Transportation and Logistics M&A Update

4Q 2019

RESOURCE HIGHLIGHTS

  • Deal activity bounced back in Q4 2019 with 162 deals in total, up 26% from Q3
  • Investors moved down market to the $0-50MM Enterprise Value range as pricing and competition has been challenging on larger deals
  • Strategic buyers were more active relative to private equity buyers in 2019 as we saw upticks in both deal value and volume as compared to the prior year
  • Private equity acquirers tend to chase companies that have a leading market position and potential growth opportunity, while strategic buyers are seeking financial improvement, new technologies and business portfolio expansion
  • Onex’s takeover of WestJet Airlines in a CAD 5 billion public-to-private LBO represented the largest deal in Q4. The deal aims to help Onex execute on along-term growth strategy without the constraints of quarterly scrutiny

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