Industry Reports

Published on: 04/24/2018
Impressive levels of merger and acquisition (M&A) activity in the Packaging industry through year-to-date (YTD) 2018 suggests that the industry remains in a consolidation phase following consecutive years of significant deal volume in 2016 and 2017. There have been 38 transactions announced or closed through YTD 2018, compared to 36 in 2016 and 34 in 2017 during the same period. Target companies are experiencing significant interest from a diverse range of strategic and financial buyers.
Published on: 04/11/2018
With 195 US transactions announced or closed in the Chemicals industry during 2017, volume dipped slightly below the record level from 2016, but surpassed that of 2015.
Published on: 03/05/2018
Merger and acquisition (M&A) activity in the Environmental, Health & Safety (EH&S) industry remained healthy in 2017 and is expected to persist as the application of technology based solutions expands.  Although deal volume declined by 4.5% compared to 2016, it was rather strong in the context of the overall middle market, which experienced a 16.4% decline in activity.    
Published on: 02/26/2018
Building on strong momentum from the record-setting 2016, merger and acquisition (M&A) activity in the Maintenance, Repair & Operations (MRO) industry remained robust as 94 transactions were announced or closed during 2017.  Aside from private company buyer activity (50.0% of deals), add-on investments represented the largest share of deal volume and accounted for 25.5% of deals in 2017. 
Published on: 01/30/2018
The latest issue of our HVACR Industry Report Q1 2018, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in the HVACR sector, is now available. Highlights from this report include:
Published on: 01/16/2018
Favorable macroeconomic conditions coupled with accelerated demand for key end-markets have continued to support steady growth in the Packaging industry.  Rising levels of disposable income and the resulting growth within   Food and Beverage, Consumer Goods and Pharmaceutical industries is anticipated to generate parallel increase in Packaging industry revenue.  
Published on: 01/08/2018
Throughout 2017, the Industrial Equipment sector has remained healthy, reflecting strong industrial output and continued advancements in industrial technology.  In fact, according to FRED Economic Data, its Industrial Production Index reached 106.4 in November 2017; the highest level since January 2015.  These high levels of industrial output as well as growing demand from downstream markets have been a major driver in boosting industry activity.  
Published on: 12/31/2017
While merger and acquisition (M&A) activity has waned in the Environmental, Health & Safety (EH&S) industry, with transaction volume contracting to 77 deals through 2017 compared to 89 in 2016, valuations have reached a premium.  In 2017, companies received an average EBITDA multiple of 14.3x, while in 2016 and 2015 they received average EBITDA multiples of 9.5x and 10.1x, respectively.  
Published on: 12/04/2017
Year-to-date (YTD), merger and acquisition (M&A) activity remains robust for water infrastructure companies, both in terms of the number of deals completed and the average disclosed transaction values.  With 99 deals announced or closed, transaction volume has already surpassed the total volume of 2016 (91 transactions), making 2017 the second most active year recorded by Capstone.  Propelled by numerous mega-deals, average disclosed transaction values have reached an impressive $337.95 million, while middle market deals ($10.0 million to $500.0 million) have had an average di
Published on: 11/16/2017
With 75 transactions being announced or completed year-to-date (YTD) in 2017, the Maintenance, Repair & Operations (MRO) industry continues to experience strong M&A activity.  Over the past two years private equity buyers have maintained a strong interest in the MRO industry, accounting for 42.0% of volume in 2016 and 41.6% in YTD 2017.  With over $555.6 billion in US dry powder waiting to be deployed, private equity groups represent a significant force in the MRO M&A market, often competing with strategic buyers on valuation.  

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