1st Half 2021 Industrial Services

M&A Update
KPMG Corporate Finance LLC
Contents

Page

Engineering & Construction Sector Update 3

Transportation & Logistics Sector Update 10

M&A Deal Spotlight 17

KPMG Corporate Finance Overview 18

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Engineering & Construction
Sector Update | 1st Half 2021

© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 3
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Engineering & construction services sector landscape
M&A Activity & Aggerate Deal Value: Q2-19 – Q2-21 Engineering & Construction Services Public Company Sector Overview

▪ Global aggregate M&A deal value for the Engineering & Construction sector increased
to $14.9bn in Q2-21, up from $6.2bn in Q1-21, however, over the same period, M&A LTM Trading Multiples
deal volume for the sector witnessed a slight decline of 2.9%
Sector Description
EV / EV /
▪ In Q2-21, reported U.S. Engineering & Construction aggregate M&A deal value totaled Revenue EBITDA
$1.3bn, down from $2.0bn in Q1-21. Over the same period, Aggregate U.S. M&A deal
volume decreased 2.2%
Construction ▪ Providers of construction and general
0.38x 9.9x
Contractors contracting services
▪ The U.S. accounted for 34.1% of global Engineering & Construction M&A activity
during Q2-21, slightly up from 33.8% in Q1-21
Diversified ▪ Professional services firms offering a
Engineering & 1.16x 14.2x range of engineering, construction, and
Construction construction management services
$35.0 600
$0.9 Infrastructure ▪ Civil and infrastructure construction and
0.88x 11.4x
$28.0 Services engineering services
411 399 450
Specialty ▪ Electrical, mechanical, industrial, and
Deal Value ($bn)

332

Deal Volume
$21.0 325 321 309 315
285 Engineering and 1.38x 12.7x environment engineering and
300 Construction construction services
$30.3 $1.3
$14.0 173
$0.2 ▪ Electric power, energy, and utility
$0.1 Utility Services 0.96x 11.1x
150 engineering and construction services
$7.0 $2.0
$1.0 $3.5 $0.1 $13.6
$10.3
$0.6 $8.2
$4.2 $3.9 $4.2
$0.0 $1.7 $1.9 0
Q2-2019

Q3-2019

Q4-2019

Q1-2020

Q2-2020

Q3-2020

Q1-2021
Q4-2020*

Q2-2021**

Rest of the world U.S. Global Deal Volume

*In Q4-21, China Energy Engineering Corporation Limited (SEHK:3996) acquired a 57.16% stake of China Gezhouba Group Company Limited (SHSE:600068) for $18.6bn, which comprised 59.6% of global aggregate deal value for the Engineering & Construction
sector during the quarter.
** In Q2-21, Brookfield Business Partners L.P. (NYSE:BBU) agreed to acquire Modulaire Group, for $5bn, representing 33.6% of global aggregate deal value for the Engineering & Construction sector during the quarter.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 4
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Notable 1st half 2021 engineering & construction transactions
PCI Skanska Inc. On Jun 23, 2021, Salas O'Brien South, LLC announced the acquisition of PCI Skanska Inc. for $20m
▪ PCI Skanska operates as a multi-discipline design firm providing full-service engineering and architectural services for a wide range of
industries
▪ Salas O'Brien is an engineering and facility planning firm offering mechanical and electrical engineering, as well as consulting services to
Salas O'Brien clients in structural, district utilities, fire protection, amidst other industries
South, LLC ▪ Deal Rationale: The acquisition is expected to enhance Salas O’Brien’s experience in power and industrial sectors

ADB Companies, LLC On Apr. 26, 2021, Warren Equity Partners, LLC acquired ADB Companies, LLC. Terms of acquisition were not disclosed
▪ ADB Companies, LLC is an infrastructure services provider serving telecommunication, utility, and technology industries
▪ Warren Equity Partners is lower middle market focused private equity firm based in Jacksonville Beach, FL
▪ Deal Rationale, per Scott Bruckmann, Partner of Warren Equity: “We are very excited to partner with Rusty, Chad, and the ADB team. The
Warren Equity Company has a fantastic culture and a successful track record focused on safety, quality, and customer service. We believe ADB is well-
Partners, LLC positioned to serve the growing demand for network capacity and reliability to support increased use of connected devices…”

