Ben Gordon Joins SCMC Advisory Board

West Palm Beach, FL — (March 30, 2018) — Mr. Ben Gordon, Managing Partner, BG Strategic Advisors has accepted an invitation to join the Advisory Board of the Supply Chain Management Center (SCMC) at the renowned Warrington College of Business/University of Florida.

Mr. Gordon founded BG Strategic Advisors (Investment bank) and Cambridge Capital (PE), two companies focused on the logistics, transportation, and supply chain industries. The Director of the Center, Professor Asoo J. Vakharia, noted that “Mr. Gordon’s experiences in value creation within diverse supply chains will provide invaluable insights, as the Board of Advisors formulates strategies for directing the future activities of the SCMC.”

About SCMC

The Board of Advisors of the SCMC is comprised of senior business leaders in the manufacturing, transportation, retail, and health-care space, dedicated to advancing the state of supply chain education and practice. The primary mission of the SCMC is to bring together executives, UF faculty, and students in order to pursue excellence in Supply Chain Management practice, education, and research. At this time, the SCMC provides a platform for student internship opportunities, offers an Executive Development Course in Supply Chain Analytics, and generates a stream of relevant research on issues of interest to the SCM community.

About Cambridge Capital

Cambridge Capital is a private equity firm investing in the supply chain sector. The firm’s philosophy is to invest in companies where its operating expertise and in-depth supply chain knowledge can help top management teams grow their businesses. Cambridge seeks to partner with management teams in transportation, distribution, logistics, or supply chain technology to build the next generation of leading supply chain companies. For more information, please visit or contact Jennifer Alfaro at (561) 932-1607.

BG Strategic Advisors Announces that Linx Partners Has Acquired Clover Telecom

West Palm Beach, FL – March 21, 2018 – BG Strategic Advisors (“BGSA”) is pleased to announce that Linx Partners has partnered with the management team of Clover Telecom (or the “Company”), to purchase the Company from Clover Technologies Group, the parent company of Clover Imaging and Clover Wireless.

Clover Telecom, based in Dallas, Texas is a leading provider of equipment distribution and repair and maintenance services for blue-chip customer base in the wireless, cable, data and wireline industries. The Company’s core services include (i) equipment distribution; (ii) equipment testing and repair; (iii) out of warranty technical support; and (iv) field services. Clover offers its global customers access to its extensive inventory of new and used networking equipment, as well as expansive repair and engineering capabilities on over 20 of the top Network Equipment OEMs.

“Linx was drawn to Clover because of the Company’s talented management team, strategic growth opportunities, and diversification of end markets,” said Giny Mullins, Managing Director at Linx Partners. “The Company’s expertise in networking equipment and breadth of repair and maintenance capabilities translate into tremendous potential in existing and new markets that are natural extensions of the business. In addition, this is a fragmented market that will provide abundant add-on opportunities for growth.”

“This sale will enable us to fully focus our energies on the growth opportunities for Clover Imaging and Clover Wireless, and provide us with additional resources to invest in those businesses,” said Jim Cerkleski, Chairman of Clover Technologies Group. “Our core Imaging and Wireless businesses each have strong market positions and established global manufacturing, repair and distribution footprints, which we will work to further build out as we continue our mission of supporting our customers and their new business strategies. We wish Gordon and the Clover Telecom team well in their next chapter.”

“We couldn’t be more excited about the fit we have found with Linx Partners,” said Gordon Smith, President of Clover Telecom. “Our two groups are aligned in our vision for growing our customer base, geographic presence, and technical capabilities.”

The telecom business represents less than five percent of Clover Technologies’ 2017 revenues. Financial terms of the transaction were not disclosed.

BGSA acted as exclusive sell-side advisor to Clover Technology Group.

About Linx Partners
Founded in 1999, Linx Partners is a private equity firm specializing in buyout investments for lower middle-market, family, and entrepreneur-led industrial companies. It primarily invests in industrial manufacturing, transportation & logistics, and business services companies with $5-15mm of EBITDA.

About Clover Technologies Group
Clover Technologies Group is the global leader in helping businesses reclaim value by innovating new solutions for retired assets. Founded in 1996, Clover is one of the fastest growing, privately held companies in the United States with over 60 locations in 18 countries. Clover Imaging is the world’s largest collector and remanufacturer of empty printer cartridges. Clover Wireless delivers market-leading service and value to its customers through a full range of repair, reclamation and trade-in solutions within the global mobile device ecosystem.

