1、Investment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.DateDateTargetTargetBuyer(s)Buyer(s)SegmentSegmentAmountAmount($in Mil)($in Mil)TEV/TEV/RevRevTEV/TEV/EBITDAEBITDA1 2/1 5/22Wittichen Supply CompanyBeijer Ref Industrial Products1,301.022.0 x1 3.7x1 1/1/22Terra F

2、irmaDKSH Management Industrial Products360.001.5x-1 1/1/22FormerraH.I.G.CapitalIndustrial Products950.00-1 0/5/22TexTrailDexter AxleAutomotive922.00-1 0/4/22SAAM PortsHapag-Lloyd Logistics Providers1,000.00-Source:Pitchbook Financial Data and AnalyticsNote:This data represents recorded transactions

3、only,and is not all-inclusive.Nevertheless,they are typically representative of the industry.If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Wi

4、thin Your Industry,Please Call Our Offices at 720.221.9220.43 19 11 77 132 23 24 46 54 16 -20 40 60 80 100 120 140Strategic54%Financial46%-50%-40%-30%-20%-10%0%10%20%30%40%Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22AutomotiveBuilding ProductsElectronic C

5、omponentsConsumer ProductsIndustrial ProductsHealthcare ProductsS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAGenuine PartsGPC24,493$1 73.51$23.8%23.8%92.4%5.0%9.3%1.3x1 4

6、.1 x20.9x1.2x1 3.6xLKQLKQ1 4,270 53.41 (1 1.0%)(1 1.0%)88.4%(1.9%)1 4.1%1.4x9.7xNM1.4x1 0.1 xDorman ProductsDORM2,541 80.87 (28.4%)(28.4%)67.9%20.2%1 3.8%1.7x1 2.5x1 8.5x1.4x8.9xUni-SelectUNS1,384 31.60 56.5%56.5%92.3%6.5%9.0%1.0 x1 1.2xNM0.9x9.0 xKamanKAMN625 22.30 (48.3%)(48.3%)48.0%1 1.6%1 1.2%1.

7、8x1 6.2x34.8x1.6x1 4.0 xSegment Average(1.5%)(1.5%)77.8%8.3%11.5%1.4x12.7x24.7x1.3x11.1xSegment M edian(11.0%)(11.0%)88.4%6.5%11.2%1.4x12.5x20.9x1.4x10.1xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.R

8、evenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAMcKessonMCK53,1 90$375.1 2$50.9%50.9%93.4%3.7%1.5%0.2x1 4.5x26.5x0.2x1 1.6xAmerisourceBergenABC33,486 1 65.71 24.7%24.7%94.9%7.2%1.3%0.2x1 1.6x20.6x0.1 x9.7xCardinal HealthCAH20,1 50 76.87 49.3%49.3%94.2%1 1.1%(0.1%)0.1

9、 xNMNM0.1 x8.4xHenry ScheinHSIC1 0,826 79.87 3.0%3.0%86.2%2.0%8.7%1.1 x1 2.1 x1 7.4x1.0 x1 1.6xPatterson CompaniesPDCO2,721 28.03 (4.5%)(4.5%)79.4%2.7%5.7%0.5x9.1 x1 3.8x0.5xNMOwens&MinorOMI1,489 1 9.53 (55.1%)(55.1%)39.8%3.0%4.4%0.4x9.6x1 2.2x0.4x7.1 xSegment Average11.4%11.4%81.3%5.0%3.6%0.4x11.4x

10、18.1x0.4x9.7xSegment M edian13.9%13.9%89.8%3.4%2.9%0.3x11.6x17.4x0.3x9.7xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDA

11、W.W.GraingerGWW28,1 07$556.25$7.3%7.3%90.9%7.6%1 5.7%2.1 x1 3.2x1 9.9x1.9x1 2.5xPOOLCORPPOOL1 1,806 302.33 (46.6%)(46.6%)53.1%(3.1%)1 7.7%2.2x1 2.5x1 5.5x2.3x1 3.6xBeacon Roofing SupplyBECN3,435 52.79 (8.0%)(8.0%)80.8%1.8%1 0.3%0.7x7.3x9.8x0.7x7.9xBoise CascadeBCC2,709 68.67 (3.6%)(3.6%)80.6%(1 0.8%

