Muppet Central: 5 Minutes, Miss Piggy

A wave that continues unabated for years and years is no longer a wave. You cannot have missed noticing the consolidation - global - that has been ongoing in the logistics industry for a couple of decades.

Deals abound, notably and recently FedEx/GENCO. But, XPO has been on a tear, becoming a major league player in the logistics service provider (LSP) space relatively overnight.

Industry observers don't hesitate to offer opinions, and they span a range of options. Some are uncritical enthusiasts; some suspect that acquisitions and subsequent head-chopping will continue. I don't know Brad Jacobs well enough to ask, and if I knew I could only tell under penalty of death. But, there are some obvious paths to consider.

One is the accumulation of functional capabilities sufficient to provide price-attractive one-stop shopping for customers, with an end game of staking out a sustainable dominant position in the industry. Others include variants on investment end games.

One option would be the creation of a flexible-scale full service provider with an adjustable cost structure. Its sale could be a windfall for the architect of its creation. Another would be the sell-off of individual functional units, each dressed up - tarted up, some would say - to attract suitors with deep pockets.

This would be the classic "putting lipstick on the pig" tactic employed for generations by venture and private equity capitalists. The sum of the parts would add up to significantly more than the cost of the whole.

Sort of like selling Miss Piggy and Kermit separately versus as a pair. I will note that ABC has created a rift between the frog and his porcine paramour in the interest of higher ratings and viewer engagement.