The logistics industry saw notable merger and acquisition activity during November 2024, with patterns highlighting both regional concentrations and strategic priorities that show where the sector is moving. An examination of the month’s transactions provides valuable insights into industry trends, strategic thinking, and the shifting dynamics of global logistics.
North America took the lead in logistics deals during November 2024, making up 52% of all acquisitions when looking at target locations. The US market was particularly active, with 13 deals that represented 45% of the total activity. This strong showing in North America stems from several key factors – the market’s well-developed nature, solid economic conditions, and an ongoing trend of companies joining forces in the region. The high number of deals points to companies seeking growth and trying to strengthen their position in North America’s logistics landscape.
European deals stayed strong, making up 34% of overall activity with 10 acquisitions. The high level of deal-making in Europe shows that companies are still actively combining forces and positioning themselves strategically in the European logistics market, especially as they adapt to shifting trade patterns and growing interest in keeping operations closer to home. Looking at the overall picture, North America and Europe together accounted for 86% of all deals, showing these established markets are still driving most of the consolidation in the industry.
Looking at the types of services being acquired, transportation-related deals led the way at 55% of total acquisitions. Next came logistics services at 21%, with freight forwarding at 14% and software solutions making up 10%. These numbers show that companies are still focusing heavily on building up their core transportation and logistics operations, while also making sure to invest in new technology through software acquisitions. The strong focus on transportation services suggests companies are particularly keen to expand their physical assets and operational capabilities.
November 2024 saw several significant transactions. A significant deal was Stonepeak’s $3.1 billion acquisition of Air Transport Services Group (ATSG), representing a major investment in the air cargo sector. This transaction highlights the strategic value of air freight capabilities in modern logistics networks and underlines confidence in the continued growth of e-commerce-driven air cargo demand.
DP World’s acquisition of Silk Logistics for approximately $114 million highlights the continued interest of global logistics players in expanding their geographic presence, particularly in the Asia-Pacific region. This strategic move strengthens DP World’s integrated logistics capabilities in Oceania and enhances its ability to offer comprehensive end-to-end service solutions. Cross-border logistics capabilities were emphasized in several deals, including DFDS’s acquisition of Ekol Logistics, which aims to consolidate Turkey-Europe freight operations and benefit from Turkey’s manufacturing growth.
A significant trend evident in November’s acquisitions was the focus on enhancing e-commerce capabilities. Swissport’s acquisition of ViaEurope, for instance, was specifically aimed at strengthening its e-commerce logistics capabilities at major European airports. Similarly, the merger of Zenfulfillment and Alaiko created an e-commerce fulfillment powerhouse by combining traditional logistics expertise with advanced automation software.
Technology integration and digital transformation continued to drive acquisition activity in the sector. Aptean’s acquisition of a British WMS vendor enhanced its warehouse management capabilities, while PYXiS Software Group’s acquisition of Tracx Systems expanded its software portfolio in the trucking and logistics market. These technology-focused acquisitions highlight the industry’s recognition of the role of digital solutions in modern logistics operations.
The intermodal transportation sector saw significant activity, as evidenced by Kuehne + Nagel’s acquisition of a 51% majority stake in IMC Logistics. This strategic move strengthens Kuehne + Nagel’s presence in North America’s critical marine drayage and intermodal transportation sectors. With IMC’s network spanning 49 locations at major US seaports and rail hubs and handling 2 million TEUs annually, the acquisition significantly enhances Kuehne + Nagel’s ability to offer flexible, end-to-end transportation solutions amidst increasing supply chain disruptions.
The role of private equity in driving industry consolidation was evident in several transactions beyond the Stonepeak-ATSG deal. Prospero Staff Capital’s acquisition of majority ownership in Roadrunner and CargoSprint’s strategic investment from Lone View Capital demonstrate continued private equity interest in the logistics sector.
Looking at the broader implications of November’s acquisition activity, several key themes emerge. First, the industry continues to consolidate around major players who are building comprehensive service offerings and expanding their geographic reach. Second, there is a clear recognition of the importance of technology and digital capabilities in modern logistics operations, driving investments in software and automation solutions. Third, the focus on e-commerce capabilities remains strong, with companies positioning themselves to capitalize on continued growth in online retail.
The pattern of acquisitions also suggests companies are actively preparing for evolving trade patterns and supply chain reconfiguration. The emphasis on regional expansion and cross-border capabilities indicates expectations of continued growth in international trade, despite ongoing geopolitical tensions and supply chain disruptions. The investment in specialized capabilities, such as cold chain and heavy-haul transportation, reflects the increasing sophistication and specialization of logistics services.
As part of its Consultancy services, Transport Intelligence has provided critical and verifiable market share data to M&A and legal clients as part of data submissions to competition authorities. This data, covering freight forwarding, contract logistics and road freight, includes revenue and market share data for a number of jurisdictions across Europe, Asia and North America.
Ti Consulting continues to play an important role in logistics M&A through accurate market intelligence. Find out more: https://ti-insight.com/ti-consultancy-ma/
Source: Ti Insight
Author: Paul Chapman
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