Transport and Logistics Valuation Multiples and M&A in 2026
Consolidation in UK transport and logistics has further to run: 87% of senior executives in the sector expect it to continue over the next 12 months, with larger transactions in view and bank finance increasingly part of the funding. What buyers pay depends less on size or margin than on how much cash a business generates after reinvesting in fleets, sites and people — which is why self-storage owners and asset-light freight brokers both trade at around 17x EBITDA, while parcel, last-mile and contract logistics networks trade at 6–9x.
Key takeaways
- Across 23 listed transport and logistics businesses that we have analysed, the median trades at 10.1x EV/EBITDA 2026E; subsector medians run from 6.2x for last-mile delivery to 16.9x for self-storage.
- The highest multiples sit at both ends of the capital spectrum: property-backed self-storage (16.9x) and asset-light forwarders and brokers such as C.H. Robinson (17.0x) and Expeditors (16.8x), despite EBITDA margins of 6–11%.
- Fleet- and labour-intensive networks trade at the lower end: express and parcel at 8.6x, contract logistics at 7.6x and last-mile delivery at 6.2x.
- The market remains highly active: large transactions in 2026 include the €10.1bn InPost take-private and CMA CGM’s $1.4bn acquisition of FedEx Supply Chain, and 87% of UK logistics executives expect consolidation to continue over the next 12 months, with larger deals in view.
- Most large UK logistics businesses sold since 2022 — Clipper, Wincanton, Lok’nStore, Royal Mail’s parent IDS and Maritime Transport — went to overseas buyers.
The backdrop: an active market with larger deals in view
Transport and logistics M&A remains highly active in 2026, and deal sizes are rising. Large transactions announced this year span every part of the sector: the take-private of InPost by Advent International and FedEx at an enterprise value of €10.1bn in February, Nippon Express’s acquisition of Canada’s Metro Supply Chain in April, EQT’s investment in an Americold cold-storage joint venture in May, and CMA CGM’s acquisition of FedEx Supply Chain in July. Among UK operators, 87% of senior executives surveyed for Logistics UK’s 2026 M&A Index expect consolidation to continue over the next 12 months, and respondents anticipate larger transactions, with more activity expected in the £50m–£100m range.
The rationale for deals is strategic. Economies of scale and efficiency are the leading drivers, as larger operators absorb higher labour costs across bigger networks, followed by access to new customers and a broader service offering. Acquirers are also looking closer to home, with more transactions contemplated in the UK and the EU than a year ago. Funding is broadening: the share of operators looking to bank finance for acquisitions has more than doubled, and preparation is under way well beyond those planning a deal this year — 59% of companies not expecting to complete a transaction in the next 12 months are researching the market, compiling target lists or speaking with advisors.
Source: Logistics UK, UK Logistics Sector Mergers and Acquisitions Index 2026 (survey of more than 100 senior executives at UK logistics companies; research by Analytiqa); company announcements.
Logistics trading multiples by subsector
The listed logistics universe trades at a median of 10.1x EV/EBITDA 2026E, with subsector medians from 6.2x to 16.9x. Business model explains the ranking: the property- and infrastructure-backed segments and the asset-light forwarders occupy the upper half, while the networks that own fleets, hubs and large workforces occupy the lower half. Figure 1 sets each subsector’s median and range alongside its EBITDA margin and expected revenue growth.
Free cash flow conversion sets the multiple
The market prices how much of each pound of EBITDA converts to free cash flow after the capital needed to keep earning it, and how predictable that cash flow is. A freight broker or forwarder buys capacity from carriers instead of owning it, so capital spending is low and most EBITDA converts to cash. A self-storage owner collects recurring rent from a large number of small customers with modest maintenance spending. Parcel, last-mile and contract logistics networks reinvest continuously in vehicles, sortation, sites and people, and their volumes and prices move with the economy.
This is why the highest multiples sit at both ends of the margin range in Figure 2. C.H. Robinson earns a 5.9% EBITDA margin and trades at 17.0x, close to Public Storage at 71.4% and 18.2x. Vopak, with a 71.7% margin but continuous investment in terminal capacity, trades at 9.2x.
