Large carriers kept their purse strings taught in 2025 as they focused on improving asset utilization and cutting costs. There were several small and midsize deals across trucking and logistics this year, however, not many transactions involving large asset-based carriers.
Serial acquirers like Heartland Express (NASDAQ: HTLD) and Werner Enterprises (NASDAQ: WERN) are struggling to stabilize operations as the freight market navigates a fourth straight year of weak demand. TFI International (NYSE: TFII) is still working to get a handle on its U.S. less-than-truckload operation, TForce, as the five-year anniversary of the UPS Freight acquisition approaches.
Bigger deals will likely return in 2026 as trade headwinds ease, freight volumes stabilize and interest rates step lower. Recent belt tightening among carriers could amplify cash flow generation in a recovery scenario, creating a more vibrant M&A backdrop in the new year.
Schneider National (NYSE: SNDR) does a large deal every 12 to 18 months, which puts it on track for something of size by summer 2026. (It acquired Cowan Systems for $390 million one year ago.) Knight-Swift Transportation (NYSE: KNX) still needs a Northeast operation to complete a national less-than-truckload network, but it too has faced a bumpy road to recovery.
While large carrier M&A was sparse in 2025, there were still a few deals. The market is also awaiting the outcome for a couple of big-ticket assets.
‘Well, we’re waiting’
Forward Air remains in play
Expedited LTL carrier Forward Air (NASDAQ: FWRD) said in November that it was continuing to talk with interested buyers. Facing pressure from shareholders, the company launched a strategic review in January 2025 to determine the best way of maximizing value. The process explored all potential opportunities, including the sale of part or all of its operations.
Forward came under fire after announcing in August 2023 that it would acquire freight forwarder Omni Logistics. The transaction, which did not require a shareholder vote, drew disapproval from investors who argued it diluted their equity, increased the company’s debt burden and obscured Forward’s go-to-market strategy.
USA Truck goes back on the market
DSV said in October that it was shopping truckload carrier USA Truck, which it picked up when it acquired DB Schenker. The Danish forwarder said the asset-based operation doesn’t fit with its mostly asset-light offering. (Schenker acquired USA Truck for $435 million in 2022.)
The Arkansas-based carrier currently operates a fleet of more than 2,000 tractors and 6,500 trailers. No timeline was given for the sale process.
FedEx Freight spinoff date set
FedEx Freight (NYSE: FDX), the largest LTL carrier in the nation, is expected to become an independent public company by June 2026. The carrier moves 90,000 shipments daily through a network of 355 terminals, generating $9 billion in annual revenue.
Analysts are valuing the standalone operation at more than $30 billion. Shares of FedEx Freight will be listed on the New York Stock Exchange under the ticker FDXF.
Asset-based carrier deals of note
LTL carrier Standard Forwarding changes hands, rebrands, closes
Standard Forwarding Freight, a newly established subsidiary of Sakaem Holdings, acquired LTL carrier Standard Forwarding in January. The company was officially relaunched in February by a group of former Yellow Corp. executives but shuttered operations in December after 91 years in business.
Operating as a regional carrier, Standard Forwarding Freight had 14 terminals throughout the Midwest, specializing in next-day and second-day delivery. The Teamsters-staffed company had been under the ownership of DHL Freight since 2011.
Sakaem is an entity connected to the family behind now-defunct car hauler Jack Cooper. Jack Cooper ceased operations in February after losing contracts with its two largest customers: Ford Motor Co. (NYSE: F) and General Motors (NYSE: GM).
Enterprise Rent-A-Car parent enters heavy-truck market
Enterprise Mobility – parent of Enterprise Rent-A-Car, National Car Rental and Alamo – acquired truck lessor and dedicated operator Hogan in December. The deal expanded Enterprise’s rolling stock portfolio by more than 10,000 units. Enterprise now offers Classes 7 and 8 truck leasing as well as dedicated TL services.
Interstate Personnel Services acquires J&R Schugel
Employee-owned carriers Interstate Personnel Services (IPS) and J&R Schugel joined forces in October. The deal created a nearly 2,000-truck and 6,000-trailer fleet, and added refrigerated capabilities to the IPS network. IPS is the parent of Paschall Truck Lines and its logistics and trailer leasing units.
Stonepeak acquires Dupre Logistics
Infrastructure-focused private equity firm Stonepeak acquired energy transportation and logistics company Dupre Logistics in April. The acquisition of the bulk liquid hauler added more than 700 trucks and 1,000 drivers, along with a network of over 16,000 carrier partners, to Stonepeak’s portfolio.
Canada Cartage acquires Walmart Fleet
Transportation and logistics provider Canada Cartage acquired Walmart Canada’s trucking operation, Walmart Fleet, in January. The deal included approximately 450 tractors and 4,500 trailers that serve Walmart’s (NASDAQ: WMT) over 400 stores across Canada. The assets remain in service to Walmart under a dedicated agreement.
Pitt Ohio acquires Sutton Transport
Less-than-truckload carrier Pitt Ohio announced the acquisition of Midwest carrier Sutton Transport in January. Sutton had more than 800 employees and 13 terminals at the time of the deal.
Pitt Ohio has expanded its reach in recent years, acquiring a majority interest in other carriers like Dohrn Transfer (Midwest), Ross Express (Northeast) and Teal’s Express (predominantly central and Upstate New York). Sutton has since been integrated into Dohrn’s network.
The one that got away
PFG, US Foods call off merger talks
Food distributors Performance Food Group (NYSE: PFGC) and US Foods (NYSE: USFD) ended discussions about a potential merger after a brief courtship. The combination would have created a category leader with more than 225 distribution centers and over $100 billion in annual net sales. Both companies operate 6,000-plus tractor fleets.
