Q4 2024

Transportation & Logistics M&A Update

In Q4, the Transportation & Logistics Industry Index increased by 7.1% and outperformed the S&P 500, which increased by 3.0% over the same period.
The median EV/EBITDA multiple for reported private equity deals decreased to 10.7x in 2024 from 11.3x in 2022 (the last year with PE EV/EBITDA multiples reported), and decreased for strategic deals to 8.7x from 28.8x in the prior year.
M&A deal volume in the T&L sector increased 4.3% in Q4 to 242 deals from 232 deals in Q3, but decreased 4.3% from 253 deals in Q4 of the prior year.
As a % of total capital invested in M&A transactions, PE participation increased significantly in 2024 to 43.4% from 30.8% in 2023.
Europe was the most active region in Q4 with 109 deals. Most notably in Europe was Blackrock’s $5.6 billion investment in DSV, a Danish freight forwarder, in October 2024.