On May 17, 2021, New Mountain Capital, L.L.C. acquired Aegion Corporation for $1,247m, 1.46x LTM Revenue, and 8.6x LTM EBITDA
Aegion ▪ Aegion Corporation operates as a leading infrastructure services firm providing infrastructure maintenance, rehabilitation, and protection
Corporation solutions
▪ New Mountain is a growth oriented private equity firm based in New York, NY
▪ Deal Rationale, per Harris Kealey, Managing Director of New Mountain Capital: “… By combining Aegion’s existing strengths with our
New Mountain experience identifying and investing in high-quality growth businesses that provide infrastructure services, protection and maintenance…
Capital Aegion will be well-positioned to advance its client offerings and technological capabilities through continued investments in its business.
This will lead to new opportunities for employees and development of innovative solutions…”

On Apr. 7, 2021, WSP Global Inc. (TSX:WSP) acquired Golder Associates Corporation for $1,087m, 10.4x Implied EBITDA
▪ Golder Associates is an engineering consulting firm specializing in the geo-sciences sector with focus on earth and environmental
Golder Associates
consulting and services
Corporation
▪ WSP provides engineering and design services to companies operating in transportation, infrastructure, property & buildings,
environment, power & energy sectors
WSP Global ▪ Deal Rationale, per Alexandre L’Heureux, President and CEO of WSP: “This acquisition directly contributes to the realization of the goals
Inc. we laid out in our 2019-2021 Global Strategic Plan. We expect that the addition of Golder will contribute to both strategic growth and
value creation for many years to come.”

Source: S&P Capital IQ. Engineering & Construction is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 5
with KPMG International Limited, a private English company limited by guarantee.
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Engineering & construction public markets update
Indexed Price Performance: S&P 500 vs E&C Sector Index Market Based Valuation
Index Change (%)
EV / LTM Revenue
S&P 500 Engineering & construction Median: 0.86x
3.19x
200%
157.2%
160%
Index Change (%)

116.4%
120%
1.38x
80% 1.16x
0.96x 0.88x
40% 0.38x

0%
Dec-2018

Dec-2019

Dec-2020
Mar-2019

Mar-2020

Mar-2021
Jun-2018

Jun-2019

Jun-2020

Jun-2021
Sep-2018

Sep-2019

Sep-2020
S&P 500 Specialty E&C Diversified Utility Services Infrastructure Construction
E&C Services Contractors

Historical Median EV / EBITDA Multiples for the E&C Sector EV / LTM EBITDA
Median: 12.1x
11.6x 12.1x
10.6x 10.6x 11.3x 16.4x
10.4x 10.1x 10.1x
9.4x 9.2x 9.2x 14.2x
8.6x 8.4x 8.9x 12.7x
8.1x 8.3x 11.4x 11.1x
7.5x
9.9x

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 S&P 500 Diversified Specialty E&C Infrastructure Utility Services Construction

2017 2018 2019 2020 2021 E&C Services Contractors

Source: S&P Capital IQ. Engineering & Construction is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 6
with KPMG International Limited, a private English company limited by guarantee.
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Engineering & construction public markets overview
Construction Contractors
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
Skanska AB (publ) $10,942 77.0% $9,501 $17,502 $1,165 6.7% (1.2%) 0.54x 8.2x
ACS, Actividades de Construcción y Servicios, S.A. 7,635 38.9% 13,701 40,122 928 2.3% (7.2%) 0.34x 14.8x
Aecon Group Inc. 876 66.5% 983 2,902 78 2.7% 15.6% 0.34x 12.6x
Tutor Perini Corporation 707 32.4% 1,476 5,276 378 7.2% 11.2% 0.28x 3.9x
Mean 53.7% 4.7% 4.6% 0.38x 9.9x
Median 52.7% 4.7% 5.0% 0.34x 10.4x