About Clover Telecom
Headquartered in Texas, Clover Telecom is a market leader in full lifecycle equipment and maintenance support for the telecom, cable, and IT sectors. Clover Telecom provides mission-critical services and products to blue-chip carriers, cable MSOs, and enterprises.

About BG Strategic Advisors
BGSA is a leading M&A advisory firm focused on the logistics and supply chain industry. The firm specializes in providing CEOs in the logistics and supply chain industry with the tools to maximize their company’s value. BGSA has completed several well-known supply chain transactions, including the sales of PCD to Quality One Wireless, Open Mile to Echo Global Logistics, NESA to Liquidity Services, Access Computer Products to Waste Management, Converge to Arrow Electronics, Dixie Warehouse Services and Wilpak to Jacobson Companies, Churchill to BirdDog, Raytrans to Echo Global Logistics, and many others.

For more information about BGSA, please contact Ben Gordon at and 561-932-1601

BGSA provides investment banking services through BG Strategic Advisors LLC, a registered broker-dealer and member of FINRA and the SIPC.

PE Impact on Foodservice Distribution

Consolidation, demand for technology continue to disrupt sector

By Benjamin Gordon, Cambridge Capital

Over the last several years, private equity firms have invested billions of dollars in distribution. This analysis examines how consolidation has impacted the foodservice sector and the opportunities private equity sees in the segment.

Over the last five years, the landscape of foodservice distribution has changed dramatically. Customer focus has shifted to obtaining valueadd from distributors and maximizing profitability of operating their commercial kitchens. The historically fragmented industry that once consisted of thousands of providers has experienced rapid consolidation. It’s not the first time the sector has been hit with competitive disruption. In 1988, Walmart opened its first fully stocked grocery locations – a move dismissed by many experts as one of a naïve utsider. But Walmart now generates more than $200 billion in U.S. grocery sales and represents approximately 20 percent of the market, according to Forbes.

We are now in the second wave of disruption, courtesy of private equity. Warburg Pincus, New Mountain Capital, Windjammer and Summit Partners represent more than $70 billion in assets under management and can deploy even more capital as a group than Walmart.

Supply chains have evolved, and kitchen owners and operators need more than just product distribution. Owners and operators are focused on several key attributes in distribution partners, including: effective consolidation of suppliers; consultative sales and technical expertise; and a convenient multichannel model that allows customers to transact the way they want to transact. Traditional distributors must adapt to serve customers’ evolving needs or risk being rendered obsolete.

Additionally, kitchen owners and operators are focused on controlling costs and maximizing profitability, primarily driven by:

  • Increased competition in the restaurant industry (i.e., proliferation of emerging and niche concepts);
  • Less favorable labor trends, including increasing minimum wage rates and higher costs to accommodate new legislation (e.g., sick leave and scheduling);
  • Restaurants such as Burger King, McDonalds, Taco Bell and TGI Friday’s refranchising to enhance profitability, leaving many decisions in the hands of cost-conscious franchisee owners; and
  • Increased level of investment in restaurants from private equity firms that are focused on maximizing long-term value and market position of the companies they invest in.

Costs have become a major focus of commercial kitchens, and large consolidators are leveraging scale to be more cost-competitive in today’s market. Sophisticated distributors, in partnership with private equity firms, have driven scale and enhanced their value propositions by executing aggressive acquisition strategies and investing in technology, e-commerce capabilities and infrastructure.

The paradigm shift in market share is apparent across distributors in the foodservice parts, equipment, supplies and food arenas.

Foodservice parts

Since 2011, the top foodservice parts distributors have significantly increased their market share in the more than $2 billion market today.

Growth has been driven by strategic acquisitions, product expansion and investments in channel capabilities and technology to better serve customers. For example, a modest parts distributor formerly known as Consolidated Commercial Controls that started with 9,000 SKUs has evolved through the benefit of private equity backing into an industry-leading distributor of maintenance, repair and operation parts, supplies and equipment to the foodservice industry – Diversified Foodservice Supply.

DFS now offers more than 100,000 SKUs, maintains deep relationships with more than 53,000 unique customers across 250,000 commercial kitchen locations and holds the No. 1 market position in direct-sourced original component manufactured replacement parts.

