Geodis, the logistics subsidiary of SNCF, has signed an agreement to acquire Transports Malherbe, a French group specialized in full-load and partial-load freight transport. This operation confirms the ongoing trend of consolidation in the sector. Insights from AURIS Finance, a consulting firm specializing in M&A transactions.
In the transport sector, activity continues to evolve. On December 19, 2025, the European logistics giant Geodis announced it had reached an agreement to acquire Malherbe, a leading player in road freight transport. The transaction amount has not been disclosed, and the deal still requires regulatory approval before completion.
With this integration, Geodis will incorporate nearly 3,300 employees, around 40 agencies in France, and a fleet of 1,500 trucks. Malherbe’s 2024 revenue of €465 million will help bring the combined road transport business volume of the new entity to approximately €2 billion.
Global Heavyweight
A subsidiary of SNCF, Geodis is one of the world’s leading transport and logistics companies, with operations spanning road freight, contract logistics, maritime and air transport, as well as parcel and express services. In 2024, the group recorded revenue of €11.3 billion, showing significant growth. Geodis now operates in 166 countries with 50,000 employees worldwide.
Ambition 2027
The acquisition of Transports Malherbe is part of Geodis’ strategic plan, Ambition 2027, unveiled in 2025 and extending the previous plan. This development plan aims to drive the group into a new growth phase through three pillars: commercial expansion, operational performance, and CSR commitment. The group aims to grow faster than the overall logistics market.
Top 3 in the Market
Geodis presents the acquisition of Malherbe as a “major strategic lever” to strengthen its presence in France. Founded in Normandy in the 1950s, Malherbe is a historic player in French road freight, specializing in full-load and partial-load shipments with a strong presence in the agri-food sector. Malherbe had itself pursued an aggressive acquisition strategy, acquiring Luxembourg-based TLW in 2024 after taking control of Étoile Routière in 2023. With this move, Geodis secures a well-established player and moves into the top 3 in the full-load and partial-load transport segment.
Series of Acquisitions
To face current challenges – environmental responsibility, raw material price pressures, regulatory constraints – the transport sector has entered a phase of consolidation. In recent years, Geodis has completed several acquisitions: in 2023, the group acquired ITS (International Transport & Shipping Ltd.), an independent Swiss freight forwarder.
Experts by Your Side
Mid-sized companies (ETIs) and smaller businesses are now targets for road transport companies seeking to acquire well-established local players. AURIS Finance’s sector-specialized experts support both sellers and buyers, assisting in target identification, financing structuring, and post-transaction integration.
