Industry Reports

Published on: 10/07/2019
Despite softening manufacturing activity evidenced by an end to the ISM Purchasing Managers’ Index 35-month expansion; the MRO industry has proven resilient to the subsequent downward pressures on production, presenting defensible investment opportunities.
Published on: 10/02/2019
Despite a softening global economic outlook, Waste & Recycling companies hold a defensible market position due to stability in waste volumes, increasing municipality and local government privatization of public services, and recurring revenue generation. As a result, the market is largely inelastic to economic downturns and presents a highly attractive stable investment.
Published on: 09/11/2019
Expansion of the HVACR market has resulted from economic growth, the increased availability of tools and products that promote energy efficiency, and the consequential opportunity they create to retrofit building infrastructures.
Published on: 08/29/2019
Advancements in engineering and equipment capabilities have rapidly developed the Packaging industry by both strengthening existing packaging products and expanding them into new markets. 
Published on: 08/20/2019
The ongoing need to retrofit or replace North America’s aging water and wastewater infrastructure continues to enable the development of innovative technology and more cost-efficient equipment in the Water Infrastructure industry.
Published on: 08/12/2019
Despite slowing global growth and trade tensions, U.S. chemical production remains strong, predominantly driven by low-cost feedstock availability and domestic end-market growth. 
Published on: 08/08/2019
The resilience of the Environmental, Health & Safety (EH&S) industry to recessionary forces given its ensured demand due to stringent government regulations provides the sector with favorable dynamics to further support heightened levels of merger & acquisition (M&A) activity.
Published on: 07/18/2019
Capstone Headwaters’ Q2 Executive Summary on mergers and acquisitions (M&A) in the Waste & Recycling industry is available for download below. Seventy-five transactions have been announced or completed year-to-date including US Ecology’s announced acquisition of NRC Group for $966 million at 10.6x EBITDA or 2.5x revenue.
Published on: 06/03/2019
Stalled trade negotiations and the subsequent escalation of tensions between the US and China have resulted in the US increasing current tariffs on $200 billion of Chinese goods from 10% to 25%. Industrial manufacturers exposed to rising import tariffs are expected to mitigate their exposure and cost by seeking alternative supply chains solutions and passing the cost onto customers.
Published on: 05/09/2019
US Chemical Production levels have already exceeded 2018, increasing 3.1% year-over-year in March, according to the American Chemistry Council. The ISM Purchasing Managers Index (PMI) expanded in March for the 31st consecutive month lead by increases in new orders (+1.9 percentage points) and production (+1.0 percentage point). Healthy manufacturing capacities are expected to support chemicals demand as well as 2019 EBITDA increases, according to the S&P Global Chemicals Industry Top Trends 2019.

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