The Sector from the Inside: Everwood and the Consolidation of Transport & Logistics in 2025
As part of the M&A Transport & Logistics 2025 Report, we spoke with Pablo Barahona Esteban, Managing Director at Everwood Capital, one of the most active players in the consolidation of the Spanish logistics sector.
In this interview, he discusses the structural opportunities within the market, the rationale behind build-up strategies, vertical specialization and the growing investor appetite in transport and logistics. A direct perspective on how the new consolidation cycle is taking shape in the Spanish mid-market.
Below, you will find the full interview:
Everwood T&L, the first fund specialized in transport and logistics in Spain, has consolidated its position in 2025 as one of the most prominent players, completing a total of 7 acquisitions across various strategic verticals. The fund was launched with a clear vision: to capitalize on the structural opportunities within the Spanish logistics market, characterized by consolidation, digitalization and growing demand for integrated solutions. Throughout the year, Everwood has invested in key segments such as temperature-controlled logistics, national and international distribution, last mile, industrial express transport and freight forwarding, significantly contributing to reshaping the competitive landscape of the sector.
What structural opportunities did you identify in the Spanish logistics market that led you to create Everwood T&L in 2023, the first fund specialized in logistics in Spain?
When we launched Everwood T&L in 2023, we saw the ideal combination to implement a build-up model in our fund: a large and growing market (10% of GDP) that is still highly fragmented across many verticals, with excellent companies that did not always have access to capital, a significant lack of generational succession — even among large sector players — and limited tools to scale their operations.
You have invested in verticals such as temperature-controlled logistics, international distribution, express transport, freight forwarding, customs management and last mile. Why these subsegments?
We chose these subsegments because they share three characteristics: structural growth; they add a layer of operational complexity compared to more commoditized segments (execution barriers that become entry barriers and translate into margins above the sector average); and the ability to differentiate through service rather than price alone. We select verticals based on their size, operational improvement potential, expected growth and need for consolidation or digitalization, among other factors.
Are you planning new platforms?
Yes, we continue to see opportunities in specialized niches (for example, fulfillment, 4PL) and in horizontal growth by expanding the range of services offered by companies within our portfolio. Always with the same logic: platforms that can consolidate and scale.
With the number of recorded transactions in transport and logistics reaching historic highs, what trends are you seeing in valuations and how is competition affecting deals? Do you believe investor appetite in the sector has increased in recent years?
Yes, investor appetite has clearly increased in recent years, for several reasons: one macro factor, the rise in liquidity in the markets…