Self-storage — real estate with a service attached
Self-storage is the highest-rated part of logistics, at a median of 16.9x and a narrow range of 15.3x to 18.2x. These businesses are valued close to real estate: EBITDA margins of 55–82%, income spread across many small customers on rolling agreements, and limited maintenance capital. The spread within the group follows scale and cost of capital rather than operating quality. The three US operators — Public Storage (18.2x), CubeSmart (17.0x) and Extra Space (16.9x) — trade above Safestore (16.0x), the only UK-listed company in the set, and Shurgard (15.3x).
Private capital has tested UK values directly. Shurgard paid 24.2x EBITDA for Lok’nStore in April 2024, a 12.5% premium to adjusted net asset value, for a business with a freehold-led estate and a development pipeline. Blackstone considered a cash offer for Big Yellow in October 2025 before talks ended in December, and activist shareholders have since pressed the company to consider a sale.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| Public Storage | US | 53,171 | 18.2x | 71.4% | 5.0% |
| CubeSmart | US | 8,588 | 17.0x | 62.4% | 3.3% |
| Extra Space Storage | US | 28,276 | 16.9x | 82.3% | 3.6% |
| Safestore Holdings | UK | 1,146 | 16.0x | 55.0% | 6.1% |
| Shurgard Self-Storage | Belgium | 2,317 | 15.3x | 56.7% | 5.8% |
| Median | 16.9x | 62.4% | 5.0% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Cold chain — scarce, specialised capacity
Cold chain trades at a median of 12.7x. Temperature-controlled warehousing is expensive to build and operate, energy-intensive and difficult to replicate at scale, and customers rarely move stored inventory once a network is established. The two pure-play warehouse owners sit at the top: Americold at 14.7x and Lineage at 12.7x. Nichirei (9.1x) is a Japanese food producer with a logistics division, and its multiple reflects that mix rather than the value of its cold stores.
Healthcare cold chain is the most contested niche. UPS agreed to acquire Canada’s Andlauer Healthcare Group for C$2.2bn in April 2025, at 13.3x EBITDA, and in May 2026 EQT agreed to take a 70% interest in a $1.3bn joint venture holding 12 Americold warehouses.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| Americold Realty Trust | US | 4,100 | 14.7x | 22.0% | 3.0% |
| Lineage Inc | US | 8,270 | 12.7x | 23.5% | 3.8% |
| Nichirei Corporation | Japan | 493,593 | 9.1x | 8.5% | 6.0% |
| Median | 12.7x | 22.0% | 3.8% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Commodity terminals and bulk handling — infrastructure with commodity exposure
Commodity terminals trade at a median of 7.5x, with a wide gap between the two listed operators. Vopak (9.2x) is a pure storage-terminal business with a 72% EBITDA margin and long-term contracts, but much of its capacity serves oil and chemicals, where long-term demand is less certain, and it trades well below the self-storage owners as a result. Stolt-Nielsen (5.8x) combines terminals with chemical tankers and tank containers, and its multiple reflects shipping cyclicality.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| Vopak NV | Netherlands | 5,395 | 9.2x | 71.7% | 2.7% |
| Stolt-Nielsen | Norway | 2,015 | 5.8x | 25.1% | 3.2% |
| Median | 7.5x | 48.4% | 3.0% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Freight forwarding and transportation — the widest spread in logistics
Freight forwarding and transportation has a median of 12.1x and the widest internal spread in the sector, from Hub Group at 5.7x to C.H. Robinson at 17.0x. The difference is ownership of capacity. C.H. Robinson, a freight broker, and Expeditors (16.8x), an air and ocean forwarder, buy transport from carriers rather than owning it, so capital spending is low, returns on capital are high and most EBITDA converts to cash. Hub Group, an intermodal and dedicated trucking operator that owns containers and tractors, sits at the other end of the range.
