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🧠 Inland Distribution 2026 M&A takeaways

📅 The week that was

📰 The reading line

🤓 Fun facts from Inland26

CHICAGO — Specialization, growth and AI are driving supply chain M&A, consolidators said at the S&P Global Journal of Commerce Inland Distribution 2026 conference this week.

Why it matters: Shippers closely monitor dealmaking among carriers and logistics providers because of the potential impacts on their businesses.

Zoom in: Descartes CFO Ed Gardner, Tenney Group CEO Spencer Tenney and Greenbriar Equity Group managing director Michael Wang shared their perspectives in a 50-minute Axios Pro-moderated talk Wednesday.

Liquid bulk carriers and specialized freight brokerage providers tend to be more immune to the cyclical nature of the trucking industry, Tenney said.

That makes them more attractive acquisition targets that enjoy higher valuations than a more run-of-the-mill dry van trucking company.

Beyond normal due diligence, Greenbriar spends time speaking to current and prospective customers to get a sense of a seller's reputation and growth potential, Wang said.

"Because, on our time horizon, we can't build that reputation," Wang added. "We can maintain it. We can expand it. But we can't create that type of reputation in the market."

As a logistics tech provider and strategic acquirer, Descartes looks for AI disruption, deep domain expertise, ability to solve complex workflows and access to data, Gardner said.

As tech companies confront the AI buy-vs.-build question, Gardner said, "it is easier to build it, but you still need the data and the history to be able to build a solution."

1 big thing: 🧠 Inland Distribution 2026 M&A takeaways

Panel discussion with four men in suits; the central speaker, Spencer Tenney, in a light blue blazer, gestures with his hands as others listen, against a colorful vertical backdrop.

Tenney Group CEO Spencer Tenney speaks during an Axios Pro-moderated M&A panel at the Inland Distribution conference on Wednesday, Sept. 30. Photo credit: Eric Michael Clarke for Inland26

Atomic, a supply chain planning platform founded by Tesla alumni, raised $12.5m from Klass Capital and Madrona Venture Group. Go deeper

AEA Investors-backed Redwood Logistics acquired JBF Consulting to launch an advisory service. Go deeper

Freight industry M&A has made relationships and diversification increasingly critical to shippers, per an Inland26 panel. Go deeper

CMA CGM has completed its previously announced $1.4b acquisition of FedEx Supply Chain, the contract logistics arm of FedEx. Go deeper

Diversis Capital has acquired majority ownership of terminal operating system provider Tideworks Technology from Carrix. Go deeper

Roland Foods has agreed to acquire Savor Brands from Dot Foods and bring Dot Foods in as an equity shareholder. Go deeper

Autonomous trucking tech firm PlusAI expects to close its merger with Texas Ventures Acquisition III Corp. by the end of the year, per FreightWaves. Go deeper

2. 📅 The week that was

Illustration of a fall leaf holding a pumpkin spice latte. 

🚛 Trimble still evaluating possible transport tech business sale (Transport Topics)

🤔 World opinion shifts on trade (Axios)

🛢️ Europe agrees to release diesel stocks after pressure from Trump (Reuters)

⛓️ America's critical supply chain is breaking (Yahoo Finance)

🇮🇷 U.S. targets Iran's military supply chain as status of diplomatic talks remains uncertain (AP)

3. 📰 The reading line

Illustration of a giraffe wearing reading glasses and reading its phone.

Light sweet crude oil actually tastes sweet, per a Monday presentation attended by shippers worried about diesel nearing $10 a gallon.

Abercrombie's distribution centers in Columbus, Ohio, smell and sound like the retailer's cologne-heavy, music-blasting mall stores, former director of transport operations Sarah Jane Chapman confirmed when I asked her.

All olives start green. "How do you turn them black?" I asked Musco Family Olive Co. senior director of supply chain Michael Lin. "If I told you, I'd have to kill you," he joked. (Spoiler: An oxidization process, it turns out.)

4. 🤓 Fun facts from Inland26

Illustration of a gas can with a straw and umbrella in the nozzle. 

Illustration: Aïda Amer/Axios. Stock: Getty Images

Plus: 🧠 What's driving supply chain M&A

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October 03, 2026

1 big thing: 🧠 Inland Distribution 2026 M&A takeaways