TRUCK, TRAILER, & OFF-ROAD VEHICLE (TTORV) INDUSTRY UPDATE - Q2 2025
- Kevin Marsh
- Aug 26
- 1 min read
TRENDS & NEWS IMPACTING THE TTORV INDUSTRY
Key Takeaways
Deal activity within the industry decreased over the last quarter and increased over the last year (14 deals in Q2 2025 versus 17 deals in Q1 2025 and 6 in Q2 2024)
Private equity interest in M&A increased over the last quarter (2 deals closed in Q2 2025 versus 1 in Q1 2025)
Publicly traded valuation multiples were mixed over the last year
Financial performance was mixed in Q2 2025 versus Q2 2024 with lower sales across all segments, with an exception in Off-Road Vehicle Suppliers which had increased sales in Q2 2025 versus Q2 2024, while EBITDA and EBITDA margins increased for the Truck & Trailer Suppliers and Off-Road Vehicle Suppliers
Capital spending generally increased across all segments, with an exception in Truck & Trailer Suppliers
Balance sheets generally remain healthy, with an exception in the Off-Road Vehicle OEMs segment whose Net Debt / EBITDA ratio reached 4.0x in Q2 2025
Strategic buyers continue to have ample dry powder for further acquisitions
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