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DSV: The Danish Vikings Who Conquered Global Logistics
I. Introduction & Episode Roadmap
Picture this: Nine independent Danish truckers, their businesses suddenly stranded without work after a merger, gathering in a garage extension in the small town of Skuldelev on a summer day in 1976. They had no international presence, no sophisticated technology, and certainly no billion-dollar war chest. Yet from this humble beginning would emerge a company with revenue of approximately DKK 310 billion (approx. EUR 41.6 billion) and a workforce of close to 160,000 employees across more than 90 countries.
How did a local trucking cooperative with the impossibly long name "De Sammensluttede Vognmænd af 13-7 1976 A/S"—literally "The United Truckers of July 13, 1976"—transform into the world's largest freight forwarder? This is the story of DSV, a company that perfected the art of the acquisition, turned asset-light into a superpower, and built a logistics empire through sheer operational excellence and Danish pragmatism.
After formally completing the acquisition of Schenker, creating a world-leading player in the transport and logistics industry in April 2025, DSV stands as the ultimate case study in disciplined M&A execution. This isn't just a story about trucks and warehouses—it's about how a small Nordic company repeatedly outmaneuvered global giants, integrated competitors with surgical precision, and built one of the most efficient operating models in business history.
Today's journey takes us from that garage in Denmark through the corridors of power in Frankfurt, where DSV just pulled off the largest acquisition in logistics history. We'll explore how nine truckers built a machine that could swallow companies ten times their size and make them more profitable within years. It's time to dive into the DSV playbook.
II. Founding Story & Early Vision (1976–1989)
Following a business merger in June 1976, several independent trucking companies found themselves without work. Henning Petersen spearheaded the initiative to create a cooperative, with Leif Tullberg as Managing Director. The scene was almost comically modest: The company began in an extension of Leif Tullberg's garage in Skuldelev, Denmark.
Think about the audacity here—these weren't venture-backed entrepreneurs or corporate spin-offs. These were working truckers who'd just lost their biggest client. Rather than scrambling for individual survival, they made a counterintuitive bet: together, they could build something bigger than any of them could achieve alone. The company operated as a cartage department for the owners and only handled contracting haulage and deliveries.
The name itself tells you everything about Danish business culture—practical, literal, and utterly devoid of marketing polish. While American companies were crafting aspirational brands, these Danes simply stamped the date of incorporation into their company name. It's almost aggressively unsexy, which, as we'll see, becomes part of DSV's competitive advantage.
By January 1983, the team comprised only 11 people. This included freight forwarders and accounting staff. For context, that's smaller than most modern startup Series A rounds. Yet the vision became to enter the international transport market.
The breakthrough came at the end of the decade. This was realised in 1989 with the acquisition of the two competing export companies Borup Autotransport A/S and Hammerbro A/S-Bech Trans, followed by Samson Transport Co. A/S in 1997 and Svex Group AB in 1999. These weren't just random purchases—they were DSV's first experiments with what would become their signature move: buying competitors and making them vastly more efficient.
What's fascinating is that DSV discovered its superpower almost by accident. They weren't trying to build a roll-up strategy or become serial acquirers. They simply needed to grow beyond Denmark's borders, and acquisition was the fastest path. But in executing these early deals, they stumbled upon something profound: they were exceptionally good at integration.
III. Building the Platform: Strategic Acquisitions (1990s)
The 1990s marked DSV's transition from local player to acquisition machine. The Samson Transport acquisition in 1997 brought an unexpected gift—a future CEO who would transform the company. Jens Bjørn Andersen, who had been CEO for 15 years but with the company for 35 years, following DSV's takeover of Samson Transport in 1997, recalled his first impression: "I could hardly believe it when the rumour started to circulate. DSV? Samson was in a whole other league, we thought. DSV-who? I remember standing at the balcony at Samson's old headquarters and watching DSV's executive team pull up."
The irony is delicious. Here was an executive at the acquired company, initially dismissive of his acquirer, who would eventually lead DSV to become one of the world's logistics giants. It's like if Instagram's CEO had initially scoffed at Facebook before eventually running the combined entity.
The late 1990s also saw DSV go public on the Copenhagen Stock Exchange, providing the currency for larger acquisitions. But unlike many newly public companies that immediately go on buying sprees, DSV remained disciplined. They were building their integration muscle, learning how to merge operations, eliminate redundancies, and—crucially—preserve what worked while ruthlessly cutting what didn't.
