Capstone Headwaters Reports: Aggregates Industry Begins to Display Signs of Recovery

September 29, 2020

Boston, MA – Capstone Headwaters released its Rock Products update today, reporting that following four consecutive months of decline in construction spending, activity has begun to stabilize with July construction increasing a modest 0.1%, according to the U.S. Census Bureau.  While tighter project financing conditions and weakened state and local government finances have presented challenges for aggregates producers, the backlog of activity has remained robust, supporting continued industry demand.

“The Aggregates Industry has bounced off the bottom and should experience meaningful growth for the next several years,” said Darin Good, Managing Director.

Merger and acquisition (M&A) activity has slowed through year-to-date (YTD) 2020, with 47 transactions announced or completed compared to 89 transactions in YTD 2019.  While volume declined significantly from April through June, buyers have begun to reengage in inorganic growth to bolster product lines and core competencies.

To access the full Rock Products report, click here

Capstone Headwaters is one of the largest and most active independent investment banking firms in the United States.  The firm has a rich 15+ year history of achieving extraordinary results for middle market entrepreneurs, business owners, investors, and creditors.  Capstone offers a fully integrated suite of corporate finance services, including merger & acquisition, debt & equity placement, corporate restructuring, valuation & fairness opinion, financial advisory, and ESOP advisory services.  Headquartered in Boston, the firm has 150+ professionals across 16 offices in the U.S., with and an international presence including over 450 professionals in 40 countries. With 16 dedicated industry groups, the firm delivers sector-specific expertise through large, cross-functional teams on a global basis.  Capstone has been named “U.S. Middle Market Investment Bank of the Year” for the past 9 consecutive years and is consistently recognized as one of the top investment banking firms to work for. For more information, visit

For More Information Contact the Key Report Contributors:

Darin Good 
Managing Director 

Crista Gilmore

Brian Krehbiel