The success of DFS is largely attributable to the company’s ability to effectively scale operations while simultaneously creating value for customers. DFS’s is driven organically and through acquisitions. The company, now owned by New Mountain Capital LLC, has completed eight acquisitions since 2007, enabling expansion into new product categories, acquisition of new customers, enhancement of distribution and e-commerce capabilities and improvement in value-added customer service.

The top three foodservice parts distributors are private equity backed and, under private equity ownership, have built industry-leading e-commerce capabilities, rebranded and established multichannel go-to-market strategies and successfully consummated numerous acquisitions.

Foodservice equipment & supplies

The top three foodservice equipment and supplies distributors represented roughly 20 percent aggregate market share in 2011 and represent 36 percent of the $9 billion market today, illustrating significant market share capture from smaller participants, according to Foodservice Equipment & Supplies Magazine.

TriMark USA, the foodservice industry’s largest provider of equipment, supplies and design services, has more than doubled from sales of $560 million in 2011 to $1.5 billion today. Since 2007, TriMark has completed eight acquisitions. These deals helped further cultivate its equipment and supplies distribution capabilities to better serve existing customers and win new customers; enhance its restaurant design-build capabilities, providing value-added, tailored solutions for customers; and expand into additional capabilities to acquire new customers, such as government services.


Similar to the specialty distributors, the largest broadline foodservice distributors continue to gain market share by leveraging their strong balance sheets to invest in new capabilities and complete strategic acquisitions. Since 2011, Sysco and US Foods, the nation’s two largest foodservice distributors, have completed more than 30 acquisitions and have increased revenue by more than $12 billion and $4 billion, respectively. Additionally, Sysco and US Foods planned a merger in 2013, but that deal was blocked by the Federal Trade Commission.

Acquisitions have enabled Sysco and US Foods to expand into new geographies; deepen their solutions offerings to better serve customers; acquire new customers and promote crossselling; and add new technology capabilities, such as e-commerce, analytics and customer reward platforms to drive more value-added solutions for customers.

Market implications: threats & opportunities

Given the rate of consolidation and market shift in the foodservice distribution industry, there are significant market implications that industry participants should be aware of.

More competitive market

Over the past five years, top distributors have captured billions of dollars of share, leaving small and medium-sized players to compete over a smaller piece of the market. Larger players are well-positioned to leverage acquired capabilities and scale to serve kitchen operators while being more cost competitive to commercial kitchen owners and operators. However, small and medium-sized players have the opportunity to adapt rapidly by identifying and completing acquisitions and internally developing systems and technology to enhance their value propositions and capture share from competitors. In order to compete with large industry consolidators, distributors will need to be laser-focused on understanding their customers’ needs and finding innovative, differentiated ways to serve those needs. For example, specialty produce and protein distributors are effectively carving out niches by offering highmargin, customized product cuts, mixes, packaging and other tailored food solutions that the broadline distributors may not have the unique capabilities to execute effectively. These customized solutions enable commercial kitchen operators to streamline their operations and realize meaningful cost savings associated with food preparation.

Distributors should also be introspective regarding transactions and delivery of solutions to customers. Amazon has realized incredible success with its e-commerce platform and “click ordering” capability. But some products and solutions may be more technical in nature, in which case customers should have easy access to a knowledgeable sales rep to facilitate the transaction. Best-in-class distribution platforms should leverage a multichannel model and efficient logistics and transportation capabilities to fully serve customers the way they want to be served.

Attractive company valuations

Significant M&A activity has created scarcity value for well-positioned foodservice distributors of scale, providing attractive valuations for business owners planning an exit. Private equity firms also have been drawn to the foodservice distribution industry given valuations, consolidation and market dynamics. These equity firms typically seek to partner with business owners to provide capital and operational expertise to businesses, as well as enable business owners to maximize value through re-invested equity. As initial platform investments scale through organic improvements and acquisitions, the valuation multiple associated with the platform increases.

Call to action

Larger players in the foodservice distribution industry continue to capture business from small and medium-sized businesses. However, small and medium-sized players have the opportunity to leverage their flexibility and understand customer needs to become value-added channel partners for customers. But they will need to increase scale organically or through acquisitions, while making significant investments in sales and e-commerce capabilities.

Smaller firms can take advantage of the private equity interest in the industry to find a partner that can enable these investments.

Look for investment teams seeking to partner with outstanding small and mid-sized firms that have a clear growth strategy and capital partners that provide not just money but also expertise.


This article appears in Modern Distribution Management, VOL. 48, NO. 03, February 10, 2018.