These were important acquisitions as they altered the services and product focus as well as made the framework for an international future of the company. Each deal was a building block, not just adding revenue but capabilities. Borup brought export expertise. Samson delivered management talent. Svex provided Swedish market access. DSV wasn't just getting bigger—it was getting better at getting bigger.
IV. The DFDS Transformation: Going Global (2000–2005)
The year 2000 changed everything. The biggest step in the company's history was taken by the acquisition of DFDS Dan Transport Group, which led to a new era and strategy. This wasn't incremental growth—The transport and logistics activities of DSV are quadrupled.
To understand the audacity of this move, imagine a regional restaurant chain suddenly acquiring McDonald's European operations. With the acquisition DSV is creating the leading independent Nordic transport group with an annual turnover of almost DKK 20 billion. The deal was so transformative that DSV initially operated under the DFDS Transport name, though the parent company retained its original unwieldy moniker.
In addition to road transport services in Scandinavia, the UK, the Baltics and Europe, the acquisition secured a comprehensive logistics set-up as well as a key position within airfreight and overseas transports to the US and Asia Pacific markets. Suddenly, DSV wasn't just moving trucks across Scandinavia—they were a global logistics player.
The strategic brilliance here was timing. DFDS's parent company wanted to focus on shipping and saw the land transport division as non-core. DSV picked up a business four times its size at a discount, precisely because the seller didn't value what they were selling. It's the corporate equivalent of buying oceanfront property from someone who hates the beach.
To put focus on our different services and customer segments, DSV separated its operations into three divisions in 2001: Road, Air & Sea and Solutions. This three-pillar structure would become DSV's organizational backbone for the next two decades, allowing them to optimize each business while maintaining integration benefits.
The momentum continued with the acquisition of J.H. Bachmann in 2005, which further cemented its global footprint. Each acquisition wasn't just about size—it was about capability building. DSV was assembling a logistics platform piece by piece, like building a transcontinental railroad by acquiring regional lines.
V. European Dominance: Frans Maas & ABX (2006–2008)
The Frans Maas acquisition in 2006 marked DSV's graduation from regional champion to European powerhouse. DSV acquired Frans Maas and advanced its position from being a Scandinavian player to being a true Pan-European road transport and logistics player. The price tag—€433 million—seemed enormous for a company that had started in a garage thirty years earlier.
But here's where DSV's operational excellence shone. The takeover of Frans Maas helped boost DSV's road network in Central, Eastern and Southern Europe, and the company projects its revenue in 2006 to have increased by 43 percent to 4.4 billion euros ($5.68 billion), from 3.08 billion euros in 2005. They weren't just buying revenue; they were buying network density, and network density in logistics is everything.
The integration was so successful that DSV decided to rebrand entirely, dropping the DFDS Transport name and operating simply as DSV. This step was taken in order to mark a new and joint beginning after the acquisition of Frans Maas in 2006. It was a statement of confidence—DSV was no longer pretending to be something it acquired; it was becoming its own entity.
Then came 2008 and the ABX LOGISTICS acquisition. With the acquisition of ABX LOGISTICS in 2008, DSV gained presence in South America and is now present on all continents. Furthermore, we have strengthened our position in Europe, particularly in Italy, Germany, France and Spain. The timing seemed insane—the global financial crisis was unfolding, credit markets were frozen, and competitors were retrenching.
But DSV saw opportunity where others saw catastrophe. ABX's parent company needed cash desperately. DSV had been conservatively financed and could move quickly. They picked up a global network at a fire-sale price, right when their competitors couldn't compete for the asset.
Kurt Larsen who became chairman of the board of directors in 2008 when Jens Bjørn Andersen took over as CEO. This leadership transition was crucial. Andersen, the former Samson executive who'd initially scoffed at DSV, now held the reins. He brought a new level of ambition and operational rigor that would define DSV's next phase of growth.
The asset-light model, which would become DSV's signature, was now fully formed. As part of an asset-light financial strategy, the group does not own any ships or aeroplanes and only a relatively small fleet of trucks and trailers. While competitors tied up capital in depreciating assets, DSV focused on what actually created value: network optimization, customer relationships, and operational efficiency.
