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Engineering, Construction & Building Products M&A Trends: Fall 2021

Published October 18, 2021

Home > M&A Trends > Engineering, Construction & Building Products M&A Trends: Fall 2021
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Key Insights:

  • The proposed $1 trillion infrastructure bill is short on details and long on delays
  • Creative solutions to rapidly rising materials & labor prices
  • 2021 M&A transaction activity remains high with 223 transactions in Q3
  • Private Equity firms continue to invest in the industry, shown by a record number of private equity-backed deals
  • The M&A markets are likely to stay highly active

Highlights:

  • The Proposed $1 trillion infrastructure bill proposed by congress over the summer indicated bi-partisan progress on a major stimulus for the infrastructure industry; the proposal recently has been tied to a much broader and more expensive bill that will likely cause the infrastructure bill’s passing to continue to be delayed.
  • Through 2021 there has been much discussion around the construction, building, and materials cost indices increasing at double-digit YOY rates. Materials, Steel, Lumber and Labor are the primary culprits.
  • The almost 40% year-over-year increase in private equity-backed deals highlights investors anticipating elevated government spending and will likely cause continued consolidation within the industry.
  • Alongside the additional M&A activity from Private Equity firms, the M&A markets are likely to stay highly active as investors look to deploy record levels of dry powder, strategic companies accelerate their inorganic growth plans to compete in a consolidating market, and increased public sector infrastructure spending remains on the horizon.
View the Report
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ENC&BP Market Insights

Proposed $1 Trillion Infrastructure Bill Short on Details and Long on Delays

  • The Proposed $1 Trillion infrastructure bill proposed by congress over the summer indicated bi-partisan progress on a major stimulus for the infrastructure industry; the proposal recently has been tied to a much broader and more expensive bill that will likely cause the Infrastructure bill’s passing to continue to be delayed.
  • While overall there is optimism and alignment that investment in infrastructure is needed, the scope and timeline continues to be uncertain.
  • Overall, based on the initial proposal it is expected the broader infrastructure supply chain will experience a longer-term growth opportunity over the next 10-15 years, and product, materials, and services providers serving the space are expected to experience greater growth rates than experienced over the past 5 years.
  • The private equity industry has recently increased its investment in the infrastructure supply chain and it is expected that this buyer/investor cohort will continue to expand its experience and exposure to certain segments of the industry. 

Creative Solutions to Rapidly Rising Materials & Labor Prices

  • Through 2021 there has been much discussion around the construction, building, and materials cost indices increasing at double-digit YOY rates. Materials, Steel, Lumber and Labor are the primary culprits. 
  • Many companies are resorting to creative solutions to access labor and materials at manageable prices. 
  • There is a substantial increase in acquisitions of providers of construction products that save labor, including unified thermal moisture wrapping solutions, pre-insulated wall components, and modular and pre-fabricated construction components.
  • Further, Companies have emphasized formal collaboration between the development-design-construction-facility services supply chain, including the use of Joint-Ventures, to share labor burdens across a larger pool of contributors to the construction market’s success.
  • Near-shoring and on-shoring of the supply chain continues to be an active trend in 2021 as demand/supply mismatches and international trade pressures will continue to roil supply chains for the foreseeable future.

Source: US Census, Engineering News Record (“ENR”), Association of General Contractors, U.S. Small Business Administration, PitchBook Data, IBISWorld, Company Press Release, and Meridian Research

ENC&BP Middle Market M&A Activity And Market Trends

Source: PitchBook Data, Company Press Releases, and Meridian Research
Source: PitchBook Data, Company Press Releases, and Meridian Research

Commentary

  • Q3 2021 M&A transaction activity remains high with 223 transactions in Q3 2021, representing a strong rebound from the lows seen during the onset of the pandemic in Q2 2020. 
  • Private Equity firms continue to invest in the industry, shown by a record number of private equity-backed deals. The almost 40% year-over-year increase in private equity-backed deals highlights investors anticipating elevated government spending and will likely cause continued consolidation within the industry. 
  • Alongside the additional M&A activity from Private Equity firms, the M&A markets are likely to stay highly active as investors look to deploy record levels of dry powder, strategic companies accelerate their inorganic growth plans to compete in a consolidating market, and increased public sector infrastructure spending remains on the horizon.
  • Sector valuations have remained near record highs since the COVID-19 pandemic, with Engineering firms seeing the highest September 2021 EV/LTM EBITDA multiple of 19.3x. Construction firms have seen the biggest rise in EV/LTM EBITDA multiples since the COVID pandemic in March 2020, with valuations rising 70% to 10.4x EV/LTM EBITDA in September 2021. 

