Q3 2025

Transportation & Logistics M&A Update

In Q3, the T&L Industry Index increased by 1.4%, but was outperformed by a 7.9% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported strategic deals increased to 12.0x in YTD 2025 from 4.7x in the prior year, but decreased for private equity deals to 5.4x from 10.7x in 2024.
M&A deal volume in the T&L sector increased 14.5% in Q3 to 269 deals from 235 in Q2 and increased 15.9% from 232 in Q3 of the prior year.
Europe was the most active region in Q3 with 117 deals. Most notably in Europe was Triton Partners’ $553.2 million acquisition of MacGregor, a Finnish manufacturer of cargo and load-handling equipment and service solutions for the marine and offshore industries, in July 2025.
Total capital invested in M&A transactions decreased 53.6% in Q3 to $11.0B from $23.7B in Q2 due primarily to a shift in mix toward smaller sized deals. In Q2, DSV acquired DB Schenker for $15.9 billion where the largest deal in Q3 was CMB.TECH’s $3.7 billion acquisition of dry bulk shipping company Golden Ocean Group, in August 2025.