Industry Reports

Q2 2018
The year 2017 was a banner year for the Freight industry.  Many records were broken and the current cycle looks like it has many more years to run.  Overall, Transportation & Logistics (T&L) is an incredibly vibrant sector.  As shown in the chart below, Capstone Headwaters’ T&L Index, which tracks leading public companies in the space, has maintained historically strong EBITDA multiples.  
Q2 2018
One thing was abundantly clear from the record freight levels achieved in North America in the fourth quarter of 2017: equilibrium in freight markets quickly went out the window during that period!  In particular, spot rates for truckload (TL) modes of transportation appreciated much faster than brokerage outfits could adjust their own pricing to carriers.  This freight dynamic is the double-edged sword of brokerage markets and one of the reasons managers of freight endure some sleepless nights.    
Q3 2017
E-commerce sales, construction projects, manufacturing, internationaltrade andthe overall increase in consumer spending, have driven demand for the delivery of goods and have created an active M&A environment for the Transportation and Logistics (T&L) Industry. 
Q2 2017
Internet of Things (IoT) technology is fundamentally changing the Transportation & Logistics (T&L) industry by creating transparency in the shipping process. With IoT connectivity, everything from marine containers to the pallets placed on trucks can be monitored through sensors. This has allowed for more sophisticated inventory attention including instantaneous temperature control for heat-sensitive cargo and in-depth supply chain intelligence for companies.
Q1 2017
The Transportation and Logistics (T&L) industry, a leading indicator of the economy, saw 112 mergers or acquisitions announced or closed in 2016. Of the 112 transactions, 55 were in Air Freight & Logistics, 44 were in Trucking, 7 were in Marine and 6 were in Rail. The buyer composition in 2016 was 78.6% strategic and 21.4% financial.
Q1 2017
Recently, Schneider National Inc. filed its expected S-1 with the Securities and Exchange Commission. The same day, blank-check company Hennessy Capital Acquisition Corp. II (NASDAQ: HCAC) (“HCAC”) announced it would be merging with Daseke, Inc., a leading consolidator in the flatbed market, in exchange for $626 million of initial consideration, which translates as 7.1 times Daseke’s 2016 estimated adjusted EBITDA.
Q4 2016
The strength of the US dollar, international trade, currently low fuel prices and consumer spending are all current favorable drivers in the Transportation & Logistics industry.  Through the end of November 2016, 105 deals have been announced or closed.
Q3 2016
Companies that provide or facilitate the movement of goods by land, water and air continue to be attractive targets for mergers and acquisitions through Q3 2016. Year-to-date, 95 deals have been announced or completed compared to 107 over the same period last year.
Q1 2016
M&A activity within the Transportation & Logistics sector continues to rise given the highly fragmented nature of industry participants coupled with a need for providers to gain efficiencies through scale, optimized routes, and access to technology or management expertise that may not be available in-house.
Q3 2015
Experts continue to view the Transportation & Logistics industry as a measure of the health of the overall economy and thus far, 2015 has been a strong year for providers of commercial transport. The industry has been aided by significantly lower oil prices, increased personal consumption, expanded manufacturing and the continued rise of e-commerce as a viable retail channel.