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DHL’s Returns Acquisition Leads a Hot Start for Logistics M&As in 2025

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.

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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.