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Tariff turbulence hits transportation & logistics deals in Q2 2025
Despite a challenging trade environment, a few bright spots emerged in the transportation & logistics private equity market in Q2 2025. Overall deal value dropped 69% QoQ to $3.5 billion—the lowest since Q1 2024—as tariff and trade uncertainty kept many investors on the sidelines. Deal volume fared slightly better, slipping 9% from Q1. The largest transaction was a $600 million growth investment in rail services provider Watco.
Some segments, however, bucked the downward trend. Transportation software deal value more than doubled from Q1 to $468 million, and freight forwarding deals jumped to $1 billion from $288 million, reflecting strong demand for solutions that help companies navigate increasingly complex global supply chains. Looking ahead, consolidation in US trucking, continued demand for supply chain resilience tools, and the blockbuster Union Pacific–Norfolk Southern merger could set the stage for renewed deal activity.
Table of contents
| PE activity | 3 |
| Transportation & logistics PE ecosystem market map | 5 |
| Transportation & logistics PE investor map | 6 |
| Q2 2025 timeline | 7 |
| Transportation & logistics PE deal summary | 8 |
| Segment data | 9 |
| Air | 10 |
| Rail | 11 |
| Marine | 12 |
| Trucking | 13 |
| Pipeline | 14 |
| Freight forwarding | 15 |
| Packing & crating | 16 |
| Delivery | 17 |
| Warehousing | 18 |
| Transportation software | 19 |
| Other support activities for transportation | 20 |
