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CHICAGO — Supply chain M&A is being driven by scale, specialization and AI, consolidators said this week at the S&P Global Journal of Commerce Inland Distribution 2026 conference.

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

Takeaways from a panel moderated by Axios Pro:

Liquid bulk carriers and specialized freight brokerage providers tend to be more immune to the cyclical nature of the trucking industry, and that makes them a more attractive target, said Tenney Group CEO Spencer Tenney.

"The valuations and the pool of buyers are drastically different for those types of companies," Tenney said.

Greenbriar Equity Group likes to spend time speaking to customers to get a sense of a target's reputation and growth potential, said Greenbriar's Michael Wang.

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

Descartes looks for AI disruption, deep domain expertise, ability to solve complex workflows and access to data, said CFO Ed Gardner.

"Key things we're looking for from a financial perspective are: Is it a high recurring revenue base? Does it have the ability to be profitable and grow and have margins like ours?"

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."

Supply chain M&A takeaways from Inland Distribution 2026

Shippers closely monitor dealmaking among carriers and logistics providers.

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.

Spencer Tenney speaks during an Axios Pro-moderated panel in Chicago on Wednesday. Photo: Eric Michael Clarke for Inland26

CHICAGO — Supply chain M&amp;A is being driven by scale, specialization and AI, consolidators said this week at the S&amp;P Global Journal of Commerce Inland Distribution 2026 conference.Why it matters: Shippers <a class="gtmContentClick" data-vars-link-text="closely monitor dealmaking" data-vars-click-url="https://www.axios.com/pro/supply-chain-deals/2026/09/29/carrier-consolidation-diversification-inland-2026-panel" data-vars-content-id="45ce1f1a-8718-42ac-84c2-2b8370088b91" data-vars-headline="Supply chain M&amp;A takeaways from Inland Distribution 2026" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/supply-chain-deals/2026/09/29/carrier-consolidation-diversification-inland-2026-panel" target="_self">closely monitor dealmaking</a> among carriers and logistics providers because of the potential impacts on their businesses.

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Supply chain M&A takeaways from Inland Distribution 2026

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