Capstone Partners Reports: Industrials M&A Gains as Industry Players Navigate Shifting Economy
Capstone Partners has released its Annual Industrials M&A Report, revealing key insights into the sector's performance in 2024. The U.S. economy saw GDP growth of 2.8%, slightly down from 2.9% in 2023, primarily due to slower business investment.
Notable findings include:
- Construction spending rose 4.3% YOY to $2.2 trillion, driven by Infrastructure Investment and Jobs Act
- Strategic transactions dominated with 58.6% of deals, while private equity buyers accounted for 41.4%
- M&A valuations averaged 9.0x EV/EBITDA, with the Dow Jones Industrial Average ending at 16.4x EV/EBITDA
- Engineered Products (18.1x) and HVAC (17.1x) sectors showed strong performance, while Metals (7.5x) and Chemicals (7.3x) faced pressure
Capstone Partners ha pubblicato il suo Rapporto Annuale sulle M&A nel settore Industriale, rivelando importanti informazioni sulle performance del settore nel 2024. L'economia statunitense ha registrato una crescita del PIL del 2.8%, leggermente in calo rispetto al 2.9% del 2023, principalmente a causa di un rallentamento degli investimenti aziendali.
Tra i risultati più significativi troviamo:
- La spesa per costruzioni è aumentata del 4.3% YOY a $2.2 trilioni, sostenuta dall'Infrastructure Investment and Jobs Act
- Le transazioni strategiche hanno dominato con il 58.6% degli affari, mentre gli acquirenti di private equity hanno rappresentato il 41.4%
- Le valutazioni delle M&A hanno avuto una media di 9.0x EV/EBITDA, con il Dow Jones Industrial Average che ha chiuso a 16.4x EV/EBITDA
- I settori dei Prodotti Ingegnerizzati (18.1x) e HVAC (17.1x) hanno mostrato buone performance, mentre i Metalli (7.5x) e le Chimiche (7.3x) hanno subito pressioni
Capstone Partners ha publicado su Informe Anual sobre M&A en el sector Industrial, revelando información clave sobre el desempeño del sector en 2024. La economía de EE. UU. vio un crecimiento del PIB del 2.8%, ligeramente por debajo del 2.9% en 2023, principalmente debido a una desaceleración en la inversión empresarial.
Los hallazgos notables incluyen:
- El gasto en construcción aumentó un 4.3% interanual a $2.2 billones, impulsado por la Infrastructure Investment and Jobs Act
- Las transacciones estratégicas dominaron con el 58.6% de los acuerdos, mientras que los compradores de capital privado representaron el 41.4%
- Las valoraciones de M&A promediaron 9.0x EV/EBITDA, con el Dow Jones Industrial Average cerrando en 16.4x EV/EBITDA
- Los sectores de Productos Ingenierizados (18.1x) y HVAC (17.1x) mostraron un fuerte desempeño, mientras que Metales (7.5x) y Químicos (7.3x) enfrentaron presiones
Capstone Partners는 2024년 산업 부문 성과에 대한 주요 통찰력을 드러내는 연례 M&A 보고서를 발표했습니다. 미국 경제는 2.8%의 GDP 성장을 기록했으며, 이는 2023년의 2.9%에서 소폭 감소한 수치로, 주로 기업 투자 둔화에 기인합니다.
주목할 만한 발견 사항은 다음과 같습니다:
- 건설 지출이 전년 대비 4.3% 증가하여 2.2조 달러에 이르렀으며, 이는 인프라 투자 및 일자리 법안에 의해 추진되었습니다.
- 전략적 거래가 58.6%의 비율로 지배했으며, 사모펀드 구매자는 41.4%를 차지했습니다.
- M&A 가치 평가는 평균 9.0x EV/EBITDA였으며, 다우 존스 산업 평균은 16.4x EV/EBITDA로 마감했습니다.
- 엔지니어링 제품(18.1x)과 HVAC(17.1x) 부문은 강한 성과를 보였고, 금속(7.5x)과 화학(7.3x) 부문은 압박을 받았습니다.
Capstone Partners a publié son Rapport Annuel sur les M&A dans le secteur industriel, révélant des informations clés sur la performance du secteur en 2024. L'économie américaine a enregistré une croissance du PIB de 2.8%, légèrement en baisse par rapport à 2.9% en 2023, principalement en raison d'un ralentissement des investissements des entreprises.
