Dissecting the Deal: Schneider, Daseke & the Structured Sale

Published on: 01/30/2017

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.

We may be in something of a buyer’s market for trucking companies. Schneider and Daseke demonstrate that deals can be struck in this environment. For both companies, structured transactions bridged between buyer and seller expectations, while delivering attractive value for the seller. A review of the deal specifics – laid out in more detail in this report – is useful background for any trucking company owner considering a sale.

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