Key transactions & industry newsWeekly Update 03/27/2026

What We Found Interesting This Week

Mar 25, 2026 – Echo Global Logistics, Inc., a leading provider of technology-enabled transportation and supply chain management services, announced it has completed its acquisition of ITS Logistics, one of North America’s fastest-growing third-party logistics providers headquartered in Reno, Nevada. (PRNewswire)


Echo Global Logistics has completed its acquisition of ITS Logistics, a fast-growing third-party logistics provider headquartered in Reno, Nevada, in a move that meaningfully expands Echo’s footprint across the North American freight market. ITS has built a strong reputation in the asset-based and managed transportation space, particularly across the western US, giving Echo geographic density and operational capability it previously lacked in that region. For Echo, which has long competed against larger brokers like Coyote, XPO, and C.H. Robinson on the strength of its technology platform, adding ITS brings physical scale to complement its digital infrastructure, a combination that is increasingly necessary as shippers demand both visibility and execution. The 3PL sector has been consolidating steadily as margin pressure, carrier capacity swings, and shipper demands for integrated solutions push smaller players toward larger platforms or acquisition. This deal signals that Echo is positioning itself as a consolidator rather than a consolidation target, a notable strategic statement in a market where scale, data, and network density are becoming the primary competitive moats. Whether the integration of ITS’s culture and operations into Echo’s tech-driven model goes smoothly will be the real test, as acqui-hire-style 3PL deals have a mixed track record when two distinct operating philosophies are forced to share a platform.

Recent M&A Transactions

Metals & Mining

Mar 20, 2026 – New Gold Inc. (TSX:NGD) announced the successful completion of the previously announced plan of arrangement whereby a wholly-owned subsidiary of Coeur Mining, Inc. has acquired all of the issued and outstanding shares of New Gold. (PRNewswire)

Transportation & Logistics

Mar 25, 2026 – Echo Global Logistics, Inc., a leading provider of technology-enabled transportation and supply chain management services, announced it has completed its acquisition of ITS Logistics, one of North America’s fastest-growing third-party logistics providers headquartered in Reno, Nevada. (PRNewswire)

Mar 23, 2026 – William Stobart’s investment vehicle, WS Holdco, has acquired the UK logistics division of EV Cargo, marking a significant step in the consolidation of Britain’s transport and supply chain sector. The deal sees WS Holdco take control of EV Cargo, a business focused on managed transportation and contract logistics across the UK. (FleetPoint)

Mar 19, 2026 – CBRE Investment Management announced that, on behalf of a client of its Private Infrastructure division, has entered into a binding agreement to acquire a 10% equity stake in Porterbrook, one of the UK’s three major passenger rolling stock leasing companies and the second largest owner of passenger rolling stock in Great Britain. (CBREIM)

Building Products & Materials

Mar 24, 2026 – Apollo Global Management has agreed to acquire Nippon Sheet Glass, marking its largest private-equity investment in Japan to date, totaling about $3.7B in enterprise value. Nippon Sheet Glass is a Japanese glass manufacturing company. (WSJ)

Mar 24, 2026 – RS Distribution Inc., a subsidiary of The Home Depot, has entered into a definitive agreement to acquire Mingledorff’s, Inc., a leading wholesale distributor of heating, ventilation and air conditioning equipment, parts and supplies, serving residential and commercial customers through 42 locations in five states across the southeastern U.S. (HomeDepot)

Mar 19, 2026 – North Atlantic Corp, parent company of Cleary Wholesale, announced that it has acquired Architectural Concepts LLC, a Colorado-based manufacturer and distributor of doors, commercial openings, shower doors, and related products. (NRLA)

Energy

Mar 27, 2026 – German chemicals giant BASF sold a roughly $290.6M stake in U.K. oil-and-gas group Harbour Energy through a share placing. BASF obtained a large stake in Harbour Energy when the U.K. company completed an $11B deal to buy oil-and-gas producer Wintershall Dea’s upstream assets in 2024. (WSJ)

Mar 25, 2026 – Barrel Energy Inc., a diversified energy company focused on renewable, lithium, solar, and nutritional energy solutions representing multiple forms of energy, announced the acquisition of Happy Traps, a Maine based environmental services and waste to energy company headquartered in Portland, Maine. (PRNewswire)

Mar 25, 2026 – Boralex Inc. (TSX:BLX), Brookfield and La Caisse announced that they have entered into a definitive arrangement agreement, whereby Brookfield and La Caisse will acquire all of Boralex Inc.’s issued and outstanding Class A common shares of Boralex. Boralex is a Canadian energy production company. (GlobeNewswire)

Others

Mar 25, 2026 – KKR’s $4.75B sale of data-center cooling business CoolIT to Ecolab is poised to be one of the private-equity giant’s most successful bets ever. KKR bought a majority stake in 2023 when CoolIT was valued at around $270M. The firm is now set to make roughly 15 times the equity it invested. (WSJ)

Mar 25, 2026 – Private-equity giant KKR has struck a deal to acquire the U.S. bakery chain Nothing Bundt Cakes from Roark Capital for over $2B. (WSJ)

Mar 25, 2026 – Merck has reached a nearly $6B cash deal to buy the cancer biotech Terns Pharmaceuticals and its promising leukemia treatment. If it proves to work safely, the experimental drug would give Merck a boost as the company prepares for its top-selling drug, Keytruda, to lose patent protection. (WSJ)

Top News Stories

Metals & Mining

Guinea and EGA close a deal to resolve bauxite supply disruption. Guinea and Emirates Global Aluminium (EGA) have finalised an agreement that could prevent an arbitration post the seizure of the miner’s local unit in 2025. The development is a marker toward resolving tensions that have disrupted bauxite supply flows from Guinea.

