Q2 2024

Transportation & Logistics M&A Update

In Q2, the Transportation & Logistic (“T&L”) Industry Index decreased by 6.5% and was outperformed by the S&P 500, which increased 4.1% over the same period.
The median EV/EBITDA multiple for reported PE deals increased to 14.1x through 1H 2024 from 11.9x in 2023, while the EV/EBITDA multiple for reported strategic deals remained steady at 6.7x in 2024.
M&A deal volume in the T&L sector decreased 19.0% in Q2 to 213 deals from 263 in Q1, but increased 21.7% from 175 in Q2 of the prior year.
As a % of total capital invested in M&A transactions, private equity participation increased to 31.1% through 1H 2024, up from 30.8% in 2023.
Europe was the most active region in Q2 with 97 deals. Most notably in the European market was Hitachi Rail’s $1.8 billion acquisition of Thales Group’s Ground Transportation Systems business in May 2024.