M&A · Industrials · Trucking & Courier Services (No Air)
Blue Horizon Partners, Inc. to acquire Patriot Transportation Holding, Inc.
Announced Nov 1, 2023 · Closed Dec 21, 2023
Deal value$57MEV $50M
Premium—To unaffected price
EV / Adj. EBITDA5.9x0.5x EV / Revenue
ConsiderationAll cash$16.26 per share
Transaction
- Acquirer
- Blue Horizon Partners, Inc.
- Target
- Patriot Transportation Holding, Inc.
- Buyer type
- Strategic
- Offer price per share
- $16.26
- Enterprise value
- $50M
- Status
- Closed Dec 21, 2023
Deal protections
- Break fee (target pays)
- $1.9M · 3.2%
- Reverse fee (buyer pays)
- $1.9M · 3.2%
- Go-shop
- No-shop
- Financing
- Committed · BMO Capital Markets
Advisors
- To the acquirer
- Not disclosed
- To the target
- Cassel Salpeter
Sector context · Industrials
- Comparable deals
- 79 in the prior 24 months
- Premium
- Sector median 47.5%
- EV / Adj. EBITDA
- 5.9x vs. 10.8x sector median
- Break fee
- 3.2% vs. 2.9% sector median
Timeline
- AnnouncedNov 1, 2023
- Proxy filedNov 14, 2023
- Definitive proxyDec 1, 2023
- Shareholder vote—
- ClosedDec 21, 2023
Valuation · fairness opinions
Discounted cash flow$11.74$12.95
Trading comparables$13.92$16.48
Precedent transactions$13.81$15.86
Offer $16.26
Implied value per Patriot Transportation Holding, Inc. share by analysis, from Cassel Salpeter.