12、)1 5.5%NM1.8xNM0.3x4.7xBlueLinx HoldingsBXC643 71.1 1 (25.7%)(25.7%)71.1%(20.7%)1 1.5%NM2.0 xNM0.3x4.2xHelix BioPharmaHBP32 0.1 6 (32.6%)(32.6%)59.5%NMNMNMNMNMNMNMSegment Average(18.2%)(18.2%)72.7%(5.0%)14.1%1.7x7.3x15.1x1.1x8.6xSegment M edian(16.8%)(16.8%)75.9%(3.1%)15.5%2.1x7.3x15.5x0.7x7.9xM ark

13、et Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAW.W.GraingerGWW28,1 07$556.25$7.3%7.3%90.9%7.6%1 5.7%2.1 x1 3.2x1 9.9x1.9x1 2.

14、5xArrow ElectronicsARW6,432 1 04.57 (22.1%)(22.1%)75.8%(8.7%)6.1%0.3x4.4x4.9x0.3x4.8xWESCO InternationalWCC6,366 1 25.20 (4.9%)(4.9%)85.1%7.3%7.3%0.6x7.9x8.7x0.5x6.6xAvnetAVT3,805 41.58 0.8%0.8%82.8%(6.8%)4.7%0.2x5.2x5.4x0.3x5.9xScanSourceSCSC741 29.22 (1 6.7%)(1 6.7%)71.3%7.9%4.3%0.3x6.7x8.3x0.3x5.

15、5xRichardson ElectronicsRELL297 21.33 57.8%57.8%78.3%1 6.8%1 0.4%1.1 x1 0.6x1 3.7x0.9xNMSegment Average3.7%3.7%80.7%4.0%8.1%0.8x8.0 x10.1x0.7x7.1xSegment M edian(2.0%)(2.0%)80.6%7.4%6.7%0.4x7.3x8.5x0.4x5.9xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in M

16、il)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDASyscoSYY38,742$76.45$(2.7%)(2.7%)83.5%9.1%4.7%0.7x1 4.9x27.1 x0.6x1 1.4xPerformance Food GroupPFGC9,090 58.39 27.2%27.2%94.2%7.3%1.7%0.3x1 4.3xNM0.2x1 0.4xUS FoodsUSFD

17、7,651 34.02 (2.3%)(2.3%)85.6%8.5%2.8%0.4x1 4.1 x37.8x0.4x8.8xUnited Natural FoodsUNFI2,31 6 38.71 (21.1%)(21.1%)75.7%3.4%2.5%0.2x8.2x1 0.0 x0.2x7.0 xThe Chefs WarehouseCHEF1,490 33.28 (0.1%)(0.1%)78.9%21.8%4.6%0.7x1 6.3x36.6x0.6x9.6xSpartanNashSPTN1,066 30.24 1 7.4%1 7.4%80.1%4.8%2.0%0.2x9.9x1 9.6x0

18、.2x7.4xSegment Average3.1%3.1%83.0%9.2%3.0%0.4x13.0 x26.2x0.4x9.1xSegment M edian(1.2%)(1.2%)81.8%7.9%2.6%0.3x14.2x27.1x0.3x9.2xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA Margin

19、TEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAW.W.GraingerGWW28,1 07$556.25$7.3%7.3%90.9%7.6%1 5.7%2.1 x1 3.2x1 9.9x1.9x1 2.5xFastenalFAST27,1 03 47.32 (26.1%)(26.1%)73.6%7.0%23.4%4.1 x1 7.3x25.4x3.8x1 6.4xGenuine PartsGPC24,493 1 73.51 23.8%23.8%92.4%5.0%9.3%1.3x1 4.1 x20.9x1.2x1 3.6xWESCO

