Clarke Advisors Research
Advisory Approach
Clarke Advisors is a specialized lower middle market investment banking firm focused exclusively on transportation, logistics, and supply chain companies. Founded in 2010, the firm operates with a clear thesis: the transportation and logistics sector requires specialized industry expertise that generalist M&A advisors cannot provide. The firm's sweet spot is founder-owned trucking companies, 3PLs, and warehousing businesses with enterprise values between $10 million and $250 million.
The firm believes that successful outcomes in transportation M&A come from deep sector knowledge, established buyer relationships, and understanding the unique operational and financial metrics that drive value in logistics businesses. Their approach emphasizes clean transactions with strategic and financial buyers, avoiding owner carry-backs or performance-based earnouts that complicate closings.
Sector Focus
Clarke Advisors maintains an exclusive focus on the transportation and logistics supply chain. Their primary expertise includes:
- Trucking and Transportation: Dry van, refrigerated, flatbed, bulk liquid, food-grade, and specialized carriers
- Third-Party Logistics (3PL): Asset-light logistics providers, freight brokerage, and transportation management
- Warehousing and Distribution: Public warehousing, fulfillment centers, and distribution operations
- Supply Chain Technology: Transportation management systems, dispatch software, and logistics technology platforms
This vertical specialization allows Clarke to provide nuanced valuation insights, identify strategic synergies, and access buyers who specifically seek logistics assets.
Deal Track Record
Clarke Advisors has completed 60+ transactions in the transportation and logistics sector. Representative transactions include:
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Idaho Milk Transport: Advised on the sale of this Burley, Idaho-based bulk liquid carrier to The Kenan Advantage Group (KAG) in October 2023. The transaction included 162 tractors, 327 specialized trailers, five facilities, and approximately 200 employees.
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Off Spec Solutions: Advised on a $6 million majority recapitalization with CVF Capital Partners in September 2018. The Nampa, Idaho-based over-the-road trucking company received growth capital to expand its tech-enabled transportation and freight brokerage solutions.
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Leonard Logistics: $20 million company sale
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AG Trucking: $30 million sale
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Western Refrigerated Carrier: $165 million distressed financing
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Star Transportation: $21 million distressed debt recapitalization
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United Global Logistics: $13 million company sale
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Motor West: $7.5 million company sale
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South East Warehouse: $4 million company sale
The firm has also completed numerous buy-side mandates, including Elder Logistics' acquisition of Bowen Transportation ($5 million) and Kottke Trucking's purchase of Fellows Trucking ($6.5 million).
Process & Fee Structure
Clarke Advisors runs institutional-quality sell-side processes tailored to lower middle market transportation companies. Their typical engagement includes:
- Comprehensive business valuation and fairness opinions
- Preparation of marketing materials and confidential information memoranda
- Targeted buyer identification and outreach
- Management presentation preparation and coaching
- Due diligence coordination and negotiation support
The firm prefers clean transactions with established private equity groups and larger strategic buyers, minimizing structural complexities that can derail closings. Their stated minimum engagement size is $10 million in transaction value.
Fee structures follow industry norms for lower middle market investment banking, typically involving monthly retainers during the engagement period with success fees based on a percentage of transaction value at closing.
Buyer Network
Clarke Advisors maintains extensive relationships with strategic and financial buyers in the transportation and logistics sector. Their buyer network includes:
- Private Equity Firms: CVF Capital Partners, The Kenan Advantage Group, and other transportation-focused PE sponsors
- Strategic Buyers: Larger trucking companies, logistics providers, and integrated supply chain services companies seeking geographic expansion or capability augmentation -- Family Offices: High-net-worth families and family offices acquiring logistics businesses
The firm's deep sector knowledge enables them to identify buyers who can unlock synergies and pay premium valuations for transportation and logistics assets.
Competitive Positioning
Clarke Advisors differentiates through:
- Sector Specialization: Exclusively focused on transportation and logistics since 2010
- Operational Expertise: Team members with direct logistics industry experience, including commercial real estate, warehousing, and transportation operations
- Axial Recognition: Ranked #14 in Axial's Q3 2020 Top 20 Lower Middle Market Investment Banks
- Clean Transactions: Preference for straightforward deal structures without complex seller financing
- National Reach: Nationwide buyer coverage with particular strength in Western U.S. markets
Not a Fit If
Clarke Advisors typically declines:
- Businesses below $10 million in enterprise value
- Transactions requiring owner financing, promissory notes, or performance-based earnouts
- Industries outside transportation and logistics
- Businesses with significant operational or legal complexities that preclude clean closings
Team
The Clarke Advisors team combines investment banking expertise with operational experience in transportation and logistics:
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Norman E. Clarke, Managing Partner: 25+ years in investment banking and venture capital. Founder and former CEO of Windstone Capital Partners. Previously at AT&T, MCI, and Three Five Systems. Holds FINRA Series 7, 79, and 63 registrations through Finalis Securities LLC.
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Bob Peach, Senior Managing Director: Technology and computing expert with three decades of experience launching multiple companies. Former Managing Director at Windstone Capital Partners and Founder of Saguaro Venture Partners. Holds FINRA Series 7, 63, and 79 registrations.
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Steven Keim, Senior Advisor: Former Managing Director of Coldwell Banker Commercial Prime Properties with expertise in warehousing, logistics, and transportation industries. Co-founder of iWest group of companies providing third-party logistics and commercial warehousing services.
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Juri Varangu, Senior Advisor: 40+ years of experience in business management, sales, and marketing across multiple industries. Founder of Capdata Inc. and former executive at Pyman Media Group.
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Catherine Synan, Senior Analyst: Entrepreneur and data expert with experience launching businesses across business services and consumer goods. BS in Marketing from Arizona State University.
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Barbra Holden, Senior Analyst: Former Vice President and Business Development Officer at Bank of America's Commercial Finance Group. Also experienced in film production and digital marketing.
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Carson Maxey, Analyst: Investment banking analyst specializing in financial modeling and valuations in the transportation and logistics sector. Pursuing BS in Finance and Economics at Grand Canyon University.
Geographic Coverage
Based in the Phoenix metropolitan area (Carefree, Arizona), Clarke Advisors serves clients nationwide with particular strength in Western U.S. markets including Arizona, California, Idaho, Washington, and surrounding states. The firm has completed transactions from coast to coast, leveraging digital tools and national buyer networks to serve transportation companies regardless of location.