Deal flow in the transportation and logistics space slowed notably in 2022 as the economy cooled. Investors have become more risk averse, minimizing exposure to companies with less-proven track records, as interest rates have soared and credit markets have tightened.

Through November, transaction values in the industry totaled $52 billion across 380 deals compared with 600 deals for $181 billion in total during 2021, according to a report from global investment bank Houlihan Lokey (NYSE: HLI).

Even with the slowdown, 2022 will come in ahead of full years 2018 and 2020 as many operators continue to use a sustained stretch of record earnings and cash flows to build out their transportation offerings through M&A.

Trucking saw some transformational deals in 2022. Here’s a recap.