20、 InternationalWCC6,366 1 25.20 (4.9%)(4.9%)85.1%7.3%7.3%0.6x7.9x8.7x0.5x6.6xMSC Industrial SupplyMSM4,573 81.70 (2.8%)(2.8%)92.9%4.1%1 4.6%1.5x1 0.0 x1 3.5x1.4x9.3xDistributionNOWDNOW1,403 1 2.70 48.7%48.7%94.0%1 3.6%6.9%0.6x8.3x1 3.2x0.5x6.7xMRC GlobalMRC968 1 1.58 68.3%68.3%86.1%1 7.3%4.3%0.6x1 3.

21、6xNM0.5x6.1 xSegment Average16.3%16.3%87.9%8.8%11.6%1.5x12.1x16.9x1.4x10.2xSegment M edian7.3%7.3%90.9%7.3%9.3%1.3x13.2x16.7x1.2x9.3xM arket Stats Operating Stats LTM M ultiples NTM M ultiples-35%-30%-25%-20%-15%-10%-5%0%5%10%Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-

22、22 Nov-22 Dec-22TransportationSoftwareWarehousing&StorageLogistics ProvidersS&P 500 Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAUnited Parcel ServiceUPS1 50,357$1 73.84$(1 8.9%)

23、(1 8.9%)74.4%(0.6%)1 7.9%1.6x9.0 x1 3.6x1.6x9.9xOld Dominion Freight LineODFL31,352 283.78 (20.8%)(20.8%)78.8%0.3%33.2%NMNMNMNMNMJ.B.Hunt TransportJBHT1 8,053 1 74.36 (1 4.7%)(1 4.7%)79.9%(0.8%)1 3.5%1.3x9.7x1 8.2x1.3x9.3xKnight TransportationKNX8,422 52.41 (1 4.0%)(1 4.0%)84.4%(5.5%)24.5%1.4x5.6x9.

24、9x1.4x6.4xFedExFDX5,876 1 73.20 (33.0%)(33.0%)64.9%(2.3%)9.5%0.8x8.6x1 3.6x0.8x8.0 xLandstar SystemLSTR5,852 1 62.90 (9.0%)(9.0%)89.5%(1 8.8%)8.4%0.8x9.0 x1 3.5x0.9x1 1.8xSaiaSAIA5,549 209.68 (37.8%)(37.8%)61.1%(0.7%)22.8%2.0 x8.8x1 5.5x2.0 x8.9xRyder SystemR4,1 99 83.57 1.4%1.4%85.9%3.2%27.6%0.9x3.

25、4x5.2x0.9x3.8xSchneider NationalSNDR4,1 65 23.40 (1 3.0%)(1 3.0%)85.1%(0.6%)1 4.9%0.6x4.0 x8.7x0.6x4.3xAtlas Air Worldwide HoldingsAAWW2,859 1 00.80 7.1%7.1%99.2%2.7%21.2%1.0 x4.8x8.1 x1.0 x4.8xWerner EnterprisesWERN2,545 40.26 (1 5.5%)(1 5.5%)82.5%8.1%1 9.7%0.9x4.8x1 0.2x0.9x5.0 xArcBest ARCB1,71 0

26、 70.04 (41.6%)(41.6%)56.5%(2.0%)1 0.8%0.3x3.2x5.5x0.4x3.8xMarten TransportMRTN1,604 1 9.78 1 5.3%1 5.3%84.4%9.2%20.6%1.3x6.2x1 5.0 x1.2xNMHeartland ExpressHTLD1,21 1 1 5.34 (8.8%)(8.8%)88.6%61.9%39.0%2.1 x5.5x8.7x1.3x6.8xUniversal Logistics HoldingsULH879 33.44 77.3%77.3%82.0%(3.4%)1 4.3%0.7x4.7x5.9

