Logistics/transportation company with no good comparables

DM I'll send u something ASAP. Actually might be able to send u a link

If this site wasn't terrible I attached an image of what u need. I pasted the text from a table, which pasted poorly but better than nothing

It's in this DEFM14A for Daseke

https://www.sec.gov/Archives/edgar/data/0001642453/000121390017000988/d…

W.Industry Overview: Trucking / Transportation (Open Deck Freight)

Industry Overview

Daseke – Trucking / Transportation (Open Deck Freight Market)

   Summary Detail<p> </p>
Overview of the Open Deck Freight Market.<p> </p>

The open deck freight market is expected to represent an approximately $133 billion subset of the broader transportation and logistics market 2016 and is expected to grow to $174 billion 2019. Open deck freight is defined as loads secured atop trailer decks without sides or a roof and is generally both complex and time-sensitive. These routes are frequently more irregular than dry-van routes due to the nature of the freight. Open deck lanes stretch across the country, with particular density around corridors of significant lumber, steel and machinery production, notably the Southeast, Midwest and West Coast regions of the United States.

Complex and time- sensitive freight :

 The complexity and time-sensitivity of open deck freight separates it from regular dry-van freight. The open deck industry requires highly trained drivers and specialized equipment with the ability to handle uniquely shaped and overweight cargo. Specialized loads often require specific expertise to address the additional administrative paperwork, proper licenses and hauling permits, extensive coordination with local officials and escort vehicles. Furthermore, high-value loads demand increased liability insurance that smaller competitors often cannot provide.<p> </p>

Fragmented industry ripe for consolidation:

The open deck industry is highly fragmented and as of year-end 2014, 89% of flatbed fleets and 85% of specialized fleets had fewer than ten trucks and only 11% of open deck providers had between 10 and 1,000 trucks. This fragmentation, combined with the current regulatory and capacity environment, favors carriers of scale who can provide capacity, the right equipment and consistency service to meet the demands of the largest shippers. Shippers are also increasingly consolidating their transportation needs among a small number of preferred providers. These dynamics present an opportunity for consolidation the largest providers.

Driver supply and capacity:

 Open deck hiring needs are expected to increase over 100,000 drivers per year through 2020 primarily due to the regulatory climate and a robust demand environment. This will likely lead to capacity shortfalls. The driver supply shortfall is particularly acute the open deck sector due to the physical demands and expertise required for load planning and cargo securement. This environment should favor the highest- quality operators who are best positioned to attract and retatalented, experienced drivers. Constrained capacity is also expected to drive rate increases when a tight supply environment is paired with a strong demand climate.<p> </p>

Capacity-restricting regulatory climate:

The current regulatory climate for the entire trucking industry, which includes implementation of hours-of- service (“HOS”) limitations through Electronic Logging Devices (“ELDs”), is expected to reduce capacity and as a result, drive rate increases. ELDs, which monitor driver compliance to HOS regulations decrease the number of available driver hours and therereduce capacity. While these devices only had 15% market penetration as of August 2015, primarily among the largest carriers, the Federal Motor Carrier Safety Administration (the “FMCSA”) has mandated ELDs all interstate commercial trucks December 2017. Over 93% of Daseke’s company-owned tractors already have ELDs installed, and the remaining tractors are on schedule for ELD-installation or before the FMCSA deadline. Smaller carriers employing lower safety standards are likely to be challenged this mandate, which provides an advantage to carriers who have already complied and adapted to ELDs because most fleets initially experience decreased performance when first using ELDs. FTR estimates that after the ELD mandate is fully effect December 2017, 3% of all capacity (net equivalent of approximately 110,000 trucks) will be removed from the road. addition to ELDs, August 2016, an effort to reduce the severity of crashes involving heavy-duty vehicles, the FMCSA, conjunction with the National Highway Traffic Safety Administration (the “NHTSA”), proposed a rule that would require all newly manufactured heavy-duty trucks to have speed limiters installed. If approved, the rule would result reduced capacity the industry, with each reduced mile estimated to remove the net equivalent of 67,000 trucks. According to the FMCSA and the NHTSA, the speed limiter requirement, if adopted, would likely affect smaller companies most adversely due to the reduction miles that they can cover with current resources. The majority of Daseke’s company-owned fleet is already equipped with self-imposed speed limiters.

Note 10 – Daseke’s Industry: information presented in this section was provided by FTR Associates, Inc. (“FTR”), whom Daseke engaged to provide analysis of its industry. Although we believe FTR and other third-party sources cited herein are reliable as of their respective dates, neither we nor Daseke have independently verified the accuracy or completeness of this information.

