Industry Report: Transportation & Logistics Q3 2025 [Bridgepoint IB]

Key Report Highlights

• Freight and Equipment Markets Show Signs of Tension Amid Recovery
  Following a Q1 GDP contraction, the U.S. economy rebounded at a 3% annual rate in Q2 2025, but freight markets remain fragile. Spot load volumes increased nearly 20% year-over-year, while spot truck posts declined 30%, signaling tightening supply. Class 8 tractor orders plunged over 40%, and elevated cost inflation continues to drive exits among smaller carriers, putting pressure on fleet capacity heading into peak season.
• Transportation M&A Fueled by Cross-Border Expansion and Specialization
  M&A activity remains robust, driven by thesis-based buyers targeting cross-border, cold chain, e-commerce, and temp-controlled logistics providers. Brokerages and 3PLs continue to attract consolidation interest, while carve-outs and sponsor-backed bolt-ons are accelerating platform growth. Buyers are placing a premium on modal diversity and customer overlap, especially in fragmented mid-market niches.
• Recent Transactions Emphasize Tech-Enabled and Temperature-Controlled Assets
  Notable Q3 transactions include Echo Global Logistics acquiring FreightSaver to enhance managed transportation capabilities, and Hub Group doubling its refrigerated intermodal capacity with the acquisition of Marten’s intermodal division. Other deals, such as Alba Wheels Up acquiring The Perishable Specialist and Everest merging with Simple Logistics, reinforce investor appetite for asset-light, tech-driven, and temperature-sensitive logistics platforms.
• Public Market Valuations Remain Strongest in Asset-Light Segments
  According to Pitchbook data, asset-light logistics companies are trading at significantly higher multiples—13.1x 2025E EV/EBITDA—compared to 6.8x for truckload and 6.7x for specialty asset-based operators. This reflects investor preference for capital-light business models with greater margin stability, scalability, and technology integration amid ongoing rate volatility and labor market pressures.
• Strategic and Sponsor Buyers Continue to Hunt for Scalable Mid-Market Platforms
  Private equity firms are under pressure to deploy dry powder, while strategic acquirers are actively reshaping their portfolios through carve-outs and targeted tuck-ins. Buyers are seeking scalable, well-managed middle market transportation firms that can fill geographic or modal gaps, particularly those with cold chain capabilities, tech-enabled visibility tools, or regulatory resilience. Elevated insurance and labor costs remain key diligence hurdles influencing valuation and structure.

Bridgepoint Investment Banking is a boutique investment bank focused on providing capital raising and M&A advisory services to middle-market companies across North America. Founded in 2012, the firm specializes in sectors including industrials, transportation, healthcare, business services, consumer, and technology.

With over 360 years of combined experience and more than 460 completed transactions totaling over $380 billion, Bridgepoint’s senior team brings deep expertise to every engagement. Headquartered in Omaha with offices in Chicago, Denver, New York, and Lincoln, the firm conducts securities transactions through M&A Securities Group, Inc., member FINRA and SIPC.

Interested in sharing your industry reports? Contact: kaitlinn.thatcher@axial.net