Diversified Engineering and Construction

LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
VINCI SA $61,069 78.3% $88,927 $53,967 $6,399 11.9% (1.8%) 1.65x 13.9x
Jacobs Engineering Group Inc. 17,373 81.7% 21,104 13,709 1,110 8.1% 2.7% 1.54x 19.0x
Bouygues SA 14,085 48.4% 21,033 41,400 3,813 9.2% 1.1% 0.51x 5.5x
AECOM 9,270 80.9% 11,443 13,337 768 5.8% (0.1%) 0.86x 14.9x
Obayashi Corporation 5,710 13.4% 6,026 15,976 1,295 8.1% (17.1%) 0.38x 4.7x
KBR, Inc. 5,392 79.5% 6,826 5,691 410 7.2% (2.5%) 1.20x 16.6x
HOCHTIEF Aktiengesellschaft 5,236 14.4% 6,295 25,508 (345) (1.4%) (11.7%) 0.25x NM
Stantec Inc. 4,986 80.8% 5,826 2,868 346 12.1% 8.1% 2.03x 16.8x
SNC-Lavalin Group Inc. 4,570 89.7% 5,706 5,532 21 0.4% 9.9% 1.03x NM
Arcadis NV 3,639 88.0% 4,029 4,041 312 7.7% 3.7% 1.00x 12.9x
Shikun & Binui Ltd. 2,780 82.0% 5,103 1,914 218 11.4% 2.2% 2.67x 23.4x
Webuild S.p.A. 2,376 97.5% 4,455 5,195 101 2.0% (1.1%) 0.86x NM
Mean 69.5% 6.9% (0.6%) 1.16x 14.2x
Median 80.9% 7.9% 0.5% 1.01x 14.9x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Engineering & Construction is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 7
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Engineering & construction public markets overview (cont.)
Infrastructure Services
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
Balfour Beatty plc $2,769 82.9% $2,639 $9,994 $59 0.6% 3.2% 0.26x NM
Granite Construction Incorporated 1,902 90.0% 1,667 3,596 171 4.8% 2.8% 0.46x 9.7x
Construction Partners, Inc. 1,642 75.5% 1,702 812 98 12.1% 0.4% 2.10x 17.4x
Sterling Construction Company, Inc. 690 90.4% 990 1,446 140 9.7% 20.6% 0.68x 7.1x
Mean 84.7% 6.8% 6.7% 0.88x 11.4x
Median 86.5% 7.2% 3.0% 0.57x 9.7x

Specialty Engineering and Construction

LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
EMCOR Group, Inc. $6,721 91.1% $6,495 $8,801 $613 7.0% (5.5%) 0.74x 10.6x
Tetra Tech, Inc. 6,610 67.4% 6,912 2,355 284 12.1% (3.8%) 2.94x 24.3x
Clean Harbors, Inc. 5,082 92.5% 6,239 3,094 500 16.1% (11.4%) 2.02x 12.5x
APi Group Corporation 4,288 80.8% 5,081 3,532 302 8.6% (12.3%) 1.44x 16.8x
Comfort Systems USA, Inc. 2,849 81.0% 3,068 2,826 264 9.3% 1.8% 1.09x 11.6x
Dycom Industries, Inc. 2,294 58.9% 2,911 3,112 270 8.7% (6.3%) 0.94x 10.8x
John Wood Group PLC 2,044 18.2% 3,650 7,564 400 5.3% (23.5%) 0.48x 9.1x
Bilfinger SE 1,206 58.5% 773 3,966 138 3.5% (14.8%) NM 5.6x
Mean 68.5% 8.8% (9.5%) 1.38x 12.7x
Median 74.1% 8.6% (8.8%) 1.09x 11.2x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Engineering & Construction is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 8
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Engineering & construction public markets overview (cont.)
Utility Services
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
Quanta Services, Inc. $12,621 82.8% $14,044 $11,142 $947 8.5% (7.7%) 1.26x 14.8x
MasTec, Inc. 7,686 81.0% 8,681 6,680 815 12.2% (5.7%) 1.30x 10.7x
Primoris Services Corporation 1,581 53.9% 2,238 3,567 277 7.8% 11.9% 0.63x 8.1x
MYR Group Inc. 1,530 98.3% 1,508 2,321 142 6.1% 9.4% 0.65x 10.7x
Mean 79.0% 8.6% 2.0% 0.96x 11.1x
Median 81.9% 8.1% 1.9% 0.96x 10.7x

Total Mean 70.4% 7.3% (0.9%) 1.05x 12.4x

Total Median 80.8% 7.7% (0.6%) 0.86x 12.1x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Engineering & Construction is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 9
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Transportation & Logistics
Sector Update | 1st Half 2021

© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 10
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Transportation & logistics services sector landscape
M&A Activity & Aggerate Deal Value: Q2-19 – Q2-21 Transportation & Logistics Services Public Company Sector Overview

▪ Aggregate global Transportation & Logistics sector M&A deal value totaled $68.6bn in
Q2-21, up from $27.5bn in Q1-21 LTM Trading Multiples
Sector Description
▪ Relative to the first quarter of 2021, global M&A deal volume increased 2.7% in the EV / EV /
second quarter of 2021 Revenue EBITDA

