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DHL’s Returns Acquisition Leads a Hot Start for Logistics M&As in 2025
Glenn Taylor
5 min read
Multiple acquisitions to lead off 2025 are already setting the tone for logistics sector.
DHL’s contract logistics arm, DHL Supply Chain, is expanding its retail returns prowess in acquiring Inmar Supply Chain Solutions, a division of healthcare and retail loyalty services provider Inmar Intelligence. Terms of the transaction have not been disclosed.
The acquisition will give DHL Supply Chain 14 return centers and about 800 employees, expanding the company’s North American footprint of over 520 warehouses supported by 52,000 associates.
According to the company, the addition of the Inmar solutions now strengthens its returns capabilities to include product re-marketing, recall management and supply chain performance analytics.
As part of the deal, Inmar Intelligence will retain its pharmaceutical returns business.
“This acquisition strengthens our existing capabilities, allowing us to offer our customers a single-source solution for their entire supply chain, including the critical and complex area of returns management. This enhances the value we deliver to our customers by streamlining their operations, reducing complexity, and improving their overall supply chain efficiency,” said Patrick Kelleher, CEO of DHL Supply Chain, North America, in a statement. “It also puts us on the right path to support DHL Group’s plan to achieve 50 percent revenue growth by 2030 compared to 2023 as outlined in our recently announced Strategy 2030.”
The move comes as retailers continue to struggle with handling more returns every year. According to data from the National Retail Federation (NRF) and returns management software Happy Returns, retailers saw $890 billion in returns in 2024, equivalent to 16.9 percent of their total annual sales. This is nearly double the $428 billion in goods that were returned in 2020.
Major logistics providers have recognized the growing need for reverse logistics specialization, with UPS acquiring Happy Returns in October 2023 for $465 million. The other U.S. parcel shipping giant, FedEx, already teamed with Inmar and last-mile delivery company Doddle last year to add nearly 2,000 return drop-off stations at FedEx Office locations.
Beyond the DHL-Inmar acquisition, more deals have been finalized in the first two weeks of the year.
Third-party logistics (3PL) provider BlueGrace Logistics has acquired online transportation solutions provider FreightCenter for an undisclosed sum. That announcement was made the same day another 3PL, AIT Worldwide Logistics, unveiled it was acquiring freight forwarder Krupp Trucking.
The move expands BlueGrace’s customer base by integrating FreightCenter’s clients with BlueGrace’s suite of logistics tools and services.
Currently, Tampa, Fla.-based BlueGrace has 10,000 customers and 250,000 carriers on its proprietary transportation management system, BlueShip.
FreightCenter customers will gain access to BlueGrace’s unified transportation management system, BlueShip TMS, enabling freight management across various shipping modes. They will also benefit from BlueGrace’s truckload and less-than-truckload (LTL) services, supported by the carrier network and competitive pricing options.
Under the deal, FreightCenter’s customers will now get access to the Evos load optimization platform that BlueGrace acquired in 2024.
As for AIT Worldwide Logistics’ purchase, the Krupp Trucking business transferred all its assets and employees to AIT and commenced operations as the AIT-St. Louis office effective Jan. 1. Terms of the deal have not been disclosed.
Previously an independent contractor with Seko Logistics, Krupp manages shipments across multiple U.S. and international air, ocean and road lanes for a broad range of customers, shipping nearly 2.5 million kilograms of freight each year.
The acquisition includes a 115,000-square-foot office and warehouse in Earth City, Mo., a fleet of more than 60 over-the-road and local trucks, and a staff of nearly 100 employees.
Outside of the apparel supply chain, UPS revealed Wednesday that it has completed the acquisitions of European healthcare cold chain logistics providers Frigo-Trans and its sister company BPL. Those two deals were made to enhance UPS’s logistics capabilities throughout Europe for healthcare customers who increasingly require temperature-sensitive and time-critical logistics.
Additionally, investment firms are paying up big money for warehouse space amid the turn of the year.
Blackstone acquired a 2-million-square-foot portfolio of 18 last-mile logistics warehouses in the U.K. for 200 million pounds ($247 million) from PGIM, the asset management arm of Prudential Financial. The facilities are close to urban areas including Manchester, Birmingham, Reading and Leeds.
And last month, Stonepeak announced it had paid up of six logistics assets totaling 2.3 million square feet in Houston. That deal went for a reported $244 million.
Deals could continue to pick up as the year progresses, if the latter half performance of 2024 is any indicator.
According to PwC, the global transportation and logistics sector recorded a total deal value of $51.5 billion with 71 disclosed deals for the six-month period ending Nov. 15, compared to $39.5 billion and 69 deals for the prior six months ending May 15.
“While deal volume remains stable, the increase in deal value may be indicative of improving investor confidence, driven by anticipated profitability improvements amid rising demand and supply adjustments,” the report said.
Another potential deal to look out for in 2025 could involve Forward Air Corporation, which may be put on the market in the next few months. The board of directors at the LTL, truckload and logistics services provider began a strategic review of the company after multiple activist investors have been pushing for a sale process for months. That review could potentially end up with Forward being sold off or merged with another company.