M&A in Transport & Logistics 2025: Record Year, Key Trends and Consolidation Drivers in Spain
The Transport & Logistics sector in Spain closed 2025 with a new all‑time record of 62 corporate transactions, reinforcing a clear upward trend and maintaining strong appeal among both industrial and financial investors. This figure surpasses the 55 transactions recorded in 2024 and highlights the strength of a sector that remains strategic for the Spanish economy.
This article breaks down the key M&A trends, the most dynamic subsectors, and the growing international appetite, based on the findings of the M&A Report – Transport & Logistics 2025.
1. A Historic Year for Transport & Logistics M&A
2025 registered the highest transaction volume of the last four years:
- 32 transactions in 2022
- 47 transactions in 2023
- 55 transactions in 2024
- 62 transactions in 2025
This steady growth is driven by several structural factors within the industry:
- the need to scale and consolidate,
- a highly fragmented market,
- growing investments in efficiency and digitalisation,
- and increasing regulatory pressure across the supply chain.
2. Road Transport and Temperature‑Controlled Logistics Lead the Market
Road transport once again dominated activity with 24 transactions, eight of which were in the temperature‑controlled segment, one of the most attractive verticals for investors.
The report also highlights the momentum of refrigerated logistics operators, with four new transactions driven by the arrival of international players with consolidation strategies.
3. Catalonia and Madrid Concentrate the Highest Deal Volume
The geographic distribution of transactions confirms the maturity of Spain’s main logistics hubs:
- Catalonia and Madrid, together accounting for 42% of all transactions,
- followed by the Basque Country, the Valencia region and Murcia.
4. Digitalisation Accelerates: A Boom in Software for T&L
There was a significant increase in deals involving specialised software for transport and logistics, driven by platforms such as:
- Alerce, backed by Oakley Capital
- Clustag, integrated by Nazca
- Focus Métrica
- Localizalia
- Gadir Grupo Consultor
This digital push aims to:
- optimise routes,
- improve traceability,
- and automate operational and administrative processes.
5. Spain Gains Weight in the European M&A Landscape
While Europe maintains a stable pace (430–450 deals annually), Spain continues to gain relevance as a destination for global investors.
Some of the most notable 2025 operations include:
- Kuehne+Nagel acquires TDN, strengthening its European network
- Mimpo acquires Iberoforwarders, enhancing its position in Spain
- InPost integrates Sending, expanding its last‑mile capabilities
- AP Moller Capital acquires 51% of Bergé, boosting its growth in Iberia and Latin America
6. Key Consolidation Players in 2025
Everwood T&L: The Most Active Fund
With 7 transactions in 2025, Everwood led consolidation efforts in verticals such as:
- express transport,
- last‑mile delivery,
- temperature‑controlled logistics,
- customs management,
- and freight forwarding.
Ontime: Moving Towards a Global Operator
Ontime continued its expansion by integrating:
- Vicarli
- Grupo Fuentes
- San José López
This strengthens its position in road transport and contract logistics.
Pañalón: Strong Momentum in Tanker Logistics
The group completed three acquisitions in liquid food and chemical tanker transport.
7. What to Expect in the Next 3 to 5 Years
According to the report and insights from leading operators, the sector is expected to evolve towards:
- greater consolidation and fewer generalist operators,
- advanced digitalisation as a minimum requirement,
- increasing demands in reporting, compliance and traceability,
- segmented decarbonisation depending on cargo type and routes,
- and more exit opportunities for strategic buyers or secondary funds.
2025 was a decisive year for M&A in Transport & Logistics, marked by record activity, strong investor appetite and unprecedented advances in professionalisation and digitalisation. Spain continues to position itself as a key market in Europe, attracting major global operators and specialised investment funds.
👉 Download the full report by clicking here.