▪ U.S. aggregate M&A deal value increased from $2.6bn in Q1-21 to $44.4bn in Q2-21, ▪ Third-party logistics providers offering
Logistics
while U.S. M&A deal activity increased 2.8% over the same period 1.55x 13.8x warehouse management, order
Providers
fulfillment, and shipment services
▪ In Q2-21, the U.S. accounted for 27.1% of global Transportation & Logistics M&A
activity during Q2-21, which remained flat compared to Q1-21
▪ Ocean and marine freight
Marine 3.16x 14.4x
transportation and logistics services

$70.0 400
Rail and Rail ▪ Rail-based freight transportation
6.38x 16.0x
$60.0 Services services
280 273 269 300
$50.0 255 266 266 262
240 ▪ Companies offering truckload
Deal Value ($bn)

Deal Volume
$44.4 Trucking 2.06x 9.4x
$40.0 transportation services
150 200
$30.0
$2.6
$20.0 $9.9 $7.2
$1.1 100
$2.6 $1.1 $24.9 $24.2
$10.0 $2.8 $17.2
$16.1 $12.6 $0.1
$11.7 $7.6 $8.4
$5.3
$0.0 0
Q2-2019

Q4-2019

Q1-2020

Q2-2020

Q3-2020

Q4-2020

Q1-2021
Q3-2019

Q2-2021*

Rest of the world U.S. Global Deal Volume

*In Q2-21, Canadian National Railway Company acquired Kansas City Southern for $33.8bn, which comprised 76.1% of the U.S. aggregate deal value and 49.3% of global aggregate deal value for the Transportation & Logistics sector.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 11
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Notable Q2 2021 transportation & logistics transactions
On Jun. 11, 2021, GlobalTranz Enterprises announced plans to merge with Worldwide Express, LLC. Terms of the merger were not
disclosed
GlobalTranz ▪ GlobalTranz Enterprises is a technology enabled full-service third-party transportation and logistics provider. The Company is backed by
Enterprises, Inc. Providence Equity Partners
▪ Worldwide Express, backed by Ridgemont Equity Partners, offers third party logistics services with a focus on service small and medium-
Worldwide Express sized businesses
Operations / Ridgemont ▪ Deal Rationale, per Tom Madine, CEO of Worldwide Express: “I am excited to combine Worldwide Express and GlobalTranz. The
Equity Partners opportunities for growth by combining our resources will dramatically increase our ability to drive technology, further strengthen our
carrier partnerships and allow us to provide a deeper offering to our customers… ”

On Apr. 30, 2021, TFI International Inc. (TSX:TFI) acquired UPS Ground Freight, Inc. for $800m, 0.27x LTM Revenue
UPS Ground ▪ UPS Ground Freight, Inc., doing business as UPS Freight, provides less-than-truckload (LTL) and truckload freight services
Freight, Inc.
▪ TFI International Inc. provides transportation and logistics services in the U.S., Canada, and Mexico
▪ Deal Rationale, per Alain Bédard, Chairman, President, and CEO of TFI International: “…This highly strategic transaction that will
strengthen our service offerings to customers as well as our ongoing relationship with UPS… This transaction is a ‘win-win’, allowing TFI to
TFI International Inc.
continue our strategic expansion across the US and aligning with UPS’ ‘Better not Bigger’ strategic positioning.”

On Apr. 14, 2021, American Industrial Partners acquired SEACOR Holdings Inc. for $1,235m, 1.54x LTM Revenue, 11.3x LTM EBITDA
SEACOR Holdings Inc. ▪ SEACOR Holdings is a diversified holding company with interests in domestic and international transportation and logistics, crisis and
emergency management, and clean fuel and power solutions
▪ American Industrial Partners is a private equity firm based in New York, NY
American Industrial ▪ Deal Rationale, per Jason Perri, Partner of AIP: “…SEACOR has a proven strategy and an attractive portfolio of businesses with a track
Partners record as a first-class operator across various end markets, including the Jones Act marine space. This is a valuable addition to the AIP
investment portfolio…”