1st Choice Delivery Acquired Controlling Stake in 4SameDay

BG Strategic Advisors Announces that 1st Choice Delivery Acquired Controlling Stake in 4SameDay

West Palm Beach, FL – November 8, 2017 – BG Strategic Advisors (“BGSA”) is pleased to announce that 4SameDay (or the “Company”) has sold a controlling stake to 1st Choice Delivery (“1st Choice”), a portfolio company of the private equity firm Northern Pacific Group (“NPG”).

Founded in 1995, 4SameDay is a premier provider of comprehensive same-day logistics solutions for time-sensitive shipments in the pharmaceutical, long-term care, entertainment, financial, print, advertising and media industries. The Company utilizes an asset-light operating model and proprietary technology to provide scheduled, routed and on demand deliveries and a full suite of value added services. 4SameDay maintains strong partnerships with its customers by generating meaningful cost savings through effective supply chain management and integrated, on-site customer service and dispatching capabilities. The Company focuses on traceability and certainty of arrival, ensuring prompt delivery of time-sensitive products.

Founders Eric Reese and Chris Carey will remain with 4SameDay and 1st Choice post close and will play important leadership, sales and business development roles.

BG Strategic Advisors, LLC acted as financial advisor and Greenberg Traurig acted as legal advisor to 4SameDay.

About 1st Choice Delivery

1st Choice Delivery is a Midwest-based, full service delivery and logistics company. 1st Choice focuses on serving the “last mile” and provides logistics services to more than 1,000 customers each day. Customers are served through a suite of logistics services including, parcel delivery, LTL delivery, on-demand delivery, inventory storage and FTL inventory repositioning.

About Northern Pacific Group

Northern Pacific Group is a private equity investment firm based in Wayzata, MN. NPG focuses on investing in lower middle market companies with attractive cash flow characteristics and strong organic growth and / or actionable acquisition strategies. NPG seeks to invest in companies where existing management and shareholders share the firm’s partnership values.

About 4SameDay

Headquartered in El Segundo, CA, 4SameDay provides same-day logistics solutions for time sensitive shipments in the pharmaceutical, long-term care, entertainment, financial, print, advertising and media industries. The Company utilizes proprietary technology and routing software to optimize customers’ supply chains, ensuring timely deliveries and efficient costs.

About BG Strategic Advisors

BGSA is the leading M&A advisory firm focused on the logistics and supply chain industry.  The firm specializes in providing CEOs in the logistics and supply chain industry with the tools to maximize their company’s value.  BGSA has completed several well-known supply chain deals, including the sales of Converge to Arrow Electronics, Dixie Warehouse Services and Wilpak to Jacobson Companies, the PWC Logistics acquisitions of Trans-Link and Transoceanic, the Churchill sale to BirdDog, the Raytrans sale to Echo Global, the Unicity sale to PBB, the Air-Road sale to Reliant Equity, and many others.

For more information, or to explore a sale, merger, acquisition, capital raise, or other strategic initiative for your company, please contact Managing Director Benjamin Gordon at (561) 932-1601, email, or visit

BGSA provides investment banking services through BG Strategic Advisors LLC, a registered broker-dealer and member of FINRA and the SIPC.

ZMC Acquired Controlling Stake in IT Renew

BG Strategic Advisors Announces that ZMC Acquired Controlling Stake in IT Renew; Investment will Support IT Renew’s Continued Innovation in Data Security and Data Center Lifecycle Management

West Palm Beach, FL – November 2, 2017 – BG Strategic Advisors (“BGSA”) is pleased to announce that IT Renew has sold a controlling stake in the Company to affiliates of private equity firm ZMC. Founded in 2000, IT Renew (“ITR” or the “Company”) is a leading global IT lifecycle management solutions provider, specializing in data center decommissioning and data erasure and security services. The Company’s technology-driven approach streamlines traditional data center decommissioning processes to deliver superior data and asset security, value recovery and IT sustainability. Headquartered in Silicon Valley, IT Renew’s proprietary, software-driven platform, Teraware, was built in close collaboration with the world’s leading cloud and hyperscale datacenter operators. More than 200 customers utilize IT Renew’s solutions in over 40 countries across five continents through a global network of Company-owned and operated facilities.

Upon closing of the transaction, Aidin Aghamiri will take over as Chief Executive Officer of IT Renew and founder Mostafa Aghamiri will remain involved as Chairman.