27、x0.7xNMP.A.M.Transportation ServicesPTSI575 25.90 (27.1%)(27.1%)64.8%4.0%21.6%0.8x3.8x5.8x0.8xNMCanadian General InvestmentCGI502 23.97 (30.6%)(30.6%)67.0%NMNMNMNMNMNMNMRoadrunner Transportation ServicesRRTS1 1 6 1.46 (32.1%)(32.1%)39.1%NMNMNMNMNMNMNMUsak Seramik SanayiUSAK60 0.24 1 06.8%1 06.8%93.3

28、%NM1 2.9%0.9x7.3x8.6xNMNMSegment Average(5.7%)(5.7%)76.9%3.4%19.6%1.1x6.1x10.4x1.1x6.9xSegment M edian(14.7%)(14.7%)82.0%(0.6%)19.7%0.9x5.5x9.3x0.9x6.6xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Rev

29、enue GrowthEBITDA MarginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAAspen TechnologyAZPN1 3,257$205.40$35.0%35.0%77.9%76.5%43.6%1 9.1 x43.7x51.2x1 0.8xNMManhattan AssociatesMANH7,575 1 21.40 (21.9%)(21.9%)76.9%9.8%1 9.8%1 0.0 x50.5x69.4x9.1 x34.5xDescartes Systems GroupDSGX5,906 69.65 (1

30、5.8%)(1 5.8%)83.3%8.9%40.3%1 2.0 x29.8x65.7x1 1.0 x24.7xSPS Commerce SPSC4,629 1 28.43 (9.8%)(9.8%)87.5%21.6%21.3%1 0.2x48.0 xNM8.4x28.9xAmerican SoftwareAMSWA495 1 4.68 (43.9%)(43.9%)54.5%(0.6%)1 2.4%NM24.2x47.4x3.0 x1 9.1 xPark City GroupPCYG91 4.95 (1 4.7%)(1 4.7%)46.4%1 4.3%30.2%NMNMNM3.4xNMSegm

31、ent Average(11.8%)(11.8%)71.1%21.8%27.9%12.8x39.2x58.4x7.6x26.8xSegment M edian(15.2%)(15.2%)77.4%12.1%25.8%11.1x43.7x58.5x8.7x26.8xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA Ma

32、rginTEV/RevTEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAPublic StoragePSA49,21 2$280.1 9$(25.2%)(25.2%)66.4%1 2.5%1 38.1%1 4.8x1 0.7x1 1.4x1 3.2x1 8.5xPACCARPCAR34,41 9 98.97 1 2.1%1 2.1%92.3%7.8%1 4.6%NM1 0.0 x1 3.3x1.4x8.9xExtra Space StorageEXR1 9,71 1 1 47.1 8 (35.1%)(35.1%)64.3%1 5.7%76.0%1

33、5.0 x1 9.7x21.4x1 3.0 x1 9.0 xWabtecWAB1 8,1 52 99.81 8.4%8.4%94.6%7.1%1 8.3%NM1 4.7x27.7x2.5x1 2.9xCubesmartCUBE9,039 40.25 (29.3%)(29.3%)70.2%8.7%67.7%1 2.6x1 8.3x35.3x1 1.6x1 7.5xNational Storage AffiliatesNSA3,282 36.1 2 (47.8%)(47.8%)51.6%9.7%65.6%1 0.1 x1 5.4x39.3x9.2x1 2.4xDana(Automotive)DAN

34、2,1 69 1 5.1 3 (33.7%)(33.7%)59.3%6.5%4.9%NM1 0.0 xNMNM5.8xWabash NationalWNC1,084 22.60 1 5.8%1 5.8%86.2%1 3.8%5.6%NM1 1.2x24.0 xNM6.0 xAmerican Axle&ManufacturingAXL896 7.82 (1 6.2%)(1 6.2%)65.4%6.0%1 1.6%NMNMNMNMNMMiton UK MicroCap TrustMINI73 0.77 (36.4%)(36.4%)60.6%NMNMNMNMNMNMNMSegment Average