VI. The UTi Acquisition: American Expansion (2016)
By 2016, DSV had conquered Europe but remained a minor player in the world's largest logistics market: the United States. The UTi Worldwide acquisition changed that dramatically. DSV acquired UTi Worldwide Inc. in 2016, strengthening our position worldwide, particularly in the US and Africa.
UTi was a distressed asset—a once-proud company that had lost its way, bleeding cash and losing customers. For most acquirers, this would be a nightmare. For DSV, it was Christmas morning. They'd perfected the art of the turnaround acquisition, and UTi was their biggest test yet.
The integration was textbook DSV: swift, decisive, and ruthlessly efficient. Within 18 months, they'd transformed UTi from a money-loser into a contributor to group profits. The playbook was consistent: cut redundant overhead, integrate IT systems, optimize the network, and preserve customer relationships. It sounds simple, but execution at this scale is monumentally complex.
What made the UTi deal special wasn't just the operational turnaround—it was the strategic positioning. DSV now had critical mass in the US market, with the scale to compete for large multinational contracts. They'd also gained significant presence in Africa, a market most Western logistics companies struggled to crack.
The UTi acquisition also demonstrated DSV's integration philosophy: respect the local, optimize the global. They didn't try to impose Danish management culture on American operations. Instead, they kept local management in place where it worked, while implementing their systems and processes behind the scenes. It's the logistics equivalent of a hostile takeover that somehow feels friendly.
VII. The Panalpina Mega-Deal: Becoming a Giant (2019)
The Panalpina acquisition in 2019 was DSV's moon shot. On 1 April 2019, an acquisition agreement with Swiss Panalpina was announced valued at CHF 4.6 billion (€ 4.1 billion). On 19 August 2019, DSV announced that the acquisition of Panalpina was completed.
The pursuit of Panalpina was a masterclass in strategic persistence. DSV's first offer was rejected. So was the second. The Panalpina board, particularly the controlling Ernst Goehner Foundation, seemed determined to maintain independence or find an alternative buyer. Kuwait's Agility entered the fray as a potential white knight. The Swiss establishment was skeptical of these Danish upstarts.
But DSV kept coming. DSV is paying a massive ~ 43% premium against Panalpina's unaffected share price of Sfr137, a price that made analysts gasp. The financial media questioned whether DSV was overpaying, whether the integration would work, whether the cultures could mesh.
Here's what the skeptics missed: DSV wasn't buying Panalpina's current performance—they were buying what Panalpina could become under DSV management. Panalpina's operating margin sits at roughly 2.6%, far below DSV's mighty 7%. Even within air and sea transportation, which are Panalpina's primary activities, DSV is significantly more profitable.
The integration was DSV's finest hour. The combination with DSV creates one of the world's largest transport and logistics companies with a pro forma revenue of approximately DKK 118 billion and a workforce of 60,000 employees in 90 countries. But size wasn't the point—efficiency was.
DSV expects to achieve annual cost synergies of around DKK 2,200 million. The cost synergies are expected to have full-year effect by 2022 and will primarily be derived from the consolidation of operations, logistics facilities, administration and IT infrastructure. These weren't fantasy synergies based on revenue growth hopes—they were hard cost cuts that DSV knew how to execute.
The cultural integration was particularly impressive. Panalpina was a proud Swiss company with a 125-year history. DSV managed to preserve what made Panalpina special—its expertise in specialized freight, particularly for the healthcare and energy sectors—while implementing DSV's operational discipline. They even temporarily renamed the parent company DSV Panalpina A/S, a gracious nod to Swiss sensibilities that cost nothing but bought enormous goodwill.
When COVID-19 hit months after the acquisition closed, it could have been a disaster. Instead, DSV's integrated Panalpina operations benefited from the air freight boom, as desperate companies paid premium prices to move goods when ocean capacity was constrained. The acquisition that analysts worried about became a profit machine right when DSV needed it most.
VIII. Agility GIL & Continuous Growth (2021–2023)
Fresh off the Panalpina triumph, most companies would have paused to digest. Not DSV. All conditions and requirements for the acquisition of Agility's Global Integrated Logistics business (GIL) have been met, and DSV Panalpina A/S (DSV) is now formally taking over GIL from Kuwait-based Agility.