The two European forwarders sit between: Kuehne + Nagel at 12.1x and DSV at 10.9x, the latter still integrating DB Schenker, which it agreed to buy for €14.3bn in September 2024 at 7.5x EBITDA. Freight brokerage roll-ups continued through 2026, and asset-based trucking is consolidating as long-held family fleets are sold.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| C.H. Robinson Worldwide | US | 17,084 | 17.0x | 5.9% | 5.2% |
| Expeditors International of Washington | US | 23,874 | 16.8x | 10.5% | 0.8% |
| Kuehne + Nagel | Switzerland | 25,676 | 12.1x | 9.5% | 2.8% |
| DSV A/S | Denmark | 306,465 | 10.9x | 11.8% | 8.7% |
| Hub Group Inc | US | 1,836 | 5.7x | 8.4% | 7.1% |
| Median | 12.1x | 9.5% | 5.2% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Express and parcel — global networks in a tight band
The three global integrators trade in a narrow band, from Deutsche Post DHL at 7.1x to UPS at 8.6x and FedEx at 10.1x, a median of 8.6x. These are dense, capital-intensive networks — aircraft, sortation hubs, vehicle fleets and large workforces — and their earnings move with parcel volumes and trade flows. Expected revenue growth is low, at 0.8–4.0% a year, and the multiples reflect the reinvestment needed to defend market share. M&A in parcels now turns on density in specific markets: DHL took a significant minority stake in UK carrier Evri in May 2025 through a merger with DHL eCommerce UK, and FedEx joined Advent International in the €10.1bn take-private of InPost in February 2026.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| FedEx Corporation | US | 98,246 | 10.1x | 11.6% | 0.8% |
| United Parcel Service | US | 87,171 | 8.6x | 13.7% | 3.4% |
| Deutsche Post DHL | Germany | 61,835 | 7.1x | 13.5% | 4.0% |
| Median | 8.6x | 13.5% | 3.4% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Last-mile delivery — density decides
Last-mile delivery has the lowest median in logistics, at 6.2x, and the clearest illustration of what buyers will pay for. InPost (9.7x) runs a parcel-locker network: deliveries are consolidated to fixed points, the cost per parcel falls as volume rises, and the business earns a 26% EBITDA margin with expected revenue growth of 16% a year. Yamato (6.2x) and PostNL (4.3x) run door-to-door and postal networks on margins of 4–7%, against declining letter volumes and rising labour costs. The InPost take-private by Advent, FedEx, A&R Investments and PPF Group was struck at 10.7x EBITDA, an enterprise value of €10.1bn and a premium of around 50% to the undisturbed share price.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| InPost S.A. | Poland | 34,071 | 9.7x | 26.0% | 16.3% |
| Yamato Holdings Co., Ltd. | Japan | 552,442 | 6.2x | 4.4% | 2.5% |
| PostNL N.V. | Netherlands | 434 | 4.3x | 7.3% | 3.2% |
| Median | 6.2x | 7.3% | 3.2% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Contract logistics and warehousing — long contracts, thin margins
Contract logistics and warehousing trades at a median of 7.6x, between GXO (10.0x) and ID Logistics (5.3x). Contracts typically run for several years and renewal rates are high, but margins are thin, revenue is often concentrated in a small number of customers, and much of the asset base is leased. Lease accounting matters when comparing multiples: under IFRS 16, warehouse rents are replaced by depreciation and interest below EBITDA, which raises reported EBITDA, so multiples must be compared on a consistent basis. GXO’s offer for Wincanton in February 2024 was struck at 11.9x LTM EBITDA on the pre-IFRS 16 basis, and around 7.0x including expected synergies.
Two 2026 transactions confirm strategic demand for scale in North America: Nippon Express agreed to acquire Canada’s Metro Supply Chain in April at an enterprise value of C$1.8bn plus an earn-out of up to C$400m, a multiple it described as above 13x EBITDA, and CMA CGM agreed to acquire FedEx Supply Chain for $1.4bn in July.
| Company | Country | Mkt cap m, local ccy | EV/EBITDA 2026E | EBITDA mgn 2026E | Rev growth 26–28E |
|---|---|---|---|---|---|
| GXO Logistics | US | 4,142 | 10.0x | 14.5% | 4.4% |
| ID Logistics Group | France | 2,125 | 5.3x | 15.6% | 9.4% |
| Median | 7.6x | 15.0% | 6.9% |
Source: Deal Ascent analysis, consensus estimates as of 6 November 2026. Ranked by consensus EV/EBITDA 2026E; market cap in millions of local currency. Shaded cells at or above the peer-set median.
