Situation
ICAT Logistics, Inc. (“ICAT”), founded in 1993 and headquartered in Elkridge, MD, operates as an agency-based freight forwarder specializing in creative, custom transportation solutions to meet its customers’ needs both locally and across the globe.

Objective
Owner Richard “Rick” Campbell engaged Matrix to serve as the Company’s financial advisor after an unsuccessful one-off dialogue with a potential investor.

Mr. Campbell required that Matrix seek a financial partner that could provide him with a liquidity event, a medium-term transition path, and growth capital for the business.

Solution
Matrix launched a broad process to roughly 700 potential suitors and closed the transaction at premium valuation above client expectations in less than five months.

Matrix presented normalized financial performance using a data-driven COVID adjusted EBITDA to help provide buyers with context behind the additional growth that could be acquired.

In addition to purchase price, Matrix was able to yield additional consideration for Mr. Campbell through an advantageous working capital target, tax structuring considerations, and compensation related to his go-forward employment and ownership of ICAT-leased real estate.