Industry Report: Transportation & Logistics Q4 2025 [Peakstone]

Key Report Highlights

• M&A Activity Holds Steady with Strategic Buyers Leading
  As of June 2025, there have been 173 strategic and 14 financial transportation and logistics transactions in the U.S., continuing a strong run of M&A activity post-pandemic. Historical data shows consistent buyer interest across industrial hubs like California, Texas, Illinois, and Florida, with these states accounting for the highest deal volumes over the last two decades.
• Valuations Climb to Multi-Year Highs
  Median EV/EBITDA multiples in the sector rose to 9.2x, the highest level since 2010, while median EV/Revenue hit a record 2.2x as of mid-2025. The surge in valuations reflects increased investor appetite for scalable, tech-enabled logistics platforms and margin-strong operators in warehousing, cold chain, and intermodal segments.
• Middle Market Deal Value Remains Healthy Despite Macro Uncertainty
  The median disclosed transaction value for the first half of 2025 was $8 million, down from peaks in 2020 and 2022 but in line with long-term trends. This signals continued activity in the lower middle market, where buyers prioritize bolt-on acquisitions and carve-outs of niche service providers.
• Warehousing and LTL Segments Outperform Public Market Benchmarks
  As shown in the stock performance chart on page 5, Less-Than-Truckload (LTL) carriers delivered a 237% total return since 2014, surpassing even the S&P 500’s 214%. Warehousing and storage operators are commanding the highest sector valuations at 19.5x EV/EBITDA, driven by demand for fulfillment infrastructure and last-mile distribution capacity.
• Notable Transactions Emphasize Scale, Specialization, and Cross-Border Reach
  Several impactful deals closed in H1 2025, including DP World’s $90 million acquisition of Unique Logistics International, I Squared Capital’s $608 million deal for National Express, and Chijet Motor’s $40 million purchase of Too Express Group. These moves highlight the ongoing focus on cross-border freight forwarding, tech-enabled air and express delivery, and contracted transportation services.

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 270 deals on the Axial platform at the time of publication.

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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