Q4 2023

Transportation & Logistics M&A Update

The Transportation & Logistics Industry Index increased by 12.9% in Q4 and outperformed the S&P 500, which increased 11.2% over the same period.
The median EV/EBITDA multiple for reported strategic deals increased to 5.8x in 2023 from 4.5x in 2022. There were no reported private equity EV/EBITDA multiples in 2023.
M&A deal volume in the T&L sector increased 22.2% to 253 completed transactions in Q4 from 207 deals in Q3, but decreased 7.3% from 273 deals in the same period of the prior year.
As a % of total capital invested in M&A transactions in 2023, private equity participation decreased significantly to 30.8%, down from 63.0% in 2022.
Europe was the most active region in Q4 with 120 deals. Most notably in the European market was AviLease’s $3.6 billion buyout of Standard Chartered’s Aviation Finance Business in November 2023.