Thyssenkrupp, Jindal steel sale talks falter on pension, energy costs. Discussions of a possible sale of Thyssenkrupp’s steel unit to Jindal Steel International could be called off due to differences over pension liabilities, ​investments and energy costs. While talks over a ‌sale of Thyssenkrupp Steel Europe are ongoing and could still result in an agreement, a deal is now seen as less likely after nearly six months of due diligence and discussions.

Australia’s Lynas signs rare earths deal with South Korea’s LS Eco Energy. Australia’s Lynas Rare Earths said it would partner with South ‌Korea’s LS Eco Energy for the production of rare earth metals.

Rio Tinto targets global aluminum expansion with AP60 low-carbon technology. Rio Tinto is increasing its focus on aluminum as part of a long-term strategy, driven by rising demand for low-carbon metals. The company is now looking beyond its long-established base in Canada to expand across Europe, Asia and Latin America.

Australia’s $2B fund for Rio Tinto’s Boyne aluminium pushes renewable energy and employment. The federal and Queensland governments of Australia are to jointly sponsor a $2B support package for Australia’s second-largest aluminum smelter, the Boyne aluminum smelter of Rio Tinto. The joint funding is being rendered as a large-scale renewable energy transition while aiming to secure jobs and long-term industrial stability.

Odisha clears $481M investment proposals, to generate over 10,000 jobs. Odisha has approved industrial investment proposals worth $481M, a move that is expected to generate over 10,122 jobs across 11 districts. It is expected to back the state’s push for diversified industrial growth and value addition. Approval for aluminum and steel downstream proposals suggests Odisha’s goal to emerge as a metal hub.

Transportation & Logistics

New Orleans port forms JV to run future Louisiana terminal. The Port of New Orleans, Ports America and Terminal Investment Ltd. have formed a joint venture (JV), Louisiana International Terminal Holdings LLC, to serve as the operator for the Louisiana International Terminal.

California ports ask state for $1B for infrastructure in FY2027. Port of Los Angeles-Long Beach executives joined politicians, longshore labor and other stakeholders to call on the state to include $1B in fiscal 2027 as part of a coordinated investment strategy across California’s 11 deepwater ports.

Toyota investing another $1B in its U.S. manufacturing operations. Toyota announced a $1B investment in U.S. operations, set to be split between its Kentucky and Indiana facilities. Of the total, $800M will go to its Toyota Motor Manufacturing Kentucky facility to produce a second EV and boost capacity of Camry and RAV4 hybrid models. The remaining $200 will go to Toyota Motor Manufacturing Indiana to increase Grand Highlander SUV production.

FMC rejects carrier request for shorter notice on ocean rate hikes. The Federal Maritime Commission has rejected a request by ocean carriers to shorten the notice period for rate hikes. The Shipping Act and commission regulations requires 30 days’ notice before an increase in rates and charges become effective. Carriers can request that the commission shorten this time period, but Chairman Laura DiBella in a written decision said that the liners had failed to demonstrate “good cause” for the exception.

Central Oregon & Pacific Railroad opens bulk transload facility. Central Oregon & Pacific Railroad, a Genesee & Wyoming Inc. subsidiary, has opened a bulk transload facility in Dillard, Oregon.

Energy

Russian oil producers could declare force majeure over attacks on Baltic ports. Russian oil producers have warned buyers they could declare force majeure on supplies from major Baltic Sea ​ports as Ukraine presses ahead with attacks on Russian ‌energy infrastructure.

Exxon says its team is in Venezuela evaluating oil opportunities. Exxon Mobil has a ​team in Venezuela this week evaluating ‌the country’s oil and gas resources and infrastructure, upstream head Dan Ammann said at the CERAWeek by ​S&P Global conference in Houston.

U.S. tracking closely how to get oil tankers through Strait of Hormuz, White House says. White House press secretary ‌Karoline Leavitt said the United States is tracking “very ​closely” how to get ​oil tankers through the Strait ⁠of Hormuz.

Valero shuts Texas refinery after explosion. Valero Energy ​Corp completed the temporary shutdown of its 380,000-barrel-per-day oil refinery in Port ‌Arthur, Texas, following an explosion and fire in a diesel hydrotreater unit.

TotalEnergies abandons U.S. offshore wind, will invest $1B in fossil fuel projects. The United States and French ‌energy major TotalEnergies said they would redirect nearly $1B from offshore wind leases to U.S. oil and natural gas production.

Others

SoftBank secures $40B loan to boost OpenAI investments. SoftBank Group has secured a $40B bridge loan to bolster investments in ChatGPT-maker OpenAI and for general corporate ‌purposes, marking another significant step in its artificial intelligence strategy.

Ares caps withdrawals at private credit fund after redemption requests surge. Ares Management became the latest alternative asset manager to cap investor withdrawals at a private credit fund following ​a surge in redemption requests.

About RJM

RJM & Company is a specialized M&A and capital markets advisory investment bank. We provide boards and management teams of public and private companies with independent advice and expertise in a variety of sectors including road, rail and marine transportation, infrastructure, chemicals, energy, metals and mining, manufacturing, building materials, and other coverage areas of the industrial complex. RJM advises clients on all aspects of transactions including timing, structure, and pricing. RJM originates opportunities and helps negotiate and execute transactions already under evaluation.

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