Selling a Last-Mile Delivery Business in 2026: Multiples, Named Buyers, and the Operator Playbook
Quick Answer
A US last-mile delivery business in 2026 typically sells for roughly 3x to 8x EBITDA, varying by customer mix (Amazon DSP vs. independent), driver model (W-2 vs. independent contractor classification), end-market (e-commerce vs. B2B), and platform scale. By profile: a single-territory Amazon DSP at $200-700k SDE goes 2.5x-4x SDE; an independent last-mile operator with diversified customers ($500k-1.5M SDE) goes 3.5x-5x SDE; a small multi-state last-mile platform ($1.5-4M EBITDA) goes 4x-6x; a regional last-mile platform with mixed e-commerce + B2B ($4-12M EBITDA) goes 5x-7x; a premium scale platform ($12M+ EBITDA, multi-state, diversified, tech-enabled) reaches 6x-8x+ EBITDA. Active buyers include XPO Inc. (NYSE: XPO, $7B+ revenue, LTL+last-mile platform post 2022 spin-offs), Saia (NASDAQ: SAIA, $3B+ revenue LTL), Forward Air (NASDAQ: FWRD, expedited LTL+intermodal), OnTrac (formerly LaserShip, PE-backed, regional last-mile), GLS US (General Logistics Systems, Royal Mail subsidiary), Veho (PE-backed tech-enabled), Roadie (UPS subsidiary), AxleHire (PE-backed), Better Trucks (PE-backed e-commerce last-mile), CitySprint, plus PE sponsors (TPG Capital, Bain Capital, ABRY Partners, Lindsay Goldberg, BlackRock). The biggest multiple drivers are customer diversification (Amazon DSP concentration is the major compressor), W-2 vs. 1099 driver classification (1099 has classification exposure), tech-enabled routing/dispatch (Bringg, Onfleet, Routific, OptimoRoute), and per-stop economics. Buyer-paid M&A advisory (CT Strategic Partners) costs the seller nothing.
If you own a last-mile delivery business in 2026 — Amazon DSP, independent last-mile, regional courier, or e-commerce final-mile — the M&A market is highly active but bifurcated. XPO (NYSE: XPO) post 2022 spin-offs operates a $7B+ LTL+last-mile platform. Saia, Forward Air, and the public truckers acquire selectively. OnTrac (formerly LaserShip, PE-backed) operates a major regional last-mile platform. GLS US, Veho, Roadie (UPS), AxleHire, and Better Trucks compete in tech-enabled last-mile. Amazon DSP businesses face structural limitations on multiples due to customer concentration.
What the asset is worth depends on three things: (1) customer diversification (Amazon DSP concentration above 40% is the major compressor), (2) driver classification (W-2 vs. 1099 has structural exposure on independent contractor classification), and (3) tech-enabled operations with routing/dispatch sophistication. This guide covers real multiples by profile, the named buyers transacting, and the operator-level diligence buyers will run.
What this guide covers
- Last-mile multiples 2026: 2.5x-4x SDE for Amazon DSP, 3.5x-5x SDE for independent diversified, 4x-6x EBITDA for small multi-state, 5x-7x for regional, 6x-8x+ for premium scale tech-enabled.
- Active buyers: XPO (NYSE: XPO, $7B+), Saia (NASDAQ: SAIA, $3B+), Forward Air (NASDAQ: FWRD), OnTrac (PE-backed, formerly LaserShip), GLS US (Royal Mail), Veho (PE), Roadie (UPS), AxleHire (PE), Better Trucks (PE).
- PE sponsor activity: TPG Capital, Bain Capital, ABRY Partners, Lindsay Goldberg, BlackRock-backed platforms, plus multiple logistics PE funds.
- Multiple drivers: customer diversification (Amazon DSP concentration compresses), W-2 vs. 1099 driver classification, tech-enabled routing (Bringg, Onfleet, Routific, OptimoRoute), per-stop economics, multi-state footprint.
- Things that compress the multiple: Amazon DSP concentration above 40%, 1099 driver classification exposure, weak tech stack, owner-operator dependence, single-territory operations.
