Industry Report: Transportation & Logistics Q3 2025 [Peakstone]

Key Report Highlights

• M&A Activity Moderates but Remains Regionally Concentrated
  U.S. transportation and logistics M&A has slowed compared to peak years, with 56 strategic and 6 financial deals recorded in Q1 2025, according to page 3’s data. States like California (503 deals), Texas (396), and Illinois (218) continue to dominate long-term deal activity, reflecting infrastructure concentration and industrial density.
• Valuations Rebound After 2023 Dip
  Median EV/EBITDA multiples for the sector have recovered to 9.2x as of Q1 2025, up from 5.5x in 2023, signaling renewed buyer confidence. EV/Revenue multiples also rose to 2.2x, the highest in over a decade, suggesting investors are paying premiums for growth and margin stability.
• LTL and Warehousing Outperform Public Markets
  From 2014 to March 2025, LTL carriers posted a 281% total return, far outpacing the S&P 500’s 207% return. Warehousing companies delivered 19.8x EV/EBITDA, the highest among tracked sub-sectors, driven by rising demand for storage, fulfillment, and logistics services in an e-commerce-heavy environment.
• Middle Market Deals Remain Robust
  Recent transactions—such as DP World’s $90M acquisition of Unique Logistics International and Chijet’s $40M purchase of Too Express Group—highlight sustained interest in scalable, tech-enabled operators with global or regional freight capabilities. Most disclosed deals ranged from $3M to $390M, firmly within middle market territory.
• Strategic Buyers Dominate, but Financial Sponsors Are Active
  While strategic acquirers continue to lead deal volume, financial sponsors are selectively targeting asset-light logistics, warehousing, and specialized freight providers. The rise of technology-powered transport firms, such as Flewber Global, points to increased sponsor interest in digitized, on-demand models.

Peakstone Group is a Chicago-based, 40+ person investment bank that specializes in mergers and acquisitions advisory and capital raising. An Axial member since 2010, Peakstone works across a variety of industries and has marketed more than 170 deals on the Axial platform.

Peakstone is a trusted member of the Axial Partnership Program and contributes content and industry insights to Axial’s Middle Market Review. The following report is a Peakstone Group publication, which has been approved for Axial to share with its network.

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