GE Johnson Joins DPR Family Of Companies

Meridian Capital LLC (“Meridian”), a Seattle-based middle market corporate finance and M&A advisory firm is pleased to announce the successful agreement of its client GE Johnson to join DPR Construction and its family of companies (“DPR”).

The agreement offers both companies strategic growth and employee development opportunities. GE Johnson will continue to further its presence in the Mountain States by leveraging DPR’s global customer relationships. At the same time, employees of both firms will see increased career and growth opportunities.

For customers, it will be business as usual with GE Johnson. GE Johnson and H.W. Houston Construction will maintain their brands, and GE Johnson will continue to operate as its own contracting entity. President & CEO Jim Johnson will remain in his role along with other GE Johnson leaders. 

“Even as we’ve grown successfully into new markets, we wanted to engage with a global firm that supports our culture and people and aligns with our values,” Johnson said. “We are elated to announce that we are joining the DPR family of companies. This will continue to provide long-term financial assurance, continued leverage of our self-perform capabilities, career opportunities for staff and craft, and access to the latest in technology and delivery methods.” Johnson added “Meridian Capital was great in terms of managing us through this process and we are pleased with our new partner in DPR.”

“We welcome GE Johnson to the DPR family and are excited to be able to better support our customers in the locations where GE Johnson has established itself as one of the best builders,” said George Pfeffer, who serves on DPR’s management committee. “Both our firms see ourselves as builders first. It’s exciting to know that our talented people at both companies will have more opportunities to share their passion for building.”

James Rothenberger, Managing Director at Meridian stated, “Jim and the senior leadership team of GE Johnson have built an incredible company that many customers want to work with on a deeper basis. As part of the DPR family, GE Johnson will continue its strategic growth for many years to come. We are excited for what the future holds for DPR and GE Johnson.”

Highly Acquisitive Roll-ups Consolidating the Highly Fragmented ENC&BP Market

U.S. LBM Holdings (Backed by Bain Capital)

Description: One of the largest buildings product distributors in the United States with over 400 locations across the United States.

Headquarters: Buffalo Creek, IL

Acquisitions: 19 acquisitions since 2019 and 11 in 2021

Investment Thesis: LBM combines the scale and operational advantage of a national platform with a local go-to-market strategy through its national network of locations across the country. They are actively consolidating across a portfolio of products throughout the United States.

Recent Acquisitions


Tecta America (Backed by Atlas and Leonard Green & Partners)

Description: Largest commercial roofing contractor and consolidator in the United States with more than 85 locations and 4,500 roofing professionals nationwide.

Headquarters: Rosemont, IL

Acquisitions: 8 acquisitions since 2019 and 2 in 2021

Investment Thesis: Tecta’s proven track record of organic and acquisition execution has allowed them to undergo multiple transactions with multiple different private equity groups. Tecta acquires businesses in strategic geographic markets with strong management teams to provide the support of a national firm.

Recent Acquisitions


American Elevator Group (Backed by Arcline Investments)

Description: American Elevator Group is a collection of established elevator service companies that operate across the United States. 

Headquarters: New York, NY

Acquisitions: 10 acquisitions in 2021

Investment Thesis: The Company is actively seeking to increase its range of niche elevator offerings and presence in the Northeast and Mid-Atlantic regions through strategic acquisitions.

Recent Acquisitions


Surveying and Mapping, LLC. (Backed by Austin Ventures)

Description: One of the nation’s largest geospatial and construction services firms providing surveying, utility engineering, aerial mapping, and building modeling.

Headquarters: Austin, TX

Acquisitions: 8 acquisitions since 2019 and 4 in 2021

Investment Thesis: SAM looks to grow its industry leading technology-enabled infrastructure and construction services to new geographies by acquiring businesses with diversified end markets and complementary offerings.