The GIL acquisition for $4.1 billion was fascinating for what it represented: DSV buying the logistics division of the company that had tried to outbid them for Panalpina. It's like defeating someone in a duel and then hiring them as your lieutenant. The deal added annual revenue of DKK 29 billion (USD 4.6 billion) with Air & Sea freight as the main contributor.
GIL strengthened DSV's position in markets where they'd been historically weak, particularly the Middle East and parts of Asia. With 1.4 million square meters of warehousing capacity, GIL will be a strong addition to DSV Solutions, while the road freight activities in Europe and the Middle East will strengthen the DSV Road network.
The integration followed the now-familiar DSV playbook, but with a twist. DSV's acquisition strategy has proven successful in both acquiring and integrating companies, most recently Swiss Panalpina in 2019 and American UTi Worldwide in 2016. They were getting faster at integration, applying lessons from each acquisition to the next. What took three years with UTi took two years with Panalpina and was projected to take 18 months with GIL.
Meanwhile, DSV continued snapping up smaller regional players. In December 2020, DSV announced they would acquire Globeflight Worldwide Express, a South African-based courier company. The deal was completed in May 2021. These bolt-on acquisitions flew under the radar but were crucial for filling network gaps and adding specialized capabilities.
By 2023, DSV had become a well-oiled acquisition machine. They'd proven they could integrate companies of any size, from any geography, in any market condition. The question wasn't whether they could do another major acquisition, but when the right target would become available.
IX. The Schenker Blockbuster: World's Largest Forwarder (2024–2025)
The Schenker acquisition is DSV's masterpiece—the deal that transforms them from industry giant to industry leader. DSV has formally completed the acquisition of Schenker, creating a world-leading player in the transport and logistics industry in April 2025, after signing an agreement to acquire Schenker from Deutsche Bahn in a transaction worth EUR 14.3 billion at enterprise value (approximately DKK 107 billion) in September 2024.
The backstory is pure corporate drama. Deutsche Bahn, Germany's state railway, had owned Schenker for decades but needed cash for rail infrastructure. The German government wanted to privatize but faced political pressure to keep Schenker in European hands. Private equity firms circled. Competitors plotted. And DSV waited.
When the formal sale process launched, DSV faced competition from CVC Capital and reportedly others. But DSV was selected in the competitive sale process because its offer was clearly the most financially advantageous for Deutsche Bahn AG. They weren't just offering the most money—they were offering certainty of execution, crucial for a politically sensitive transaction.
The numbers are staggering. The enterprise value of the transaction is approximately DKK 106.7 billion (approximately EUR 14.3 billion) and the equity value is approximately DKK 86.5 billion (EUR 11.6 billion). This was more than double the size of the Panalpina deal, requiring DSV to raise approximately DKK 75.0 billion (EUR 10.0 billion) through an evenly split combination of equity and bond issuances.
But the real story isn't the size—it's the transformation. On completion of the acquisition, the combined company will become the largest freight-forwarder in the world. DSV, the company that started with nine truckers, now employs close to 160,000 employees across more than 90 countries.
The German labor negotiations showcased DSV's evolved approach. Rather than slash and burn, they committed to investments of DKK 1 billion euros in the country over the next 3-5 years. The investments must support long-term growth and job creation as well as contribute to developing a modern and attractive workplace. Yes, there would be redundancies—1,600 to 1,900 positions—but DSV promised that the combined entity would ultimately employ more people in Germany than the separate companies do today.
effective 1 February 2024, current Group COO and Vice CEO Jens H. Lund will assume the position of Group CEO of DSV A/S, and Jens Bjørn Andersen steps down after more than 15 years in charge of the DSV Group. The leadership transition, planned well before the Schenker deal, ensured continuity. Lund, who'd been with DSV since 2002, represented the next generation but maintained the same operational discipline.
The integration plan is vintage DSV but at unprecedented scale. Based on preliminary estimates, annual synergies are estimated in the level of DKK 9 billion at end of 2028. These aren't hoped-for revenue synergies—they're cost cuts from consolidating facilities, IT systems, and administrative functions. DSV knows exactly where to find them because they've done this dance before.
X. The DSV Operating System & Culture
After nine major acquisitions and countless smaller ones, DSV has refined an operating system that turns the conventional wisdom of M&A on its head. While business schools teach that most acquisitions destroy value, DSV has made acquisition-led growth into a repeatable, profitable process.
