilt Truck and Trailer from Dependable Auto Shippers, Inc. in a bankruptcy transaction for $0.14 million on December 22, 2016. The transaction is subject to Bankruptcy court approval and is subject to financing secured by Bailey Truck and Trailer. On January 9, 2017 bankruptcy court approval has been received.0.1450.145-----As of December 22, 2017, Dependable Auto Shippers, Inc., Peterbilt Truck was acquired by Bailey Truck & Trailer. Dependable Auto Shippers, Inc., Peterbilt Truck comprises a commercial truck with car carrying trailer. The asset is located in the United States.TruckingH

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New FOCUS SECTOR: INDUSTRIALS · 2019. 7. 29. · FOCUS SECTOR: INDUSTRIALS. INJECTION MOLDING INDUSTRY UPDATE. MARCH 2019. Manufacturing valuations vary across specialties but injection