M&A · Industrials · Trucking (No Local)
DB Schenker to acquire USA Truck Inc
Announced Jun 24, 2022 · Closed Sep 15, 2022
Deal value$435MEV $360M
Premium—To unaffected price
EV / Adj. EBITDA4.1x0.5x EV / Revenue
ConsiderationAll cash$31.72 per share
Transaction
- Acquirer
- DB Schenker
- Target
- USA Truck Inc (USAK)
- Buyer type
- Strategic
- Offer price per share
- $31.72
- Enterprise value
- $360M
- Status
- Closed Sep 15, 2022
Deal protections
- Break fee (target pays)
- $10.0M · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore
- Evercore fee
- $4.0M
Sector context · Industrials
- Comparable deals
- 69 in the prior 24 months
- Premium
- Sector median 47.0%
- EV / Adj. EBITDA
- 4.1x vs. 11.0x sector median
- Break fee
- 2.3% vs. 2.8% sector median
Timeline
- AnnouncedJun 24, 2022
- Proxy filedJul 18, 2022
- Definitive proxyAug 3, 2022
- Shareholder voteSep 12, 2022
- ClosedSep 15, 2022
Valuation · fairness opinions
Discounted cash flow$18.95$32.60
Discounted cash flow$26.10$39.15
Precedent transactions$24.20$36.05
Trading comparables$12.05$26.25
Trading comparables$23.65$35.05
Offer $31.72
Implied value per USA Truck Inc share by analysis, from Evercore · DCF discount rate 12.5%–14.5%.