The asset-light model is foundational. By not owning ships, planes, or even most trucks, DSV maintains flexibility that asset-heavy competitors lack. When demand shifts, DSV adjusts contracts. When technology changes, DSV isn't stuck with obsolete equipment. The capital that others sink into depreciating assets, DSV invests in technology and acquisitions.
The integration playbook is deceptively simple but brutally effective. First, DSV moves fast—integration teams deploy within days of deal closing. Second, they standardize systems immediately—everyone gets on the same IT platform, no exceptions. Third, they preserve customer relationships while optimizing operations behind the scenes. Fourth, they cut deep and once—better to take all the pain upfront than death by a thousand cuts.
The Danish management culture, exported globally, emphasizes flat hierarchies and rapid decision-making. Country managers have enormous autonomy within financial parameters. There's no second-guessing from headquarters as long as numbers are hit. This combination of entrepreneurial freedom and financial discipline proves remarkably scalable.
The focus on scalability remains one of the key competitive advantages in freight forwarding with significant operational and commercial benefits in a highly fragmented market. DSV has cracked the code on making a people-intensive, relationship-driven business systematically scalable.
The operational efficiency initiatives are continuous. DSV doesn't wait for acquisitions to improve margins—they're constantly optimizing. Labor productivity, warehouse utilization, route optimization—everything is measured, benchmarked, and improved. The company culture treats efficiency not as a project but as a permanent state of mind.
Digital infrastructure investments, often overlooked in discussions of DSV, are crucial. The company spends heavily on IT, but it's targeted spending. They don't chase every startup or technology trend. Instead, they invest in boring but essential systems: track and trace, customs clearance automation, warehouse management. The stuff that actually drives efficiency.
XI. Financial Performance & Market Position
The financial evolution of DSV reads like a fantasy. From local trucking cooperative to a company with pro forma revenue approaching DKK 310 billion, the growth trajectory defies normal business physics. But what's more impressive than the top line is the margin expansion.
DSV consistently delivers EBIT margins that make competitors weep. In a industry where 5% is considered good and 7% excellent, DSV routinely posts margins approaching 10%. They've proven that logistics, often dismissed as a low-margin commodity business, can be highly profitable with the right operational model.
The cash flow generation is the unsung hero of the DSV story. Strong cash flows fund acquisitions without excessive leverage. They enable share buybacks that have delivered exceptional returns. And they provide the buffer that lets DSV strike when opportunities arise, like Schenker during a downturn.
Capital allocation at DSV is a masterclass in discipline. They don't do vanity projects. They don't chase trendy ventures. Every dollar is allocated based on return potential: acquisitions that meet strict criteria, technology that drives efficiency, and returns to shareholders when no better use exists.
The comparison with peers is stark. Kuehne + Nagel, the Swiss giant, has similar revenue but lower margins. DHL, part of Deutsche Post, is larger but less focused. Pre-acquisition Schenker had the network but not the efficiency. DSV has proven that in logistics, operational excellence beats scale—until you combine both.
XII. Playbook: Business & Investing Lessons
The DSV story offers a masterclass in building value through serial acquisition. The first lesson: integration capability is a moat. Any company can buy another company. Very few can consistently make acquired companies more valuable. DSV has turned post-merger integration into a core competency as defensible as any patent or brand.
The asset-light model in a capital-intensive industry seems counterintuitive but is brilliant. DSV lets others tie up capital in assets while they focus on what actually creates value: network density, operational efficiency, and customer relationships. It's the logistics equivalent of Airbnb not owning hotels.
Operational leverage in the DSV model is extraordinary. Adding volume to an existing network costs incrementally little. A truck with 80% utilization becoming 85% utilized drops straight to the bottom line. Multiply this across thousands of routes and facilities, and you understand DSV's margin expansion.
Culture as a scaling mechanism is perhaps DSV's most underappreciated advantage. The Danish combination of entrepreneurialism and frugality, exported globally, creates a consistent operating rhythm. Local managers think like owners because they're given owner-like autonomy. Corporate overhead stays lean because that's the cultural expectation.
Timing market cycles has been crucial to DSV's success. They bought DFDS when dot-com crashed. They bought ABX during the financial crisis. They bought Panalpina when trade wars worried markets. They bought Schenker when Germany needed cash. Countercyclical acquisition isn't just financially smart—it's strategically brilliant because integration is easier when competitors are retrenching.