On Apr. 6, 2021, The Jordan Company, L.P. acquired AIT Worldwide Logistics, Inc. for $1,200m
AIT Worldwide
▪ AIT Worldwide Logistics is a global freight forwarder specializing in air and sea freight, ground distribution, warehouse management, 3PL,
Logistics, Inc.
and custom supply chain solutions
▪ The Jordan Company is a middle‐market focused private equity firm investing in businesses across a wide range of industries
▪ Deal Rationale: The partnership with The Jordan Company will enable AIT to pursue a strategic growth plan focusing on global expansion
The Jordan Company
through both organic growth and through acquisitions

Source: S&P Capital IQ. Transportation & Logistics is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 12
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Transportation & logistics public markets update
Indexed Price Performance – S&P 500 vs T&L Sector Index Market Based Valuation
Index Change (%)
EV / LTM Revenue
Median: 1.78x
S&P 500 Transportation & logistics
6.38x
200%
157.6%
160%
Index Change (%)

157.2%
120% 3.19x 3.16x

80% 2.06x
1.55x
40%

0%
Jun-2018

Jun-2019

Jun-2020

Jun-2021
Dec-2018

Mar-2019

Dec-2019

Mar-2020

Dec-2020

Mar-2021
Sep-2018

Sep-2019

Sep-2020
S&P 500 Rail and Rail Marine Trucking Logistics
Services Providers

Historical Median EV / EBITDA Multiples for the T&L Sector EV / LTM EBITDA
15.0x
Median: 15.0x
14.4x
13.0x 16.4x 16.0x
11.7x 11.8x 14.4x
11.2x 11.1x 11.1x 11.0x
10.5x 10.9x 10.3x 10.1x 9.7x 10.3x 13.8x
9.4x
8.9x
9.4x

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 S&P 500 Rail and Rail Marine Logistics Trucking

2017 2018 2019 2020 2021 Services Providers

Source: S&P Capital IQ. Transportation & Logistics is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 13
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Transportation & logistics public markets overview
Logistics Providers
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
United Parcel Service, Inc. $181,045 89.1% $199,785 $89,501 $9,248 10.3% 19.4% 2.23x 21.6x
Deutsche Post AG 83,853 94.6% 98,826 82,711 8,664 10.5% 18.5% 1.19x 11.4x
FedEx Corporation 79,160 87.0% 108,535 83,959 11,749 14.0% 21.3% 1.29x 9.2x
DSV Panalpina A/S 51,484 93.6% 54,817 19,289 1,836 9.5% 28.2% 2.84x NM
Kuehne + Nagel International AG 41,208 95.9% 41,455 22,814 1,614 7.1% 5.8% 1.82x NM
Expeditors International of Washington, Inc. 21,381 97.3% 20,037 11,572 1,224 10.6% 43.6% 1.73x 16.4x
J.B. Hunt Transport Services, Inc. 17,219 68.7% 18,104 9,974 1,301 13.0% 6.6% 1.82x 13.9x
C.H. Robinson Worldwide, Inc. 12,457 54.0% 13,912 17,206 864 5.0% 12.0% 0.81x 16.1x
TFI International Inc. 8,522 94.6% 9,736 4,005 571 14.3% 1.2% 2.43x 17.1x
Agility Public Warehousing Company K.S.C.P. 6,409 69.8% 7,873 5,719 473 8.3% 14.0% 1.38x 16.7x
Landstar System, Inc. 6,069 65.8% 5,977 4,496 365 8.1% 12.8% 1.33x 16.4x
Ryder System, Inc. 4,004 71.8% 10,545 8,480 2,368 27.9% (4.8%) 1.24x 4.5x
Fortress Transportation and Infrastructure Investors 2,873 94.5% 4,873 331 198 59.7% (42.6%) NM 24.7x
Forward Air Corporation 2,452 79.6% 2,678 1,326 122 9.2% 6.8% 2.02x 21.9x
Hub Group, Inc. 2,271 67.7% 2,335 3,576 243 6.8% 0.1% 0.65x 9.6x
World Fuel Services Corporation 2,006 69.2% 1,798 18,301 206 1.1% (49.4%) NM 8.7x
Atlas Air Worldwide Holdings, Inc. 1,976 75.3% 4,002 3,429 849 24.7% 26.9% 1.17x 4.7x
Air Transport Services Group, Inc. 1,712 13.0% 3,222 1,557 482 31.0% 4.3% 2.07x 6.7x
Echo Global Logistics, Inc. 819 57.8% 926 2,761 61 2.2% 25.6% 0.34x 15.1x
Mean 75.7% 14.4% 7.9% 1.55x 13.8x
Median 75.3% 10.3% 12.0% 1.38x 15.1x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Transportation & Logistics is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 14
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All rightsreserved.
Transportation & logistics public markets overview (cont.)
Marine
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
A.P. Møller - Mærsk A/S $53,928 92.3% $63,051 $42,608 $9,101 21.4% 9.5% 1.48x 6.9x
Kirby Corporation 3,645 71.9% 5,139 2,024 317 15.7% (26.1%) 2.54x 16.2x
Matson, Inc. 2,780 70.9% 3,740 2,581 486 18.8% 18.2% 1.45x 7.7x
Wallenius Wilhelmsen ASA 1,470 73.7% 5,162 2,962 236 8.0% (20.5%) 1.74x 21.9x
Costamare Inc. 1,449 89.4% 3,269 466 289 62.0% (4.3%) 7.02x 11.3x
Diana Shipping Inc. 464 90.9% 790 167 35 21.1% (18.2%) 4.73x 22.4x
Mean 81.5% 24.5% (6.9%) 3.16x 14.4x
Median 81.5% 20.0% (11.2%) 2.14x 13.8x