Recent transport and logistics transactions and the multiples paid
Recent transactions follow the same ranking as the listed market. The table below sets out selected deals across the subsectors since 2024, including UK mid-market acquisitions of hauliers, warehousing operators and specialist carriers, with EBITDA margin and EV/EBITDA where disclosed.
| Announced | Target | Country | Acquirer | Deal value | EBITDA mgn | EV/EBITDA |
|---|---|---|---|---|---|---|
| Contract logistics and warehousing | ||||||
| Jul 2026 | FedEx Supply Chain | US | CMA CGM | $1.4bn | n/d | n/d |
| Apr 2026 | Metro Supply Chain | Canada | Nippon Express | C$1.8bn | n/d | >13x1 |
| Mar 2026 | EV Cargo Solutions and Distribution | UK | WS Holdco (William Stobart) | n/d | n/d | n/d |
| Early 2026 | HBC Logistics | UK | DX Group | n/d | n/d | n/d |
| Apr 2025 | Borusan Lojistik | Turkey | CEVA Logistics | $383m | n/d | n/d |
| Feb 2024 | Wincanton | UK | GXO Logistics | £764m | c.5% | 11.9x2 |
| Freight, haulage and specialist transport | ||||||
| Jul 2026 | MM Band Services (event transport) | UK | Pieter Smit Group | n/d | n/d | n/d |
| Apr 2026 | West & Sons / William West (haulage) | UK | Lockwood Group | n/d | n/d | n/d |
| Jan 2026 | Kings Heavy Haulage (heavy haulage) | UK | Groupe Capelle | n/d | n/d | n/d |
| Jan 2026 | FirstFleet (dedicated trucking) | US | Werner Enterprises | $283m | n/d | c.5.0x |
| Sep 2024 | DB Schenker | Germany | DSV | €14.3bn | 9.9% | 7.5x |
| Sep 2024 | Maritime Transport (container haulage) | UK | Medlog (MSC) | n/d | n/d | n/d |
| Jun 2024 | Coyote Logistics (freight brokerage) | US | RXO | $1.0bn | c.3% | c.11.9x3 |
| Cold chain | ||||||
| May 2026 | Americold JV (70%) | US | EQT | $1.3bn | n/d | n/d |
| Apr 2025 | Andlauer Healthcare Group | Canada | UPS | C$2.2bn | 27.3% | 13.3x |
| Parcel and last-mile | ||||||
| Feb 2026 | InPost | Poland | Advent / FedEx4 | €10.1bn | 27.9% | 10.7x |
| May 2025 | Evri (minority stake) | UK | DHL Group | n/d | n/d | n/d |
| Apr 2025 | Yodel | UK | InPost | £106m | neg. | n.m.5 |
| May 2024 | IDS (Royal Mail) | UK | EP Group | £5.3bn | 7.9% | 8.6x |
| Self-storage | ||||||
| Apr 2024 | Lok’nStore | UK | Shurgard | £378m | 57.5% | 24.2x6 |
Source: company announcements, offer documents and press reports; Transport Intelligence; Motor Transport; Deal Ascent analysis. Dates are announcement dates; country is the target’s home market. Deal value is enterprise value. n/d = not disclosed; n.m. = not meaningful. 1Plus an earn-out of up to C$400m; Nippon Express did not disclose EBITDA but stated the multiple is above the 13x it has typically applied to acquisitions; revenue C$1.38bn and operating profit C$56m in the year to September 2025. 2Twelve months to September 2023 on a pre-IFRS 16 (IAS 17) basis; c.7.0x including £45m of run-rate synergies; margin implied from c.£64m EBITDA on c.£1.4bn revenue. 3Calculated on c.$86m 2023 adjusted EBITDA; c.9.2x including $25m of expected cost synergies. 4Consortium of Advent International, FedEx, A&R Investments and PPF Group. 5Debt-for-equity conversion of £106m of InPost loan notes for 95.5% of Yodel’s parent; Yodel reported an adjusted EBITDA loss of £36m in 2024. 612.5% premium to adjusted net asset value. Evri: merger with DHL eCommerce UK, DHL taking a significant minority stake; Apollo-managed funds remain majority owner. Americold JV: 70% interest in a joint venture holding 12 Americold warehouses. Illustrative — does not constitute advice.
