Q1 2025

Transportation & Logistics M&A Update

In Q1, the T&L Industry Index decreased by 14.3%, but was outperformed by a 4.4% decrease in the S&P 500 over the same period.
The median EV/EBITDA multiple for reported strategic deals increased to 8.3x in Q1 from 4.7x in 2024 while no PE EV/EBITDA multiples were reported during the period.
M&A deal volume in the T&L sector increased 3.3% in Q1 to 250 deals from 242 in Q4 of 2024, but decreased 4.9% from 263 in Q1 of the prior year.
As a % of total capital invested in M&A transactions, PE participation increased significantly in Q1 to 59.1% from 43.4% in 2024.
Europe was the most active region in Q1 with 132 deals. Most notably in Europe was A.P. Moller Capital’s $517.9 million investment in Berge, a Spanish provider of marine logistics services, in February 2025.