Les résultats notables incluent :
- Les dépenses de construction ont augmenté de 4.3% en glissement annuel pour atteindre 2.2 trillions de dollars, soutenues par l'Infrastructure Investment and Jobs Act
- Les transactions stratégiques ont dominé avec 58.6% des accords, tandis que les acheteurs de capital-investissement représentaient 41.4%
- Les évaluations des M&A ont en moyenne été de 9.0x EV/EBITDA, avec le Dow Jones Industrial Average se terminant à 16.4x EV/EBITDA
- Les secteurs des Produits Ingénierisés (18.1x) et HVAC (17.1x) ont montré de bonnes performances, tandis que les Métaux (7.5x) et les Produits Chimiques (7.3x) ont subi des pressions
Capstone Partners hat seinen Jahresbericht über M&A im Industriesektor veröffentlicht, der wichtige Einblicke in die Leistung des Sektors im Jahr 2024 bietet. Die US-Wirtschaft verzeichnete ein BIP-Wachstum von 2.8%, leicht zurückgegangen von 2.9% im Jahr 2023, hauptsächlich aufgrund langsamerer Unternehmensinvestitionen.
Bemerkenswerte Ergebnisse umfassen:
- Die Bauausgaben stiegen um 4.3% im Jahresvergleich auf 2.2 Billionen Dollar, angetrieben durch das Infrastructure Investment and Jobs Act
- Strategische Transaktionen dominierten mit 58.6% der Deals, während Private-Equity-Käufer 41.4% ausmachten
- M&A-Bewertungen lagen im Durchschnitt bei 9.0x EV/EBITDA, wobei der Dow Jones Industrial Average bei 16.4x EV/EBITDA endete
- Die Sektoren für Ingenieurprodukte (18.1x) und HVAC (17.1x) zeigten eine starke Leistung, während Metalle (7.5x) und Chemikalien (7.3x) unter Druck standen
- Construction spending growth of 4.3% YOY to $2.2 trillion
- Strong strategic M&A activity with 58.6% of total deals
- Dow Jones Industrial Average valuations increased to 16.4x from 14.7x
- High valuations in Engineered Products (18.1x) and HVAC (17.1x) sectors
- GDP growth declined to 2.8% from 2.9% in 2023
- Overall M&A valuations decreased to 9.0x EV/EBITDA
- Private equity participation declined to 41.4% from 43.7%
- Supply chain disruptions from midyear port strikes
- Valuation gap stalling transactions due to seller pricing expectations
The
Private equity firms played an active role in the Industrials M&A market, leveraging uninvested capital to pursue platform and add-on acquisitions. However, geopolitical uncertainties, a strict regulatory environment, and supply chain disruptions continued to influence strategics' M&A decisions within the Industrials industry. Strategic transactions commanded the majority (
Industrials M&A experienced a shift in valuations, reflecting a dynamic interplay of market forces and bullish investor sentiment. M&A valuations fell compared to the prior year, averaging 9.0x EV/EBITDA. The Dow Jones Industrial Average ended the year at 16.4x EV/EBITDA, up more than a full turn from 2023's average of 14.7x EV/EBITDA, with Engineered Products (18.1x) and HVAC (17.1x) capitalizing on upward market trends and finishing among the top of Capstone's coverage areas' indices. M&A pricing for high-demand segments buoyed the industry as sticky customer bases and accretive innovation transactions provided attractive opportunities for growth and diversification for acquirers. However, cyclical segments like Environmental Health & Safety (11.6x) and commodity-based manufacturing such as Metals (7.5x) and Chemicals (7.3x) faced pressure.
Also included in this report:
- How M&A volumes and public market valuations in the Industrials industry fared in 2024.
- Which sectors outperformed the broader Industrials industry and are poised to garner buyer interest in 2025.
- A message from Capstone Partners' Co-Heads of Industrials Investment Banking and 2025 Industrials and North America M&A Expectations from Capstone's 2024 Middle Market Business Owners Survey.
- What trends are driving M&A activity across the Industrials industry and a breakdown of each of the nine highlighted sectors.
To access to full report, click here.
ABOUT CAPSTONE PARTNERS
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in
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SOURCE Capstone Partners