Where multiples are disclosed, they follow the trading ranking. The highest, 24.2x for Lok’nStore, was paid for a UK self-storage business with freehold sites and a development pipeline, healthcare cold chain cleared at 13.3x for Andlauer, and Nippon Express paid above 13x for Canadian contract logistics provider Metro Supply Chain. Freight brokerage (Coyote) and UK contract logistics (Wincanton) both cleared at around 12x before synergies, falling to 7–9x once the acquirers’ expected savings are included. Parcel networks were priced at 8.6x (International Distribution Services) to 10.7x (InPost), and asset-heavy transport lower: 7.5x for DB Schenker and c.5.0x for FirstFleet’s dedicated trucking fleet. Loss-making networks change hands on different terms: InPost took control of UK parcel carrier Yodel in 2025 by converting £106m of loans into equity. In the UK mid-market, consolidators and overseas strategics continue to buy regional coverage and specialist capability — family-owned haulage, heavy haulage, event transport, managed transport and warehousing.
Who is buying UK transport and logistics businesses
Since 2022, most large UK logistics businesses have been sold to overseas owners: GXO (US) acquired Clipper Logistics in 2022 and Wincanton in 2024; Shurgard (Belgium) acquired Lok’nStore; EP Group (Czech Republic) acquired Royal Mail’s parent, International Distribution Services; MSC’s Medlog (Switzerland) acquired Maritime Transport; and DHL (Germany) took a significant stake in Evri. UK-listed logistics is now thin, and overseas strategics and private capital set much of the price. Four groups of buyers are active.
Shipping lines and global integrators
Buying landside capacity — haulage, rail terminals, contract logistics — to control more of the end-to-end chain.
MSC (Medlog), CMA CGM, DHL, DSV, Nippon Express
US and European logistics strategics
Buying UK market positions and specialist capability, often at a premium to UK-listed valuations.
GXO, Shurgard, Groupe Capelle, Pieter Smit
Private equity and infrastructure investors
Backing stable, cash-generative platforms and buy-and-build strategies in road freight, forwarding, warehousing, cold chain and last-mile delivery.
Advent, EQT, Apollo, Blackstone, H.I.G. Capital
UK consolidators
Acquiring regional hauliers, warehousing operators and specialist carriers, frequently family-owned, to add coverage and capability.
Lockwood Group, DX Group
What moves a logistics business within the range
The subsector sets the reference band. Six characteristics then determine where a privately owned logistics business is priced within it, or outside it.
Capital intensity
Owned fleets, depots and equipment require continuous reinvestment. Buyers value free cash flow after replacement capital spending, so an asset-light business with the same EBITDA usually commands a higher multiple.
Contract quality
Multi-year, open-book or cost-plus contracts with high renewal rates and fuel and wage pass-through support the multiple; spot exposure and fixed prices without indexation do not.
Customer concentration
Revenue concentrated in one or two customers is discounted, particularly where contracts are short or can be terminated for convenience.
Property
Freehold sites, rail-connected terminals and planning consents carry value of their own; buyers often price the property and the operating business separately.
Specialism
Temperature-controlled, healthcare, hazardous goods, heavy-haul and defence logistics require licences, equipment and expertise that limit competition and attract strategic buyers.
Cyclicality and volumes
Exposure to freight rates, parcel volumes and trade flows is priced in; earnings that held up through the recent freight downturn earn a premium.
