Capstone Headwaters Reports: Aggregates M&A Activity and Public Company Performance Improves

January 12, 2021

Boston, MA – Capstone Headwaters released its Rock Products industry update today, reporting that Construction activity has demonstrated resilience amid substantial COVID-induced headwinds, providing enhanced visibility for upstream aggregates providers.  Following a 12% increase in construction starts in October led by the Nonbuilding segment, November activity modestly fell 2%, according to Dodge Data & Analytics.  However, industry optimism has been supported by the steady recovery in the Nonresidential sector, which registered a 19% increase in starts, buoyed by a 27% rise in the Commercial sector.  Employment in the Construction industry has also continued to improve despite a slowing of project backlog in November.   

“2021 will be an exciting year as construction leads the way in a rebounding economy,” said Managing Director Darin Good.

M&A activity slowed significantly during the height of the pandemic, with Q2 volume falling 80%.  However, as industry participants have regained financial footing, transaction volume has rebounded with year-to-date (YTD) Q4 volume exceeding prior year levels with 20 transactions announced or completed. 

To access the full 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, 20-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 M&A, debt and equity placement, corporate restructuring, valuation and fairness opinions, financial advisory, and ESOP advisory services.  Headquartered in Boston, the firm has 175+ 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.  For more information, visit

For More Information Contact the Key Report Contributors:

Darin Good
Managing Director 

Crista Gilmore

Brian Krehbiel