Q3 2024

Transportation & Logistics M&A Update

In Q3, the Transportation & Logistics Industry Index increased by 6.2% and outperformed the S&P 500, which increased by 5.3% over the same period.

The median EV/EBITDA multiple for reported private equity deals decreased to 10.7x in YTD Q3 from 11.3x in 2022 (the last year with PE EV/EBITDA multiples reported), and decreased for strategic deals to 10.2x from 28.8x in the prior year.
M&A deal volume in the T&L sector increased 8.9% in Q3 to 232 deals from 213 deals in Q2, and increased 12.1% from 207 deals in Q3 of the prior year.
As a % of total capital invested in M&A transactions, PE participation decreased slightly in YTD Q3 to 30.3% from 30.8% in 2023.
Europe was the most active region in Q3 with 110 deals. Most notably in Europe was MSC Mediterranean Shipping Company’s $691.2 million acquisition of Gram Car Carriers, a global car shipper with a fleet of distribution vessels, mid-size vessels, and Panamax vessels, in July 2024.