To compare logistics multiples with more than 50 other sectors, see our UK valuation multiples by sector, updated monthly with EV/EBITDA medians from over 1,000 listed companies. Thinking of selling? Our guide to selling your business explains the process, timings and fees.
What this means for owners considering a sale
The listed screen sets the reference point. A privately owned UK logistics business is valued on the same logic as the listed sector — how much capital it consumes, how predictable its contracts are and what it owns — within a band that also reflects its size and customer concentration. The most useful preparation is to make those characteristics visible: normalised EBITDA on a stated lease basis, a contract schedule showing tenor, renewal history and pass-through terms, fleet age and replacement capital requirements, and a clear separation between the operating business and any property.
The buyer universe is broad. Overseas strategics have acquired most of the larger UK logistics businesses sold since 2022, private equity and infrastructure investors continue to back platforms and buy-and-build strategies, and UK consolidators remain active among family-owned hauliers and warehousing operators, with growing use of bank finance to fund acquisitions. A process that tests each of these groups gives the clearest evidence of value.
Frequently asked questions
What EV/EBITDA multiple do transport and logistics businesses trade at in 2026?
Across 23 listed transport and logistics businesses analysed by Deal Ascent, the median is 10.1x EV/EBITDA 2026E. Subsector medians range from 6.2x for last-mile delivery and 7.6x for contract logistics to 12.1x for freight forwarding, 12.7x for cold chain and 16.9x for self-storage.
Why do asset-light freight forwarders trade at higher multiples than hauliers and parcel carriers?
Because forwarders and brokers buy transport capacity rather than owning it, capital spending is low and most EBITDA converts to free cash flow. C.H. Robinson trades at 17.0x and Expeditors at 16.8x on EBITDA margins of 6–11%, while fleet- and hub-intensive networks such as DHL (7.1x) and PostNL (4.3x) must reinvest continuously in vehicles, sortation and people.
Why does self-storage trade at the highest multiples in logistics?
Self-storage operators are valued close to real estate. They earn EBITDA margins of 55–82% from rent paid by many small customers, with limited maintenance spending. Listed self-storage operators trade at a median of 16.9x EV/EBITDA 2026E, and Shurgard paid 24.2x EBITDA for UK operator Lok’nStore in 2024.
What multiples are transport and logistics acquisitions achieving?
Disclosed EV/EBITDA multiples on recent transport and logistics acquisitions range from c.5.0x for US dedicated trucking fleet FirstFleet to 24.2x for Shurgard’s acquisition of UK self-storage operator Lok’nStore. Parcel networks were priced at 8.6x (International Distribution Services) to 10.7x (InPost), healthcare cold chain at 13.3x (Andlauer), and GXO paid 11.9x for Wincanton on a pre-IFRS 16 basis.
How does IFRS 16 affect logistics valuation multiples?
Under IFRS 16, lease costs for warehouses and vehicles move below EBITDA as depreciation and interest, which raises reported EBITDA for lease-heavy logistics businesses. Multiples must therefore be compared on the same basis: GXO’s 11.9x offer for Wincanton, for example, was calculated on a pre-IFRS 16 basis.
Who is buying UK transport and logistics businesses?
Four groups are active: shipping lines and global integrators such as MSC, CMA CGM and DHL; US and European logistics strategics such as GXO and Shurgard; private equity and infrastructure investors; and UK consolidators acquiring regional hauliers and warehousing operators. Most large UK logistics businesses sold since 2022 went to overseas buyers.
Where does a transport or logistics business sit in the range?
This note is intended for information purposes only and does not constitute financial, investment, tax or legal advice. Valuation multiples are based on consensus estimates for listed peer groups as of November 2026 and are provided for directional context only; several subsectors have two to five listed peers. Precedent multiples are based on public disclosures and are not strictly comparable across bases and deal structures. Private-company outcomes will differ. Deal Ascent is an appointed representative and is authorised and regulated in the conduct of relevant activities. Specific professional advice should be sought before making any business or financial decision.