The Transportation & Logistics (“T&L”) industry index declined 6.0% in Q1 2022 and underperformed the S&P 500 index, which declined 5.5% in the same period.
Total capital invested in M&A transactions in the T&L sector decreased 75.8% in Q1 2022 to $24.3B from $100.6B in the prior quarter. However, total capital invested increased 36.5% from $17.8B in the same period of the prior year.
In 2022, PE investors increased as a % of total capital to 84.0% from 37.0% in 2021 compared to strategic buyers decreasing to 16.0% from 63.1% in the same period.
Europe was the most active region in Q1 2022 with 98 deals. Most notably was AustralianSuper’s $14.5 billion leveraged buyout of Sydney Airport in March 2022.
Stock prices and valuation multiples generally edged higher in the second half of Q1 2022.