Source: Daseke (Hennessy Capital Acquisition Corp. II) / DEFM14A / February 2017 / Daseke’s Industry / Page 32-33

Hyperlink: https://www.sec.gov/Archives/edgar/data/0001642453/000121390017000988/d…

U. Valuation Comps

Valuation Comps (Public & Transaction Comps)

Comparable Public Company Analysis EV EV / EBITDA EV / EBITDA EV / EBITDA Trucking / Transportation (Asset-Light) LTM 2016E 2017E

LEVERAGED FINANCE

Daseke - Trucking / Transportation Industry

J.B. Hunt Transport Services XPO Logistics, Inc.

Landstar System, Inc. Forward Air Corporation Hub Group, Inc.

Echo Global Logistics, Inc.

Roadrunner Transportation Systems, Inc. Celadon Group, Inc.

Universal Logistics Holdings

Old Dominion Freight Line Swift Transportation Company Knight Transportation, Inc. Werner Enterprises, Inc. Heartland Express, Inc.

YRC Worldwide Inc.

Saia, Inc.

ArcBest Corporation

Marten Transport, Ltd. Covenant Transportation Group USA Truck, Inc.

P.A.M. Transportation Services Patriot Transportation Holding

$11,917 11.1x $10,354 9.4x

$3,506 13.9x $1,503 10.7x $1,498 8.7x

$939 18.0x $816 8.1x $653 6.7x $693 7.3x

$7,405 11.1x $4,377 8.0x $2,815 10.7x $2,118 6.3x $1,653 8.9x $1,237 5.0x $1,251 8.2x

$798 6.0x $787 6.0x $574 4.9x $223 5.9x $311 5.6x

$70 4.5x

11.1x 8.3x 13.8x 10.8x 9.4x 12.8x 8.5x 4.8x 7.9x

10.9x 8.0x 10.5x 6.5x 8.7x 4.2x 8.0x 6.0x 5.8x 5.5x 6.5x 5.0x n/a

10.2x 7.6x 13.0x 9.7x 9.2x 11.0x 7.1x 7.3x 7.8x

10.0x 7.5x 9.8x 6.0x 8.6x 3.8x 7.2x 4.7x 5.6x 4.9x 5.5x 4.6x n/a

EV / EBITDA

9.4x 5.9x 6.2x 5.0x 5.0x 5.7x 11.7x 8.1x 3.0x 10.6x 10.5x 11.2x 7.2x n/a 13.5x 4.5x 4.5x 6.7x 6.5x 8.7x 5.8x 11.9x

High 18.0x 13.8x 13.0x

Mean 10.4x 9.7x 9.2x

Median 9.4x 9.4x 9.2x

Low 6.7x 4.8x 7.1x

Comparable Public Company Analysis EV EV / EBITDA EV / EBITDA EV / EBITDA Trucking / Transportation (Asset-Based) LTM 2016E 2017E

High 11.1x 10.9x 10.0x

Mean 7.0x 7.1x 6.5x

Median

6.0x

6.5x

5.8x

Low 4.5x 4.2x 3.8x

Precedent Transactions Analysis - Trucking / Transportation Industry (Asset-Based + Asset-Light)

Target

Span-Alaska Transportation,

Trimac Transportation Ltd.

Con-way Inc.

Hornady Transportation LLC

Bulldog Hiway Express

Stagecoach Cartage and Distribution Quality Distribution

Bridge Terminal Transport

Hodges Trucking Company, Command Transportation, LLC

Norbert Dentressangle (XPO Logistics EUR) Norbert Dentressangle S.A. (XPO Logistics EUR) UX Specialized Logistics

Taylor Express, Inc.

Wheels Group Inc.

Lone Star Transportation

Barr-Nunn Transportation, Inc. Contrans Group Inc.

Transport America, Inc.

One Stop Logistics, Inc.

Patriot Transportation Holding

Pacer InternationaL (nka:XPO Intermodal, Inc.)

Acquiror

Matson Logistics

Trimac Corporation

XPO Logistics

Daseke

Daseke

Roadrunner Transportation Systems Apax Partners LLP

XPO Logistics

Rodan Transport (U.S.A.) Echo Global Logistics, Inc. XPO Logistics

XPO Logistics.

XPO Last Mile.

Celadon Group

Radiant Global Logistics Daseke, Inc.

Knight Transportation, TransForce Inc. TransForce Inc.

Echo Global Logistics

XPO Logistics

Date

7/2016 5/2016 9/2015 8/2015 7/2015 7/2015 5/2015 5/2015 5/2015 4/2015 4/2015 4/2015 2/2015 1/2015 1/2015 10/2014 10/2014 7/2014 6/2014 5/2014 5/2014 1/2014

Max 13.5x

Mean 7.7x

Median 6.7x

Min