Building in fragmented markets through consolidation is a proven path to value creation, and DSV has executed it perfectly. Logistics remains surprisingly fragmented despite decades of consolidation. DSV recognized that subscale players would eventually need to sell or fail, and positioned itself as the natural buyer.
The importance of a strong balance sheet for opportunistic M&A cannot be overstated. DSV's conservative financing means they can move when others can't. The Schenker deal happened because DSV could raise €10 billion in weeks. Try doing that with a leveraged balance sheet.
XIII. Analysis & Bear vs. Bull Case
Bull Case:
The proven M&A execution track record speaks for itself. Nine major acquisitions, all successfully integrated, all accretive to margins. The probability that DSV can successfully integrate Schenker is high because they've done this before, repeatedly, at scale.
Scale advantages in global logistics are becoming more pronounced. Customers want fewer vendors, global coverage, and digital integration. The combined DSV-Schenker entity offers all three at a scale competitors can't match. Network density creates a virtuous cycle: more volume enables better pricing which attracts more volume.
Industry consolidation tailwinds remain strong. The logistics industry is still fragmented with hundreds of subscale players. Environmental regulations, digitalization costs, and customer demands are forcing consolidation. DSV is positioned as the consolidator of choice.
E-commerce growth drivers fundamentally change logistics demand. It's not just more packages—it's different patterns, different expectations, different economics. DSV's flexible model adapts better to these changes than asset-heavy competitors.
Operational efficiency leadership is sustainable. DSV's margins aren't from financial engineering or one-time cuts. They're from systematic operational improvements that compound over time. This is a cultural advantage that's nearly impossible to replicate.
Bear Case:
Integration execution risk with Schenker is real. This is DSV's largest acquisition by far, involving German labor unions, political scrutiny, and operational complexity. One major stumble could destroy billions in value and damage DSV's reputation as an integration expert.
Economic cycle sensitivity can't be ignored. Logistics is ultimately a derived demand business. When trade flows slow, logistics volumes drop. DSV's operational leverage works both ways—margin expansion in good times becomes margin compression in bad times.
Margin pressure from competition is inevitable. DSV's success attracts imitators. Private equity-backed roll-ups are emerging. Chinese logistics companies are expanding globally. Amazon is building its own logistics network. High margins attract competition like honey attracts bears.
Technology disruption threats loom. Digital freight forwarders promise to cut out traditional players. Autonomous vehicles could reshape transportation economics. Blockchain might eliminate intermediaries. DSV's asset-light model helps here, but disruption risk is real.
Geopolitical and trade tensions add complexity. Reshoring, nearshoring, friend-shoring—supply chains are being reconfigured for resilience over efficiency. Trade wars and sanctions complicate global networks. DSV's global footprint is both a strength and a vulnerability.
XIV. Epilogue & "What's Next"
Post-Schenker integration priorities are clear. First, achieve the promised synergies without destroying value. Second, maintain service levels during integration. Third, retain key talent and customers. DSV has done this before, but never at this scale. The next three years will determine whether DSV can maintain its integration magic at mega-scale.
Digital transformation initiatives are accelerating. DSV isn't trying to become a tech company, but they recognize that logistics is increasingly a data business. Investments in visibility, predictive analytics, and automation will be crucial for maintaining competitive advantage.
Sustainability and ESG commitments are moving from nice-to-have to need-to-have. Customers increasingly demand carbon-neutral shipping options. Regulations are tightening. DSV's asset-light model helps—they can mandate cleaner vehicles from suppliers rather than replacing their own fleet—but the transition won't be painless.
Future M&A possibilities remain intriguing. With Schenker integrated, DSV will have enormous scale but also enormous appetite. The remaining independent players are limited but include some interesting targets. Regional specialists, technology-enabled forwarders, or even adjacent services like last-mile delivery could be on the menu.
The next generation of leadership under Jens Lund faces different challenges than their predecessors. The company is no longer an upstart but an incumbent. The playbook that worked for a challenger might need adjustment for a leader. Maintaining entrepreneurial culture at 160,000 employees is vastly different than at 10,000.
The ultimate question: Can DSV maintain its operational edge at massive scale? History suggests scale eventually breeds bureaucracy, complacency, and decline. But DSV has defied conventional wisdom before. The Danish truckers who started in a garage have built one of the world's most valuable logistics companies. The next chapter of their story is just beginning.
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