35、(18.7%)(18.7%)71.1%9.8%44.7%13.1x13.7x24.6x8.5x12.6xSegment M edian(27.2%)(27.2%)65.9%8.7%18.3%13.7x12.9x24.0 x10.4x12.6xM arket Stats Operating Stats LTM M ultiples NTM M ultiples Company NameSymbolMarket Cap($in Mil)Price($)LTM ChangeYTD Change%of 52 Week HighEst.Revenue GrowthEBITDA MarginTEV/Rev

36、TEV/EBITDAPrice/EPSTEV/NTM RevenueTEV/NTM EBITDAUnited Parcel ServiceUPS1 50,357$1 73.84$(1 8.9%)(1 8.9%)74.4%(0.6%)1 7.9%1.6x9.0 x1 3.6x1.6x9.9xExpeditors International of WashingtonEXPD1 6,537 1 03.92 (22.6%)(22.6%)76.9%(33.1%)1 1.5%0.8x6.8x1 0.9x1.2x1 0.5xC.H.Robinson WorldwideCHRW1 0,777 91.56 (

37、1 4.9%)(1 4.9%)75.5%(1 8.3%)5.6%0.5x9.0 x1 1.1 x0.6x1 2.2xFedExFDX5,876 1 73.20 (33.0%)(33.0%)64.9%(2.3%)9.5%0.8x8.6x1 3.6x0.8x8.0 xXPO LogisticsXPO3,834 33.29 (27.6%)(27.6%)70.4%(42.5%)1 3.1%0.5x4.1 xNM0.9x7.4xAtlas Air Worldwide HoldingsAAWW2,859 1 00.80 7.1%7.1%99.2%2.7%21.2%1.0 x4.8x8.1 x1.0 x4.

38、8xForward AirFWRD2,789 1 04.89 (1 3.4%)(1 3.4%)83.4%1.7%1 5.5%1.5x1 0.0 x1 5.1 x1.5x9.7xAir Transport Services GroupATSG1,889 25.98 (1 1.6%)(1 1.6%)75.2%9.2%33.3%1.6x4.9x1 1.2x1.5x4.8xPark Ohio HoldingsPKOH1 57 1 2.23 (42.2%)(42.2%)52.1%1 1.1%3.3%0.5xNMNM0.5x7.0 xSegment Average(19.7%)(19.7%)74.7%(8

39、.0%)14.5%1.0 x7.2x11.9x1.1x8.2xSegment M edian(18.9%)(18.9%)75.2%(0.6%)13.1%0.8x7.7x11.2x1.0 x8.0 xM arket Stats Operating Stats LTM M ultiples NTM M ultiples 51%47%54%42%8%10%10%11%41%43%36%47%41%39%42%42%13%9%11%9%46%52%47%49%41%35%36%37%8%8%9%5%51%57%55%58%39%47%39%36%8%6%7%10%54%47%54%55%0%20%40

40、%60%80%100%Senior DebtSub DebtEquitySource:GF DataSource:GF DataNote:The most current source of GF Data is as of November 2022.MultiplesSource:PitchBook Financial Data and Analytics2019202120202022*$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3005,3006,3002021 Q42022 Q12022 Q22022

41、 Q32022 Q4Deals ClosedDeals ClosedCapital Invested6.1x5.9x6.1x6.6x6.9x6.8x7.0 x7.1x7.5x8.0 x8.3x8.8x9.3x8.6x9.0 x9.7x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x2019202020212022*$10-25mm$25-50mm$50-100mm$100-250mm1.“Why the Pandemic Has Disrupted Supply Chains,”The White House,Whitehouse.gov,Susan Helper a

42、nd Evan Soltas,Jun.17,2021 https:/www.whitehouse.gov/cea/written-materials/2021/06/17/why-the-pandemic-has-disrupted-supply-chains/2.“A Brief History of the Shipping Container,”The Maritime Executive,Anna Nagurney,Sep.30,2021 https:/maritime- Its High Time To Move On From Just-In-Time Supply Chains,

