How to prepare for a merger and acquisition in logistics and transportation

In this episode, Mike Fiorito, Board Member and Strategic Advisor at Openforce, Alexander Rafla, Vice President at Clarendon Capital, and Jeff Newhouse, Partner at Newhouse Law discuss the different types of buyers in the market, what’s required for a successful sale, how buyers approach valuations, plus several other recommendations to consider when seeking to sell or hunting down a new acquisition.

The Gig Academy host

Nick Hancock, Openforce Gig Academy Podcast Host and Customer Success Manager of Key Accounts
Nick monitors all areas that pertain to and affects the gig economy and IC model to best advise and meet the needs of Openforce’s clientele. Prior to working at Openforce, Nick worked in both the Dental manufacturing industry and has a background in insurance as a producer.

Nick has a Bachelor’s degree in Interdisciplinary Studies of Humanities from Northern Arizona University and he and his wife are expecting their firstborn daughter in October 2021.

About this episode’s guests

Mike Fiorito, Board Member and Strategic Advisor at Openforce
Bringing 35 years of direct experience in courier, trucking, assembly, warehousing, and local expedited delivery to Openforce, Mike Fiorito presents customers and prospects the ability to speak with someone who truly understands their business.

Mike’s previous experience includes serving as CEO of Urban Express, now part of XPO Logistics, and as the former Head of North American Operations for Shutl (now part of eBay Now). As a member of Openforce’s board, Mike will help companies address the challenges facing expedited delivery.

As a founder and manager of several successful delivery start-ups, Mike brings a unique perspective on Openforce’s customer needs and will be a significant resource to Openforce’s customers as they seek guidance to reduce cost and maximize the efficiency of their operations. Leveraging decades of first-hand experience, Mike will use his knowledge of customers’ needs and desires to help them tailor the ideal solution to improve their independent contractor compliance, driver efficiency in their operations, and allow companies to focus on driving revenue in their business.

About Openforce
Openforce is the leader in technology-driven services that reduce operating costs and mitigate risk for companies using independent contractors. Their cloud-based applications help companies and contractors alike achieve more sustainable, profitable growth by removing financial, operational, and compliance barriers to getting business done.

Alexander Rafla, Vice President at Clarendon Capital, LLC
Alexander Rafla has over 10 years of experience in the freight transportation and logistics industry as a private equity investor and management consultant. He currently serves as a Vice President at Clarendon Capital, a private equity firm in the Washington, DC area. In this role, Alex focuses on the development of investment opportunities in middle-market transportation and logistics companies and leads all stages of the investment life cycle including origination, due diligence, deal execution, and post-acquisition growth initiatives. Over his career, he has worked across most T&L subsectors including courier/last mile, parcel, air cargo, freight forwarding, intermodal, rail, trucking, warehousing, and transportation infrastructure.

Alex serves as a board member of Allstates WorldCargo, a freight forwarder, and is a board observer of American Expediting, a national provider of same-day courier services focused on life sciences and medical customers.

About Clarendon Capital
Clarendon Capital is a private equity sponsor focused on investment opportunities in the transportation, logistics and distribution sectors. Their principals possess unique resources, expertise, and partnership networks to add value to companies and execute transactions. The team collectively has over a century of industry experience as principal investors, board members, senior operators, management consultants, and investment bankers. Since its inception, Clarendon has made eleven investments in transportation and logistics companies.

Jeffrey Newhouse, Partner at Newhouse Law PLLC
Newhouse Law PLLC provides nationwide legal services to clients operating in the new economy, particularly logistics and transportation companies, and helps those clients solve their most important problems. The firm is founded on the principle that sophisticated, partner-level attention to clients yields the best results—those that are tailored to a client’s goals, performed at the highest level, and delivered efficiently.

About Newhouse Law PLLC
Jeff Newhouse’s practice focuses on litigating independent contractor class and collective actions in state and federal courts throughout the country, helping clients create defensible independent contractor models, and advising clients on independent contractors’ classification in connection with mergers and acquisitions. Jeff’s clients range from fast-growing start-ups to Fortune 100 companies, but their common thread is a desire to implement and capitalize on new economic models that utilize independent contractors.  He is a former equity partner of an AmLaw 100 firm.