10.9.2.4Vertical

Stretch & Multi-Axle Carriers

Carriers using extendable and multi-axle trailers for long loads.

Market snapshot

These figures describe Flatbed & Specialized Carriers (10.9.2), the segment that Stretch & Multi-Axle Carriers sits within. They are not figures for Stretch & Multi-Axle Carriers on its own.

Market size
~$110B
Growth
~5.7%CAGR (2017–22, nominal)
Companies
~41,875 firms
Firms by employee count

91.1% of firms have fewer than 20 employees: 38,166 micro-businesses, below most mandates.

The investable universe3,709 firms with 20+ employees
20–99
2,73474%
100–499
61917%
500+
35610%

Specialized equipment and permitted loads mean higher rates and far less competition than dry van, but demand is tied to construction, energy and industrial projects rather than consumer freight. Driver skill is the scarce input, and it is not quickly trained.

NAICS 484220, 484230. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Specialized freight rates (premium for capability)

Key economics

Revenue per firm
$2,628,945
Revenue per employee
$263,658
Employees per firm
9.6
Recurring revenue
Moderate

recurring industrial accounts

EBITDA margin
Better than dry van; capability-driven
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 23% of revenue, so the cost base is assets, not headcount
  • Deep strategic-buyer pool: 356 firms exceed 500 employees, so a scaled asset has trade buyers
  • Flatbed/specialized equipment for non-standard cargo.
  • Construction, industrial, and energy demand.
  • Equipment and expertise create modest barriers.

NAICS 484220, 484230. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaIndianaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandNorth DakotaIowaNebraska

North Dakota, Nebraska and Iowa. Specialized freight follows what has to be moved: agricultural equipment, energy infrastructure and construction materials. That is why the map is plains and energy country rather than consumer markets.

North DakotaNebraskaIowa

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 484220/484230. Concentration shown by location quotient.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Specialized & flatbed carriers
  • PE-backed platforms
  • Industrial-logistics strategics

What’s driving deals

  • Construction/industrial-cycle demand.
  • Specialized-capability consolidation.
  • Energy-transition and project freight.

Find Stretch & Multi-Axle Carriers acquisition targets

Search Acquisera’s index for companies classified under Stretch & Multi-Axle Carriers (10.9.2.4) and build a targeted deal pipeline.

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