Q2 2025

Transportation & Logistics M&A Update

In Q2, the T&L Industry Index increased by 9.2%, but was outperformed by a 10.2% increase in the S&P 500 over the same period.
The median EV/EBITDA multiple for reported private equity deals decreased to 5.4x through 1H 2025 from 10.7x in 2024, but increased for strategic deals to 10.8x from 4.7x during the period.
M&A deal volume in the T&L sector decreased 6.0% in Q2 to 235 deals from 250 in Q1, but increased 10.3% from 213 in Q2 of the prior year.
Europe was the most active region in Q2 with 98 deals. Most notably in Europe was DSV’s $15.9 billion acquisition of DB Schenker, a German provider of supply chain and freight management services for land, air, and water transportation, in April 2025.
Total capital invested in M&A transactions increased 404.3% in Q2 to $23.7B from $4.7B in Q1 in large part from the DB Schenker deal mentioned above.