“The ZMC team values and supports IT Renew’s mission to provide the market-leading service and best-in-class products that has defined us for the last 17 years,” said Aidin Aghamiri. “We are thrilled to have a partner who will continue to champion aggressive investments in our Company and customers, and who has a proven track record of taking technology-enabled services companies to the next level of success.”

“IT Renew has incredibly strong client relationships, industry-leading service and software, and a culture characterized by entrepreneurial spirit and accelerating momentum—all critical to our investment decision,” said Andrew Vogel, Managing Partner at ZMC. “ZMC has been impressed by the Company’s growth and is committed to supporting ITR’s investments in service and innovation. The acquisition of IT Renew emanates from ZMC’s focus on the shift to cloud computing and data security as investment themes which will continue to drive growth for the Company’s services and addressable market.”

Wells Fargo Securities, LLC and BG Strategic Advisors, LLC acted as financial advisors and Moore & Van Allen PLLC acted as legal advisor to IT Renew. Sidley Austin LLP acted as legal advisor to ZMC.

About ZMC

ZMC is a leading private equity firm comprised of experienced investors and executives that invest and manage a diverse group of media and communications enterprises. Founded in 2001, ZMC’s investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has a successful track record of actively adding value to portfolio companies. ZMC is currently investing out of ZMC II, L.P.

About IT Renew

Headquartered in the heart of Silicon Valley, IT Renew supports the data erasure and data center decommissioning needs of some of the most large-scale, data-rich, privacy-focused organizations in the world. The Company’s technology-driven approach streamlines traditional data center decommissioning processes to deliver superior data and asset security, value recovery and IT sustainability. IT Renew was designated a Visionary in the Magic Gartner Magic Quadrant for IT Asset Disposition, Worldwide and named to the 2016 Inc. 5000, finishing among the top 10 percent of all ranked companies in gross revenues.

About BG Strategic Advisors

BGSA is the leading M&A advisory firm focused on the logistics and supply chain industry.  The firm specializes in providing CEOs in the logistics and supply chain industry with the tools to maximize their company’s value.  BGSA has completed several well-known supply chain deals, including the sales of Converge to Arrow Electronics, Dixie Warehouse Services and Wilpak to Jacobson Companies, the PWC Logistics acquisitions of Trans-Link and Transoceanic, the Churchill sale to BirdDog, the Raytrans sale to Echo Global, the Unicity sale to PBB, the Air-Road sale to Reliant Equity, and many others.

For more information, or to explore a sale, merger, acquisition, capital raise, or other strategic initiative for your company, please contact Managing Director Benjamin Gordon at (561) 932-1601, email, or visit

BGSA provides investment banking services through BG Strategic Advisors LLC, a registered broker-dealer and member of FINRA and the SIPC.

TPG Acquisition May Take Transplace Beyond North America

Transplace to Be Acquired By TPG Capital

New Deals in Logistics with BGSA’s Ben Gordon

Logistics: The View from Palm Beach

Highlights from the BGSA Supply Chain Conference

Every January, we have the pleasure of hosting more than 200 CEOs and leaders of transportation, logistics, supply chain and technology companies at the Breakers in Palm Beach. The annual BGSA Supply Chain conference has become a great way to learn about the big trends and opportunities shaping the industry.

So what did we learn this year? I’ll post the highlights. You can also see additional details at the BGSA 2017 conference site.

In sum, we see three key themes in particular: the Trump Bump, the power of e-commerce, and consolidation.

The Trump Bump

First, let’s start with the data.

At BGSA, we track the BGSA Supply Chain Index, which is a basket of 67 companies across nine segments, including logistics, trucking, rail, supply chain technology, and all other related segments.

The BGSA Supply Chain Index grew 16% in 2016, compared with a symmetrical 16% drop last year.  The BGSA Supply Chain Index also outperformed the S&P 500, which increased by 11% this year.  All in all, it was a strong year for our sector.

Within that market basket, here are some key highlights from 2016:

  • Outperformers:
  • LTL, which increased by 46%, led by SAIA (up 98%)
  • Truckload, which increased by 36%, led by Swift Transportation (up 76%)
  • Energy transportation, which increased by 31%, led by Trimac (up 119%)

Underperformers included healthcare distribution, which dropped by 20%, led by McKesson (down 29%)

What explains this strong year for the supply chain sector?

