Q1 2024

Transportation & Logistics M&A Update

In Q1, the Transportation & Logistic Industry Index increased by 3.2% but was outperformed by the S&P 500, which increased 10.8% over the same period.
The median EV/EBITDA multiple for reported strategic deals decreased to 11.2x in Q1 from 28.8x in 2023. The median EV/EBITDA multiple for reported PE deals decreased to 10.7x in Q1 from 11.3x in 2022 (there were no reported private equity EV/EBITDA multiples in 2023).
M&A deal volume in the Transportation & Logistics sector increased 4.0% in Q1 to 263 deals from 253 in Q4, and increased 12.4% from 234 in Q1 of the prior year.
As a % of total capital invested in M&A transactions in Q1, private equity participation decreased to 33.5%, down from 39.2% in 2023.
Europe was the most active region in Q1 with 135 deals. Most notably in the European market was Euronav ’s $1.2 billion acquisition of CMB.TECH in February 2024.