Core Viewpoint - The logistics M&A market is currently facing challenges, particularly in asset-based trucking, but there is optimism for a significant recovery in 2026 due to abundant capital available for investments [2][3][4]. Group 1: Current Market Conditions - The year 2025 has been described as "very, very, very difficult" for asset-based trucking companies, with significant challenges in selling these businesses [2]. - The logistics M&A market has shown some strong points this year, but the outlook for 2026 is much more positive [2]. Group 2: Capital Availability - There is a substantial amount of capital in the market, with many attendees at the conference either having raised new funds or in the process of doing so, indicating a strong sponsor interest in making investments [3][4]. - Strategic buyers, often publicly-traded companies, are also noted to have significant cash reserves available for acquisitions [4]. Group 3: Growth Challenges and Acquisition Trends - Organic growth in the logistics sector is described as "next to impossible," leading companies to pursue acquisitions as a more viable growth strategy [5]. - Deal multiples are gradually increasing, although not dramatically, suggesting a cautious but active M&A environment [5]. - Recent months have seen a resolution of valuation dislocations, which has led to increased activity in the M&A space [5].