Rail and Rail Services

LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
Union Pacific Corporation $146,100 83.0% $173,004 $19,305 $9,938 51.5% (10.4%) 8.96x 17.4x
Canadian National Railway Company 74,737 38.6% 85,066 10,978 5,702 51.9% 4.3% 7.75x 14.9x
CSX Corporation 72,892 77.1% 86,744 10,541 5,724 54.3% (10.5%) 8.23x 15.2x
Norfolk Southern Corporation 66,416 76.4% 78,569 9,803 4,697 47.9% (11.5%) 8.01x 16.7x
Canadian Pacific Railway Limited 51,286 85.2% 59,098 6,063 3,489 57.6% 6.5% 9.75x 16.9x
Westinghouse Air Brake Technologies Corporation 15,555 85.6% 19,684 7,456 1,256 16.8% (12.7%) 2.64x 15.7x
Trinity Industries, Inc. 2,940 55.6% 8,351 1,783 507 28.4% (40.9%) 4.68x 16.5x
The Greenbrier Companies, Inc. 1,431 76.8% 2,170 2,098 151 7.2% (33.7%) 1.03x 14.3x
Mean 72.3% 39.5% (13.6%) 6.38x 16.0x
Median 77.0% 49.7% (11.0%) 7.88x 16.1x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Transportation & Logistics is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 15
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Transportation & logistics public markets overview (cont.)
Trucking
LTM
Relative Enterprise EBITDA Revenue
Market Cap (1), (2) Revenue EBITDA(4) EV / Revenue EV / EBITDA
52-Wk Value(3) Margin Growth
Old Dominion Freight Line, Inc. $29,432 79.6% $28,870 $4,154 $1,253 30.2% 1.2% 6.95x 23.0x
Knight-Swift Transportation Holdings Inc. 7,524 60.4% 8,267 4,772 1,143 23.9% 0.2% 1.73x 7.2x
Saia, Inc. 5,472 71.6% 5,599 1,860 326 17.5% 2.1% 3.01x 17.2x
Werner Enterprises, Inc. 3,024 64.1% 3,126 2,396 502 20.9% (2.6%) 1.30x 6.2x
ArcBest Corporation 1,477 47.8% 1,500 3,068 233 7.6% 3.0% 0.49x 6.5x
Heartland Express, Inc. 1,369 7.3% 1,221 631 186 29.4% 1.2% 1.93x 6.6x
Marten Transport, Ltd. 1,365 27.2% 1,277 879 198 22.5% 1.8% 1.45x 6.5x
Covenant Logistics Group, Inc. 346 69.4% 470 849 79 9.3% (3.4%) 0.55x 6.0x
P.A.M. Transportation Services, Inc. 302 64.9% 552 507 95 18.7% (1.6%) 1.09x 5.8x
Mean 54.7% 20.0% 0.2% 2.06x 9.4x
Median 64.1% 20.9% 1.2% 1.45x 6.5x

