NorthStar Logistics Acquisition of RouteWave TMS: BCG-Style M&A Case Interview
NorthStar Logistics Acquisition of RouteWave TMS is a medium-difficulty BCG-style M&A case interview with 8 interviewer questions and 4 exhibits; candidates finish it in a median 20 minutes. Your first full case is free with an account: run it out loud with an AI interviewer or step by step.
| Case type | M&A |
|---|---|
| Industry | Logistics / SaaS |
| Firm style | BCG |
| Difficulty | Medium |
| Interviewer questions | 8: context, clarifying, structure, 3 analysis, math, synthesis |
| Math questions | 1 |
| Exhibits | 4 |
| Modes | Voice and guided |
| Completed runs | 39 |
| Median time | 20 minutes |
| Source | Written by Road to Offer |
Runs, times and ratings are from Road to Offer practice data as of 6 November 2026.
The case
NorthStar Logistics, a U.S. third-party logistics player, is considering acquiring RouteWave, a transportation management software provider. RouteWave shareholders are asking for an enterprise value of $360M. The CEO wants to decide whether to proceed and what conditions are required for value creation.
NorthStar manages freight operations for mid-market shippers and wants to improve margin and customer retention through better digital capabilities. RouteWave has strong route-optimization IP and sticky SaaS contracts, but integration would require combining commercial teams and data systems. The board wants a clear valuation view and execution guardrails before signing.
The interviewer's first question
Could you restate the client situation and the core decision we need to make?
Exhibits you will read
- Exhibit 1: RouteWave Financial Performance, 2022-2024 ($M)
- Exhibit 2: Peer Multiples vs Growth (Logistics SaaS, peer median 11.8x)
- Exhibit 3: Value Bridge to Maximum Justified Offer ($M)
- Exhibit 4: Integration Risk by Workstream (1=Low, 5=High)
What this case tests
One math step, four exhibits and three analysis questions: this case is mostly about reading data under time pressure.