- Sellers pay nothing on CT Strategic Partners’ buyer-paid advisory.
Named M&A transactions (2021-2025)
| Target | Buyer | Year | What it tells us |
|---|---|---|---|
| LaserShip + OnTrac merger | PE-backed (combined platform) | 2021 | Created the largest US regional e-commerce last-mile platform. |
| Roadie acquisition | UPS (NYSE: UPS) | 2021 | UPS acquired crowdsourced last-mile platform; strategic integration. |
| XPO spin-offs (GXO, RXO) | Public market | 2021-2022 | XPO spun off contract logistics (GXO) and brokerage (RXO), focusing core on LTL + last-mile. |
| Multiple Veho, AxleHire, Better Trucks funding rounds | PE/VC (multiple sponsors) | 2022-2025 | Tech-enabled last-mile attracts substantial VC/PE funding. |
| Forward Air + Omni Logistics merger | Forward Air (NASDAQ: FWRD) | 2024 | $3.2B+ disclosed; expedited LTL + intermodal consolidation. |
The named buyer landscape
Public / strategic LTL + last-mile buyers
- XPO Inc. (NYSE: XPO, $7B+ revenue) — LTL + last-mile post 2022 spin-offs of GXO Logistics and RXO.
- Saia Inc. (NASDAQ: SAIA, $3B+ revenue) — LTL trucking.
- Forward Air Corporation (NASDAQ: FWRD, ~$1.8B revenue) — expedited LTL + intermodal.
- Old Dominion Freight Line (NASDAQ: ODFL), ArcBest (NASDAQ: ARCB) — LTL with selective last-mile expansion.
E-commerce last-mile specialists
- OnTrac (PE-backed, formerly LaserShip post 2021 merger) — major regional e-commerce last-mile platform.
- GLS US (General Logistics Systems, Royal Mail subsidiary) — B2B + B2C parcel.
- Veho (PE-backed) — tech-enabled crowdsourced last-mile.
- AxleHire (PE-backed) — tech-enabled local delivery.
- Better Trucks (PE-backed) — e-commerce last-mile.
- Roadie (UPS subsidiary post 2021 acquisition) — crowdsourced delivery.
PE sponsors active in this space
- TPG Capital, Bain Capital, ABRY Partners, Lindsay Goldberg, BlackRock-backed platforms, plus multiple logistics PE funds.
The operator-level KPI playbook buyers will diligence
Customer mix and diversification
- Amazon DSP percentage: Above 40% is the major multiple compressor.
- Top-5 customer concentration.
- End-market mix: E-commerce B2C, B2B, foodservice, healthcare, etc.
- Contract structure: Multi-year vs. order-by-order.
Driver workforce
- W-2 vs. 1099 driver classification: 1099 exposure is real (AB5 California, DOL classification rules).
- Driver count and tenure.
- Driver wage/pay rates vs. market.
- Workers’-comp EMR.
Operations and technology
- Routing/dispatch tech: Bringg, Onfleet, Routific, OptimoRoute, custom.
- Stops per route, miles per stop, on-time rate.
- Customer-facing tech: Tracking, ETAs, photo confirmation.
- Sortation automation if applicable.
Fleet
- Owned vs. leased vehicle mix.
- Vehicle age and replacement schedule.
- EV fleet readiness: Amazon Rivian deployment, electric van programs.
- DOT compliance.
Dangers and traps
1. Amazon DSP concentration
Above 40% Amazon DSP revenue is the major multiple compressor. DSPs operate on Amazon-set rates with limited operator leverage.
2. Independent contractor classification (1099 vs. W-2)
California AB5, DOL classification rules, and state-by-state IC classification exposure are real. W-2 driver model is cleaner.
3. Weak tech stack
Modern routing/dispatch (Bringg, Onfleet, Routific) is the platform benchmark. Legacy systems trigger discount.
4. Owner-operator dependence
Build the operations bench.
5. Single-territory operations
Multi-state expansion path matters.
6. EV fleet transition
Amazon Rivian deployment, urban LEZs (low-emission zones), and state EV mandates create transition costs.
