BeavEx Incorporated (“BeavEx”) is a provider of final mile and same-day transportation and logistics services in the US. BeavEx specializes in distribution for the financial services, e-commerce, pharmaceuticals, medical specimen, and automotive industries using a network of over 2,200 independent drivers, which collectively serve over 900 customers.
BeavEx has had consistently poor financial results since its acquisition in 2011. The Company’s financial services business saw decline with advancements in check scanning technology – which reduced demand for printed checks transportation. Management sought to replace lost business with an asset-heavy operating model, but lacked the appropriate systems and processes to oversee the overhead efficiently and effectively.
G2 was initially engaged to provide a restructuring assessment and overview of strategic alternatives for the Company. G2 provided an interim CFO early in the engagement -- who was later appointed as CRO. G2 was ultimately engaged as the exclusive Sell-Side Advisor to the Company and launched a high-touch sales process.
The sale process was effectuated through a Section 363 sale to TFI International, Inc. (“TFI”). TFI signed up to be the stalking horse in Chapter 11 and ultimately prevailed in the bankruptcy sale process.