Transport and logistics companies connect global goods markets and are an essential part of any economy. The diverse range of products and services offered by market participants, global and regional networking, different modes of transportation, and different market structures create a multifaceted picture that is often perceived as less transparent than in other sectors.

The aim of this article is to introduce the reader to the transportation and logistics sector and highlight the key issues in the historical development of M&A transactions. Special emphasis is placed on the motives for acquisitions on the part of strategic investors, and differences and special features of private equity activity in the sector are presented.

The logistics market at a glance

At US$3.7 trillion, the logistics market represents around 9% of the global gross national product of US$40 trillion (2008) and is divided according to the different modes of transport (see Fig. 1). - Dynamism, size, correlation with global trade volumes and complexity of both the existing submarkets and the market participants themselves are the key characteristics of the global logistics market. Basically, a distinction can be made between carriers (operation of means of transport/networks) and forwarders (purchase or sale and coordination of transport flows along the modes air, sea and road). In addition, 3PL (third-party-logistics) or contract logistics companies provide comprehensive customer-specific logistics services. These range from warehousing to the management of transport services and the outsourcing of production steps and services as part of the customer's value-added process to the organization of maintenance and reverse logistics solutions. 4PL providers see themselves as "non-asset-based" or holistic logistics providers that develop supply chain solutions for the customer and involve various service providers and 3PL and 2PL providers in the implementation.