- European transport & logistics M&A bucked the broader market in 2024, with deal count up 14% to 364 even as total European M&A volume fell 8%.
- Activity skewed toward larger strategic consolidations (e.g., DSV-Schenker, EP-IDS, Apollo-Evri, GXO-Wincanton), lifting values despite many smaller deals.
- Corporate buyers dominated (~75% of deals) and cross-border transactions reached 44% as acquirers pursued scale, geographic expansion, and vertical integration.
- Warehousing/storage surged (+180% to 31 deals) and 2025 outlook is cautiously positive on easing macro headwinds and demand for resilient, specialized logistics (e.g., cold chain), tempered by financing and regulatory risks.
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The Deloitte report on European transport & logistics M&A shows resilience in the sector amidst broader economic headwinds. Although total European M&A fell 8% in volume in 2024, the T&L logistics sub-sector saw a 14% increase in deal count to 364 deals—evidence of strong interest, particularly in midsize and specialty assets.
Large strategic transactions such as DSV’s proposed acquisition of DB Schenker (~€14.3B), EP Group’s takeover of IDS, PIR takeover of Evri, and GXO’s buying of Wincanton, underscore how key players are consolidating to gain scale and address problems of supply chain complexity and global reach. These outliers pulled up average deal value, even as smaller deals continued to dominate numerically.
Corporate acquirers dominated 2024, accounting for ~75% of deal activity, with private equity accounting for growth primarily in subsectors like warehousing, 3PL, and haulage. The warehousing subsector was a standout, with deal activity increasing over 180% YoY—from 11 to 31 deals—and specialization (e.g., temperature-controlled, bulk liquid, etc.) becoming key criteria.
Cross-border activity reached nearly half of all deals, reinforcing that geographic expansion remains a key lever for growth. France and Spain led in terms of buyer deal count, but the UK (often as target and acquirer) continued to remain a major center. Buyers are also increasingly seeking vertical integration to own more of the value chain.
Looking ahead, momentum for 2025 is supported by easing inflation, expectation of rate cuts, and pent-up capital, but risks remain—interest rate risk, regulatory scrutiny, cost inflation, and supply chain disruptions. Subsector winners are likely to be those with defensible, recurring revenues (e.g. cold-chain, temperature-controlled logistics, asset-light 3PLs, digital-enabled supply chain software and visibility tools).
Open questions include: to what extent will regulatory and environmental mandates (e.g. EU decarbonization, transportation regulation) alter deal valuation and required capital expenditure? Will private equity returns remain sufficient to justify risk in capital intensive segments? And can acquirers absorb integration risks, particularly in mega-deals with cross-modal and cross-jurisdictional complexity?
Supporting Notes
- European M&A value rose ~19% YoY in 2024 to US$633 billion, despite deal volume dropping ~8%.
- In European logistics, deals rose from 318 in 2023 to 364 in 2024 (+14%).
- Major logistics transactions in 2024 include DSV’s proposed £12B (€14.3B) acquisition of Schenker; EP Group-IDS at £3.6B; Apollo-Evri at £2.7B; GXO-Wincanton at ~£0.75B.
- Corporate buyers represented ~75% of logistics deals in 2024; private equity accounted for ~81 PE-backed deals, up ~13% YoY.
- The warehousing and storage subsector saw +180% YoY growth: 11 deals in 2023 to 31 in 2024.
- 44% of logistics deals in 2024 were cross-border; European buyers made 86% of acquisitions; France (39 deals), Spain (37), UK and Netherlands (each ~9% share) leading.
- Macro outlook: Deloitte expects continued investment in freight forwarding/supply chain solutions, temperature-controlled storage (cold chain), and that logistics service providers will become more critical as supply-availability becomes a top customer priority.