Services M&A Transactions

How Data Center Expansion Is Becoming an Infrastructure Growth Driver for Trucking M&A

The aggressive expansion of artificial intelligence (AI) data centers is absorbing a massive portion of U.S. transportation capacity, further accelerating the rise of freight costs. Driven by hyperscale operators, U.S. data center capacity is projected to surge from 24 gigawatts (GW) to 110 GW between 2026 and 2030. Because each gigawatt of expansion requires roughly 100,000 truckloads to move essential heavy components such as generators, cooling systems, power modules, and structural steel, this upcoming buildout is expected to demand an astounding 8.6 million additional truckloads over the next four years, according to a new defense report released by the Transportation & Logistics and Services Infrastructure investment banking team at Brown Gibbons Lang & Company (BGL).

This unprecedented demand is colliding with a sharply diminished pool of U.S. truckload capacity. Due to a severe post-2022 market downturn, large public carriers have slashed their active truck counts by 15.5%, and when combined with the broader fleet attrition discussed above, this has driven the driver per- truck ratio down to a tight 0.9:1. The massive data center push is creating two distinct pressures on the logistics sector:

• Squeezing Other Shippers: Data center equipment providers are competing directly against construction, energy, and heavy manufacturing for open-deck and specialized heavy-haul equipment. This intense competition is sidelining other construction projects, bleeding into broader transport categories, and threatening to act as an anchor that slows down technology growth.

• Geographic Capacity Dislocation: Political opposition and local bans have forced nearly 70% of new data centers into remote, rural destinations (e.g., North Dakota). Sending drivers and equipment to these isolated locations dislocates truck capacity away from primary freight lanes (such as retail), making it difficult and expensive for subsequent users to access equipment once the trucks are unloaded.

Historically, the market has experienced strong turnover and a driver shortage in the trucking industry. The recent surge in energy-focused infrastructure development is having an additional impact on the driver labor pool, which may further constrain capacity in the broader freight market.

• Shift to High-Value Specialized Roles: Logistics demand is pivoting heavily away from standard retail dry-van freight toward open-deck, flatbed, and heavy-haul trucking. Moving multi-ton generators, transformers, and cooling systems requires advanced driver certifications, extra cargo-securing skills, and oversize-load experience. Because specialized equipment demand heavily outstrips supply, driver compensation in these complex divisions is expected to remain high for years to come and may pull drivers from traditional over the road trucking jobs.

• Permanent Geographic Dislocation: New data center projects in remote, rural destinations pull drivers far from traditional consumer freight lanes, creating structural inefficiencies where carriers must log excessive empty miles (“deadhead”) just to safely reposition a truck for its next pickup.

• Continuous Freight Lifecycle: Long-term driver demand will not disappear once physical facility construction is complete. While the initial wave concentrates pressure on flatbed and heavy-haul assets, the market eventually transitions into a permanent equipping and scaling phase. The freight mix smoothly shifts toward hauling server racks and advanced electronics, ensuring sustained, multi-year cargo volume for specialized logistics networks.

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About BGL’s Transportation & Logistics Services and Infrastructure Team

BGL’s Transportation & Logistics Services and Infrastructure investment bankers have executed numerous transactions in maritime and offshore, trucking and logistics, transportation infrastructure, supply chain, and passenger transport. Our team specializes in advising on mergers and acquisitions in the logistics and transportation industry, balance sheet management and restructuring, management advice, board advisory, and private debt and capital raises.

Craig Decker quoted in “U.S. shipyards: Are infrastructure funds betting on assets or on Washington?” Green Street News

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, was recently quoted in an article in Green Street News Infrastructure entitled, “U.S. shipyards: Are infrastructure funds betting on assets or on Washington?”

In the article, Craig examined the emerging investment opportunities in U.S. shipyards serving inland and coastal fleets, highlighting that infrastructure investors looking for steady cash flows, essential services, and assets are finding that in the shipyard sector.

BGL’s Transportation & Logistics Infrastructure investment banking team has extensive experience across the sector. As investment bankers and advisors, we have executed numerous transactions in road, rail, marine/aviation, and infrastructure.

For Craig’s insights, read the complete article on the Green Street News Infrastructure website (subscription required).

Alan Bugler quoted in, “For firms ready to adapt, AI could strengthen the industry,” Staffing Industry Analysts

BGL Managing Director Alan Bugler, who leads the firm’s Human Capital Management investment banking team, authored a piece in Staffing Industry Analysts entitled, “For firms ready to adapt, AI could strengthen the industry.”

In the article, Alan discusses how AI presents an opportunity for staffing firms to evolve their business models, improve efficiency, and deliver greater value to clients. Firms that successfully integrate AI into their operations and emphasize human expertise will be better positioned to compete.

To read the complete article, visit the Staffing Industry Analysts website.

Craig Decker Authors “US shipyards: A compelling opportunity for infrastructure investors” for Marine Money

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, is a featured contributor for Marine Money with a piece entitled, “US shipyards: A compelling opportunity for infrastructure investors.”