Total Mean 71.4% 21.8% 0.0% 2.87x 13.3x

Total Median 72.8% 17.2% 1.5% 1.78x 15.0x

Notes:
1. Market Capitalization amounts are in millions, based on closing share prices as of June 30, 2021.
2. Market Capitalization is based on foreign exchange listed securities and converted to $USD.
3. Enterprise Value (EV) is defined as Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents.
4. EBITDA is defined as Earnings before Interest, Taxes, Depreciation, and Amortization.
Source: S&P Capital IQ. Transportation & Logistics is defined by an internally originated list of subsectors viewed as best representing the industry.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 16
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
Deal Spotlight: KPMG Corporate Finance LLC (KPMG CF) acted as exclusive financial advisor to
InXpress
Transaction Overview
▪ Headquartered in Manchester, U.K. InXpress operates as an international franchisor of parcel, freight and
delivery logistics services with a focus on serving small and medium sized businesses (“SMEs”)
▪ In partnership with select members of the existing management team, InXpress was acquired (majority sale) in
November, 2020 by Hudson Hill Capital, a U.S. based private investment firm
▪ The company serves ~30,000 SME customers through a global network of almost 400 franchisees across 14
countries
o InXpress maintains multiple relationships with tier-one parcel, air and freight carriers around the world,
has been acquired by
offering discounted rates to its franchisees and SME customers
o Its proprietary software platform enables franchisees and SME customers to centrally manage all of their
transportation and logistics requirements
Impact / Expected Outcomes
▪ The transaction reinforces InXpress’ commitment to drive growth through a combination of geographic
expansion, enhanced capabilities and an aggressive and highly strategic acquisition strategy
KPMG CF’s Role
KPMG Corporate Finance LLC
November 2020 ▪ This transaction underscores KPMG CF’s long track record and commitment to advising leading franchisors and
investors

▪ Staffed with a fully integrated, cross-boarder team of M&A advisors (U.S. and U.K.), KPMG CF leveraged its deep
industry expertise and strong buyer relationships to architect a highly competitive process which fully maximized
shareholder value

“…InXpress is an incredible business which is poised for explosive growth. The team at
KPMG CF understood this and knew exactly how to balance our need to find a supportive,
flexible partner through our evolution with the shareholders strong desire to maximize
value – and we could not be more pleased with the result…”
Mark Taylor, Global CEO at InXpress
United Kingdom

© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 17
with KPMG International Limited, a private English company limited by guarantee.
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KPMG Corporate Finance* maintains a dedicated focus advising leading industrial services companies
Select Global Industrial Services Transaction Experience Leading Middle Market Investment Banking Platform - FY 2011 to 2020

Global Completed Advisor Ranking

Engineering & Construction Transactions Transportation & Logistics Transactions Refinitiv League Tables(1)
* 4,550
PwC 4,359
Deloitte 3,011
acted as retained
has been acquired by has been acquired by has divested its fully has been acquired by advisor to the advised Secura Hosting Ernst & Young 2,778
owned subsidiary Nightfreight group and Ltd on the sale of the
Heitkamp to lead advisor on the sale Business to Rothschild & Co 2,633
to
Houlihan Lokey 2,512
Corporate Finance Corporate Finance Corporate Finance Corporate Finance Corporate Finance Corporate Finance BDO 1,926
Goldman Sachs & Co 1,823
Lazard 1,810
KPMG Corporate Finance LLC’s Industrial Services Coverage Team Morgan Stanley 1,604
Stephen W. Guy W. Christopher Weber
Managing Director & Director
Group Head T: 410.949.2849
Recent Awards & Recognition
T: 410.949.8909 C: 202.256.0079
C: 410.409.4159 E: wchristopherweber@kpmg.com KPMG LLP awards KPMG Corporate Finance LLC awards
E: sguy@kpmg.com

David W. Lazarek KPMG Corporate Finance LLC Food & Beverage Industrials
Vice President 750 East Pratt Street, Floor 18 Deal of the Year Deal of the Year
(Mid-Market) 2019 (100m-1bn) 2019
T: 410.949.2747 Baltimore, MD 21202
C: 301.980.1284
E: dlazarek@kpmg.com
Global M&A
Transaction Advisor
of the Year 2018
KPMG Corporate Finance is a leading Middle Market investment banking platform
serving domestic and international clients. Our team offers a full range of investment
banking and advisory services.
(1)Thomson Reuters SDC; Each set of figures is taken from the league table press releases issued for that year. Middle market is defined as deals less than US$500 million.
*Represents the global Corporate Finance practices of KPMG International’s network of independent member firms.
© 2021 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA / SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated 18
with KPMG International Limited, a private English company limited by guarantee.
All rightsreserved.
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