The first factor is the Trump Bump.  Of the 16% gain in 2016, a whopping 10% came in the month of November.  The market expects a Trump Administration to be bullish for transportation and logistics.  This conclusion is based on several expectations, including (i) an increase in American manufacturing, (ii) the $1 trillion infrastructure spending announcement, and (iii) lower taxes.  The biggest beneficiaries have been trucking companies, whose operating leverage gives them the ability to benefit from a boost in demand.  Fellow conference attendees YRCW and ARCB, for instance, both spiked over 50% in the month of November alone.

The second factor is the alphabet soup of regulatory compliance.  The Electronic Logging Device (ELD) mandate, which is slated to take effect in December 2017, will require all carriers to implement electronic recording of drivers’ Record of Duty Status (RODS), to ensure compliance with Hours of Service (HOS).  Many small fleets and owner-operators lack this technology, and the market expects capacity to shrink.  As a result, pricing is starting to increase.

The third factor is improving fundamentals in transportation and logistics.  Across the board, Q4 2016 data reflects economic strengthening, and increases in both rates and volumes.  In dry van trucking, spot market rates increased 5% year-over-year.  In air freight, spot market rates increased 2%.  In ocean freight, inbound container volumes increased 9%.  Further, shipping rates have strengthened after the bankruptcy of Hanjin, with Transpacific Eastbound rates up 52%.

Going forward, we expect a strong 2017 for the industry as a whole.

The Power of e-Commerce

The second major theme driving change in the supply chain is e-commerce.  2017 may finally be the year in which logistics and e-commerce converge.  Technology-based solutions for the last mile in particular are rapidly evolving.

In 2016, both Amazon and Uber announced they were targeting logistics.  Uber declared an “Uber for Trucking” app, and made a $680 million acquisition of Otto to pursue self-driving trucks.  Amazon also signaled plans for a logistics app and may become its own global freight broker and compete directly for business.  More importantly, Amazon already spends over $15 billion on shipping, and has begun to build an Amazon logistics organization that could rival the Amazon Web Services (AWS) model.

Meanwhile, we are seeing a hothouse of innovation in tech-enabled logistics, including:

  • Drones – with commercial deliveries for Amazon, 7-Eleven, and Maersk already underway
  • Online freight booking – including disruptors like Freightos, 10-4, and uShip
  • eCommerce fulfillment – with $2 trillion of annual sales and 15% annual growth, eCommerce customers are driving demand for faster and faster fulfillment, leading to same-day and even same-hour logistics solutions from companies like Amazon Prime Now, UberRUSH, Grand Junction, Doorman, and Bringg

These innovations are only going to accelerate.  Logistics technology attracted over $5 billion of funding in 2016.  This includes deals like:

  • Chinese logistics: ZTO
  • Tracking technology: Macropoint
  • Distributed warehousing: Flexe
  • TMS: 3Gtms
  • Last-mile logistics: Bringg
  • Visibility: project44
  •  And more

These technological changes pose both threats and opportunities.  On the one hand, truck brokerage stocks like CHRW and ECHO dropped nearly 10% the week Uber and Amazon’s brokerage apps were disclosed.  On the other hand, smart supply chain companies are making investments to ensure they will be ahead of the curve.  For instance, the UPS Strategic Enterprise Fund has invested more than $400 million in disruptive technologies and businesses, ranging from drones to e-commerce fulfillment software.

We expect to see more transportation and logistics companies choose to make a portfolio of strategic investments in 2017.

Consolidation: The Party Continues

The third theme is consolidation.  Amidst all of these positive catalysts, we are continuing to witness record M&A activity across all industry sectors.

Global transportation and logistics M&A volume remained strong, with over $120 billion worth of deals.

Major deals in 2016 included several global giants:

  •  US airlines:  Virgin America Inc.’s $4.2 billion acquisition of Alaska Air Group Inc.
  • Australian ports: Investor Group’s acquisition of Port of Melbourne Corp for $7.3 billion
  • Chinese trucking: Dalian Dayang Trands’ acquisition of YTO Express for $8.8 billion
  • Italian logistics: Cassa Depositi’s $3.3 billion acquisition of Poste Italiane

Meanwhile, middle-market M&A continued to dominate in the US, with a flurry of deals such as Pilot-ATL, Calyx-TransForce, UPS-Marken, Sunteck-TTS, and others.

All of these plot lines will continue to develop over the course of this year.

In summary, we are grateful for the ability to see so many terrific people and companies in one place.