7. Customer-rate compression
E-commerce volume-driven rate pressure is real. Document pass-through mechanisms.
8. DOT safety scores and accident history
FMCSA SMS BASIC scores matter.
Our POV in 2026
Last-mile M&A is highly active but bifurcated. Amazon DSPs face structural multiple compression due to customer concentration; independent diversified last-mile operators command higher multiples. Tech-enabled platforms (Veho, AxleHire, Better Trucks) attract PE attention. Premium scale platforms with multi-state diversification and W-2 driver models reach 6x-8x+ EBITDA.
The right time to prepare is 12-18 months before going to market — diversify customer mix, transition to W-2 driver models, modernize tech stack, expand geographic footprint.
Preparing your business for sale: 12-18 months out
- Get multi-year audited financials.
- Diversify customer mix away from Amazon DSP dependence.
- Resolve 1099 vs. W-2 driver classification.
- Modernize routing/dispatch tech.
- Build the operations bench.
- Document fleet age and EV transition plan.
- Confirm DOT compliance and safety scores.
- Run a competitive process. XPO, Saia, Forward Air, OnTrac, GLS US, Veho, AxleHire, Better Trucks, Roadie/UPS, plus PE sponsors (TPG Capital, Bain Capital, ABRY Partners, Lindsay Goldberg).
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What is the typical multiple for a last-mile delivery business in 2026?
Amazon DSP single-territory operations typically sell at 2.5x-4x SDE. Independent diversified operators ($500k-1.5M SDE) go 3.5x-5x SDE. Small multi-state platforms ($1.5-4M EBITDA) go 4x-6x. Regional last-mile platforms ($4-12M EBITDA) go 5x-7x. Premium scale tech-enabled platforms ($12M+ EBITDA, multi-state, diversified) reach 6x-8x+.
Who are the active buyers of last-mile delivery businesses right now?
Public: XPO Inc. (NYSE: XPO, $7B+), Saia (NASDAQ: SAIA, $3B+), Forward Air (NASDAQ: FWRD, $1.8B), Old Dominion Freight Line (NASDAQ: ODFL), ArcBest (NASDAQ: ARCB). E-commerce last-mile specialists: OnTrac (PE-backed, formerly LaserShip), GLS US (Royal Mail), Veho, AxleHire, Better Trucks, Roadie (UPS). PE sponsors: TPG Capital, Bain Capital, ABRY Partners, Lindsay Goldberg.
What hurts a last-mile delivery business’s valuation most?
Amazon DSP customer concentration above 40%, 1099 driver classification exposure (AB5, DOL classification rules), weak tech stack, owner-operator dependence, single-territory operations, weak DOT safety scores, and fleet transition costs as Amazon Rivian deployment and urban EV mandates accelerate.
Why is Amazon DSP concentration the major multiple compressor?
Amazon DSP (Delivery Service Partner) businesses operate exclusively for Amazon at Amazon-set rates. Operators have limited rate-setting leverage, no customer diversification, and structurally constrained margins. Acquirers heavily discount Amazon DSP concentration above 40% of revenue.
What is the AB5 / driver classification issue?
California Assembly Bill 5 (AB5) and DOL classification rules govern when delivery drivers can be classified as 1099 independent contractors vs. W-2 employees. 1099 driver models face classification challenges that create transaction risk and structural exposure. W-2 driver models are cleaner for diligence.
Do I have to pay a broker fee?
No. CT Strategic Partners runs a buyer-paid M&A advisory model. The seller pays nothing. The buyer pays the success fee at closing.
How long does it take to sell a last-mile delivery business?
Once you go to market with a buyer-paid advisor, a typical process runs 4-7 months from initial outreach to closing. Add 12-18 months of preparation work before going to market.
When should I start preparing if I plan to sell in 2027 or 2028?
12-18 months before going to market. Highest-leverage work: diversify customer mix, transition to W-2 drivers, modernize tech stack, expand multi-state footprint.
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About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 76+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest home services consolidators that other intermediaries can’t access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch