M&A in commodity trading

Does anyone have general insights on M&A activity in the commodity trading space?

I’m particularly curious about:
- Typical valuation multiples
- Notable transactions in recent years (small, mid or large)
- How these businesses are usually valued

My impression is that, unless the company owns significant physical assets, much of the value is tied to the team, their relationships, expertise, and trading capabilities.

Would be great to hear your thoughts or any examples you’ve come across.