Recent Acquisitions

Small & Mid-Cap Company Valuations

Construction Firms

Construction FirmsTickerMarket CapEnterprise ValueLTM RevLTM EBITDALTM Margin EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Quanta Services, Inc.NYSE:PWR$15,545$16,948$11,636$7906.8%1.5x21.4x90%
MasTec, Inc.NYSE:MTZ$6,441$7,770$7,073$93113.2%1.1x8.3x91%
EMCOR Group Inc.NYSE:EME$6,355$6,230$9,225$6366.9%0.7x9.8x66%
Comfort Systems USA, Inc.NYSE:FIX$2,786$2,974$2,797$2579.2%1.1x11.6x33%
Dycom Industries, Inc.NYSE:DY$2,101$2,804$3,076$2518.1%0.9x11.2x7%
Granite Construction Inc.NYSE:GVA$1,819$1,645$3,645$381.0%nmnm104%
MYR Group Inc.NAS:MYRG$1,727$1,690$2,458$1546.3%0.7x11.0x138%
Primoris Services CorporationNAS:PRIM$1,336$2,004$3,540$2727.7%0.6x7.4x27%
Great Lakes Dredge & Dock Corp.NAS:GLDD$959$1,152$696$10715.3%1.7x10.8x39%
Sterling Construction Company, Inc.NAS:STRL$663$914$1,448$1319.0%0.6x7.0x54%
Matrix Service Co.NAS:MTRX$273$216$673-$24-3.6%0.3xnm25%
Orion Group Holdings, Inc.NYSE:ORN$156$206$659$335.0%0.3x6.3x61%
Median$1,773$1,847$2,936$2027.3%0.7x10.3x58%
Average$3,347$3,713$3,910$2987.1%0.9x10.5x61%
(US$ in millions)

Engineering Firms

Engineering FirmsTickerMarket CapEnterprise ValueLTM RevLTM EBITDALTM Margin EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Teledyne Technologies IncorporatedNYSE:TDY$19,984$24,166$3,485$68919.8%6.9x35.1x32%
Jacobs Engineering Group, Inc.NYSE:J$17,233$20,540$14,026$8736.2%1.5x23.5x33%
Aecom Technology CorporationNYSE:ACM$9,194$11,174$13,556$7235.3%0.8x15.5x38%
Tetra Tech, Inc.NAS:TTEK$8,278$8,532$3,075$2869.3%2.8x29.8x50%
CACI International Inc.NYSE:CACI$6,275$8,347$6,044$66511.0%1.4x12.6x24%
KBR IncNYSE:KBR$5,879$7,264$5,842$2494.3%1.2xnm66%
Stantec, Inc.TSX:STN$5,340$6,408$3,526$39611.2%1.8x16.2x57%
Fluor CorporationNYSE:FLR$2,294$1,490$13,634$1170.9%0.1x12.7x47%
Tutor Perini Corp.NYSE:TPC$673$1,418$5,218$3757.2%0.3x3.8x-8%
VSE CorporationNAS:VSEC$600$900$656$477.2%1.4x19.2x57%
Perma-Fix Environmental Services, Inc.NAS:PESI$94$90$98$44.0%0.9x23.2x-1%
Median$5,879$7,264$5,218$3757.2%1.4x17.7x38%
Average$6,895$8,212$6,287$4027.8%1.7x19.1x36%
(US$ in millions)

Building Products Firms

Building Products FirmsTickerMarket CapEnterprise ValueLTM RevLTM EBITDALTM Margin EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Masco CorporationNYSE:MAS$13,876$16,458$7,992$1,18814.9%2.1x13.9x-3%
Trex Company, Inc.NYSE:TREX$12,052$12,135$1,017$28828.3%11.9xnm33%
Builders FirstSource, Inc.NYS:BLDR$11,011$13,415$14,577$1,60211.0%0.9x8.4x55%
Owens Corning CorporationNYSE:OC$9,154$11,594$7,983$1,80222.6%1.5xnm17%
Simpson Manufacturing Company, Inc.NYSE:SSD$4,761$4,489$1,416$34024.0%3.2x13.2x16%
Armstrong World Industries, Inc.NYSE:AWI$4,601$5,201$1,017$26025.6%5.1x20.0x39%
UFP Industries, Inc.NAS:UFPI$4,370$5,023$7,405$6548.8%0.7x7.7x18%
Gibraltar Industries, Inc.NAS:ROCK$2,281$2,311$1,133$13211.6%2.0x17.5x-4%
Quanex Building Products CorporationNYSE:NX$715$801$1,036$12712.3%0.8x6.3x9%
Median$4,761$5,201$1,416$34014.9%2.0x13.2x17%
Average$6,980$7,936$4,842$71017.7%3.1x12.4x20%
(US$ in millions)