In the article, Craig examined the emerging investment opportunities in U.S. shipyards serving inland and coastal fleets. He explored how Subchapter M enforcement, the long-term underinvestment in dry dock infrastructure, and the implementation of the SHIPS Act are combining to create a structural supply-demand imbalance.

For Craig’s insights, read the complete article on the Marine Money website (subscription required).

The 2026 International WorkBoat Show

WorkBoat International 2026 Decker Speaking v1

The 2026 International WorkBoat Show brings together thousands of industry professionals, investors, owners, and operators from across the commercial maritime industry to learn about the latest trends, equipment, technology, and solutions.

BGL Managing Director Craig Decker, who leads the firm’s Transportation & Logistics Infrastructure investment banking team, will be speaking on a panel entitled, “Capital Comes to the Shipyard: Investment Strategies for Inland and Coastal Markets,” on Thursday, December 3^rd from 11:00 to 11:45 a.m. CT.

The panel will examine the forces driving renewed investor interest in shipyards, what that capital influx means for operators and owners navigating growth or ownership decisions, and where the most compelling opportunities and risks are emerging across the inland and coastal markets. The discussion will draw on recent deal activity, including high-profile acquisitions in the inland barge and shipyard sectors, to ground the conversation in current market realities.

BGL Director Enrico Certo will also be attending and available to discuss the upcoming opportunities for investors in the U.S. shipyards sector.

BGL Advises EnviroServe

Client Description

Headquartered in Sandy, Utah, EnviroServe is a provider of environmental and waste management services, with a service offering spanning remediation, rail services, industrial cleaning and emergency response, as well as hazardous and non-hazardous waste transportation and processing. EnviroServe serves customers across a wide variety of end markets from a strategic network of branches, including 10-day transfer facilities, waste solidification facilities, and railcar cleaning locations. EnviroServe employs more than 700 people and operates a specialized fleet of more than 700 vehicles, including more than 100 vacuum trucks. Its customers span a diverse range of industries, and 85% of its revenue is recurring in nature, with the average tenure of its top 10 customers exceeding 16 years.

BGL Advises on the Sale of EnviroServe to Clean Harbors

Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce that it advised on the sale of EnviroServe, a provider of environmental and waste management services and a portfolio company of One Rock Capital Partners, to Clean Harbors, Inc. (Clean Harbors) (NYSE: CLH), a leading provider of environmental and industrial services throughout North America. BGL’s Environmental Services investment banking team served as financial advisor to EnviroServe in the transaction. Learn more about the team here.

About BGL’s Environmental Services Investment Banking Team

BGL’s Environmental Services investment banking team has been ranked #1 in Environmental Services transaction volume in North America since 2016, according to PitchBook.com. Our Environmental team focuses on businesses that perform essential services to the waste processing & disposal, water & wastewater treatment, waste-to-value, and waste-to-energy markets.

To learn more about BGL’s other recent transactions in environmental services M&A, visit our Transactions page.

Effram Kaplan quoted in, “Companies-for-sale activity looks healthy, heading into Q4,” PE Hub

BGL’s Co-Chief Executive Officer and Head of the firm’s Services and Infrastructure verticals Effram Kaplan was recently quoted in an article published by PE Hub entitled, “Companies-for-sale activity looks healthy, heading into Q4.”

In the article, Effram discusses the dealmaking environment heading into Q4 2026 and the year ahead, noting business services, aerospace and defense, and infrastructure are emerging as top sectors where deal activity is expected to increase.

For all of Effram’s insights, read the complete article on the PE Hub website (subscription required).

Brandon Dobell quoted in, “Retailers Charging Ahead With EV Stations Despite Policy Pullback,” BisNow

BGL Managing Director Brandon Dobell was recently quoted in an article by BisNow entitled, “Retailers Charging Ahead With EV Stations Despite Policy Pullback.”

The article explores how retailers are accelerating electric vehicle charger installations on their own real estate, transforming parking lots into value-add infrastructure even as federal incentives shrink and automakers slow their electrification plans.

Brandon also recently released a new Property Management Landscape report that examined the key investment themes shaping the sector, including consolidation opportunities, revenue dynamics, and technology adoption.

To read the complete article, visit the BisNow website.

Blueprint 2026

Blueprint 2026 is a conference focused on investors, innovators, and industry executives in the real estate technology sector.

BGL Managing Director Brandon Dobell will be participating in a panel session entitled, “Follow the Money: Where Capital Is Flowing in Real Estate’s AI Era,” on Wednesday, September 23rd, from 11:25 a.m. to 12 p.m. ET.

The session will cover:

Where capital is flowing and the technologies investors are betting on.
How AI is changing company valuations, operating models, and competitive advantage.
What strategic investors, acquirers, and lenders look for when evaluating innovation.
How technology is influencing capital allocation, partnerships, and M&A.
The trends that will shape the next generation of real estate companies.

BGL’s Real Estate Services and Technology investment banking team has a 25-year track record of advising companies solving complex industry challenges. Our clients benefit from our enduring global relationships and deep industry insights, which span the entirety of the real estate & property technology continuum across the residential, multi-family, and commercial real estate landscape.