43、”The Guardian,Kim Moody,Oct.11,2021 https:/ Californias Notorious Container Ship Backup Ends,”Wall Street Journal,Paul Berger,Oct.21,2022 https:/ Driver Shortage Remains At Near-Record High,”The Trucker,Oct.27,2022 https:/ of the Supply Chain Crisis,”The American Prospect,Robert Kuttner,Feb.1,2022 h

44、ttps:/prospect.org/economy/china-epicenter-of-the-supply-chain-crisis/7.“Port Of LA Campaigns To Bring Back Shippers Lost Amid Labor Talks,”Marketplace.org,David Brancaccio and Jarrett Dang,Jan.11,2023 https:/www.marketplace.org/2023/01/11/port-of-la-campaigns-to-bring-back-shippers-lost-amid-labor-

45、talks/8.“Global Chip Shortage Makes It Tough to Buy Certain Cars,”Consumer Reports,Benjamin Preston,May 6,2021 https:/www.consumerreports.org/buying-a-car/global-chip-shortage-makes-it-tough-to-buy-certain-cars-a8160576456/9.“Supply Chains Upended by Covid Are Back to Normal,”Wall Street Journal,Est

46、her Fung,Costas Paris,and Sharon Terlep,Dec.23,2022 https:/ COVID-19 Lessons Learned in Supply Chain,Jabil,Grant Anderson,Dec.21,2022 https:/ Makes Plans to Move Production Out of China,”The Wall Street Journal,Yang Jie,Aaron Tilley,Dec.3,2022 https:/ Supply Chain Crisis:Lessons For Leaders,”Forbes,

47、Benjamin Laker,Jan.11,2023 https:/ The Pulse Of Shifting Supply Chains,”McKinsey&Company,Aug.26,2022 https:/ https:/ Trends in Industrial Manufacturing Spur Sky Peak Investments,”PE Hub,Obey Martin Manayinti,Oct.28,2022 https:/ Maersk Continues The Record Streak With Strong Q3 Results,”Maersk News R

48、elease,Nov.2,2022 https:/ News,”Maersk,accessed Jan.12,2022 https:/ Automation Market:Growth,Trends,COVID-19 Impact,and Forecasts(2022-2027),”ReportLinker,Dec.2022 https:/ Automation:What to Expect in 2023,”Supply&Demand Chain Executive,Amy Wunderlin,Jan.3,2023 https:/ Quest To Deploy Autonomous Rob

49、ots Within Amazon Fulfillment Centers,”Amazon Science,John Roach,Oct.24,2022 https:/www.amazon.science/latest-news/the-quest-to-deploy-autonomous-robots-within-amazon-fulfillment-centers20.“Combined Company Promises the Most Powerful Growth Platform for Omnichannel Sellers Worldwide,”Linnworks,Sep.1

50、,2002 https:/ to Acquire Transporeon to Strengthen and Accelerate Connect&Scale Strategy,”Trimble,Dec.12,2022 https:/ Express Buys TFI Truckload Assets in$525M Deal,”Transport Dive,David Taube,Aug.22,2022 https:/ Express Buys Smith Transport for$170M,”Transport Dive,Colin Campbell,Jun.1,2022 https:/

51、 Curbs Bite At Chinese Ports Threatening Global Supply Chain,”Reuters,Joe Brock,Mar.18,2023 https:/ World Is At A Point Of Significant Economic Danger,Say Experts,”World Economic Forum,Stefan Ellerbeck,Sep.28,2022 https:/www.weforum.org/agenda/2022/09/chief-economists-outlook-september-2022/26.“Transportation and Logistics:US Deals 2023 Outlook,”PWC,accessed Jan.12,2023 https:/ Software Sector Sees M&A Rise,”Transport Topics,Connor D.Wolf,Jun.23,2022 https:/ Logistics Dealmaking Will Look Like in 2023,”The Middle Market,Demitri Diakantonis,Jan.9,2023 https:/