In 2024, two logistics companies sold within months of each other. One was one of the largest freight networks in Europe. The other was a mid-sized cold-chain specialist. The larger company sold at 7.5× EBITDA. The smaller one sold at 14.5× EBITDA. nearly double.
The larger company was DB Schenker, acquired by DSV for €14.3 billion in a full cash transaction. The smaller one was Frigo-Trans, acquired by UPS. Same sector. Same year. Radically different multiples.
Understanding why is one of the most valuable things a business owner can do before deciding to sell.
The two deals side by side
| Item | DB Schenker | Frigo-Trans |
|---|---|---|
| Buyer | DSV A/S (Denmark) | UPS (USA) |
| Geography | Pan-European | Germany / Europe |
| Enterprise Value | €14.3 billion | Not disclosed |
| EV / EBITDA | 7.5× | 14.5× |
| Consideration | Cash | Cash |
| Sector | General freight forwarding | Ultra-low-temperature logistics |
| Year closed | 2024 | 2024 |
Why did DSV pay only 7.5×?
Seven and a half times EBITDA is not a low multiple for a business of this size. The average EV/EBITDA for transport and logistics SMEs in DACH sits between 3.5× and 5.5×. DSV paid well above the market average for mid-sized players.
But the question is not whether 7.5× is low in absolute terms. The question is what capped it. and what business owners can learn from it.
Three factors compressed the multiple. First: integration complexity. DB Schenker is enormous. Integrating it into DSV's network requires years of systems alignment, cultural change, and operational restructuring. Buyers price that execution risk into the multiple. Second: revenue overlap. DSV and DB Schenker serve many of the same large corporate clients. An acquirer does not get 100% of that revenue. some customers will consolidate. Third: regulatory exposure. A deal of this size required approval from multiple competition authorities across jurisdictions. Uncertainty has a cost, and buyers discount for it.
Why did UPS pay 14.5× for Frigo-Trans?
Frigo-Trans operates ultra-low-temperature transport. a highly specialised segment with significant barriers to entry. The equipment is expensive and specialised, the operational expertise takes years to build, and the regulatory requirements are demanding.
That specialisation creates three things a buyer values above everything else: it removes competitive acquisition alternatives, it generates pricing power that generic operators do not have, and it produces contract-based, recurring revenue that is highly predictable.
Scale alone does not drive premium multiples. Specialisation, barriers to entry, and revenue predictability do. A CHF 5M business with 80% recurring revenue and a defensible niche will often command a higher multiple than a CHF 50M business that any well-capitalised competitor could replicate.
What the sector benchmarks tell us
The DACH transport and logistics market in 2024 showed a wide dispersion of multiples. not because the market was inconsistent, but because the drivers of value vary dramatically by sub-sector. General road freight: 3.5–5.5×. E-commerce and last-mile specialists: 10–12×. Cold-chain and ultra-specialised segments: 12–14.5×.
The pattern is consistent: the more defensible the niche, the higher the multiple. The more commoditised the service, the lower. This holds across geographies and deal sizes.