Mid-sized Forwarders Accelerate M&A! Exploring the Forces Behind Logistics Industry Restructuring

As of 2025, M&A activities by mid-sized and small forwarders are booming globally.

This is not a temporary trend, but a reflection of structural changes in the logistics industry.

This article explores why M&A is gaining attention now, its background and strategies, and highlights of notable companies involved.

A Challenging Time for Growth — Buy to Grow

Following the pandemic, the logistics sector has shifted through rapid expansion → disruption → adjustment phase.

Compounding this are uncertainties such as global economic slowdown, geopolitical risks, and tariff realignment.

In this climate, organic growth has become increasingly difficult.

“Today’s market is sluggish, and organic growth is hard to achieve. That’s why M&A is a powerful strategy.”
— Mark Iampietro, Logistics Lead, AlixPartners

3 Strategic Targets of Mid-Sized Forwarders

M&A isn’t just about getting bigger.

The current trend is toward “gap-filling” strategic acquisitions.

Mid-sized forwarders are targeting three key areas:

• Entering new markets (e.g., outside Asia and Europe)
• Filling gaps in network coverage
• Acquiring expertise in high-value sectors (healthcare, food, fashion, etc.)

Case Study: Dachser’s Global Expansion

Germany’s Dachser acquired eight companies in two years,

gaining approximately $1 billion in new revenue.

Their goal: expansion beyond Europe and strengthening logistics for high-value products like tech and DIY goods.

Scan Global’s “Scale Builds Trust” Strategy

Denmark-based Scan Global Logistics has expanded its network to over 30 countries in recent years.
Their philosophy is simple: “Having a global presence builds trust with customers.”

“Managing cargo end-to-end under one brand fosters confidence.”
— Rene Bergerling, EMEA Director, Scan Global

Rising M&A Focused on Specialized Expertise

Recently, “expertise” has become more important than sales size.

Here are notable examples by sector:

• Toll Group × Transolve Global: acquired an Australian wine & perishable logistics specialist
• Hellmann × HPL Apollo: expanding fresh logistics across Latin America
• Arvato × Carbel & United Customs: strengthening logistics in beauty & e-commerce

Japanese Firms Quietly Join the M&A Game

In February 2025, Japan Post acquired Tonami Holdings for 63 billion yen.

This marked a move toward domestic integration and global logistics expansion.

Despite Financing Challenges, M&A Moves Forward

Funding remains an obstacle.

According to AlixPartners, tariff risks and market uncertainty have made banks more cautious.

Conclusion: Strategic M&A Can Transform Mid-Sized Firms

Even in a stagnant market, M&A enables growth through:

• Network expansion
• Filling regional and sectoral gaps
• Enhancing specialization

The logistics sector now demands a shift from “just shipping” to becoming a strategic logistics player.
One key lever for that transformation is this very M&A strategy.