In this report, we look at trends in the U.S. buyout industry, including fundraising and valuation and leverage multiples. We consider what this means for asset-based trucking carriers, which, in our view, are particularly unsuited to private equity ownership. We stress-test a LBO model of an asset-based trucking company in a downturn and demonstrate the fragility of truckload carrier profitability (net earnings down 114% on a 10% drop in gross revenue). Finally, we consider how recent PE-backed transportation deals and how they have fared.

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