Building Materials Firms

Building Materials FirmsTickerMarket CapEnterprise ValueLTM RevLTM EBITDALTM Margin EBITDAEV / LTM RevEV / LTM EBITDA52-Week Change
Vulcan Materials CompanyNYSE:VMC$23,180$25,551$4,914$1,20824.6%5.2x21.2x12%
Martin Marietta, Inc.NYSE:MLM$22,288$25,543$4,861$1,47330.3%5.3x17.3x27%
Eagle Materials Inc.NYSE:EXP$5,629$6,370$1,671$48629.1%3.8x13.1x43%
Boral LtdASX: BLD$5,023$5,689$3,724-$440-11.8%1.5xnm27%
United States Lime & Minerals, Inc.NAS:USLM$662$572$176$5330.1%3.3x10.8x24%
Median$5,629$6,370$3,724$48629.1%3.8x15.2x27%
Average$11,356$12,745$3,069$55620.5%3.8x15.6x27%
(US$ in millions)

As of October 8th, 2021.
Note: Mid-cap defined as market capitalization between $2 billion and $25 billion. Not meaningful (NM) if EV/Sales or EV/EBIT is a significant outlier. NA if denominator is 0 or not available. NTM figures are based on the median estimate of Wall Street analysts
Source: PitchBook Data, Company Press Releases, Meridian Research 

Select ENC&BP M&A Transactions

Announced DateAcquirer/InvestorTargetTarget Description
Sep-21DPR ConstructionGE JohnsonGeneral contracting construction company.
Sep-21US LBM HoldingsNorthern Building SupplyRetailer of building products.
Sep-21Leonard Green & PartnersTecta AmericaRosemont, Illinois based commercial roofer.
Sep-21SigmaRocGerald Harries & SonsOperator of quarrying, asphalt, concrete and contracting projects.
Sep-21Babcock & Wilcox EnterprisesFosler Construction CompanyOffers framing, finish carpentry, installation and EPC for solar energy sector.
Sep-21US LBM HoldingsMid-Cape Home CentersDistributor of home improvement products and building materials.
Sep-21American SecuritiesSwinerton Renewable EnergyProvider of solar panel engineering, procurement and construction services.
Aug-21Surveying and Mapping, Inc.Johnson Surveying and MappingLand surveying and mapping firm for construction industry.
Aug-21WebuildSeli OverseasTunnel excavation specialist.
Aug-21Breakwater Management, Cherng Family TrustMatcon (Canada)Provides construction services for large-scale civil infrastructure / commercial markets.
Aug-21US LBM HoldingsJunior’s Building MaterialsProvider of lumber and a borad mix of specialty materials.
Aug-21Wind Point PartnersVertexEngineering and construction management / consulting services firm.
Aug-21Hensel PhelpsHydro ConstructionProvides construction of water and wastewater treatment facilities.
Aug-21Pavement PartnersDominion Paving and SealingProvider of asphalt and concrete solutions.
Aug-21US LBM HoldingsMassey Builders’ SupplyDistributor of building materials.
Aug-21Surveying and Mapping, Inc.The Whiddon GroupProvider of utility inspection and management services for engineering firms.
Aug-21Wynnchurch CapitalTrimliteManufacturer and distributor of specialty doors.
Aug-21Bessemer InvestorsLegacy RestorationExterior restoration and remodeling services.
Aug-21US LBM HoldingsNorth Georgia Building SupplyDistributor of building materials.
Aug-21Wrench GroupBoothe’s Heating, Air and PlumbingProvides Plumbing, Heating, and AC services to Southern Maryland.
Aug-21Cornerstone Building BrandsCascade WindowsManufacturer of vinyl windows and doors.
Jul-21Tecta AmericaEmpire RoofingProvider of roof replacement, maintenance, and repair services.
Jun-21Salas O’Brien EngineersSia SolutionsProvider of environmental consulting and engineering services.
Jun-21Surveying and Mapping, Inc.Marbach, Brady and WeaverProvider of land surveying and engineering services.
Jul-21SPO NetworksRed Line ContractorsProvider of demolition, general contracting, maintenance, and site clearing services.
Jul-21Carlisle Construction MaterialsHenry CompanyManufacturer of roofing and building-envelope systems.
Jul-21Keller GroupRemedial Construction ServicesProvider of environmental remediation and civil construction services.
Jun-21Salas O’Brien EngineersPCI SkanskaProvides process mechanical analysis and engineering services.
Jun-21Hardwoods DistributionNovo Building ProductsProvider of building products to national home retail centers and building material dealers.
Jun-21Tecta AmericaChilders Roofing & SheetmetalProvider of roofing services.
Jun-21Salas O’Brien EngineersBVH Integrated ServicesProvider of building and site engineering services.
Jun-21PNC Mezzanine CapitalMST Concrete ProductsProvider of engineered concrete products.
Jun-21Gryphon InvestorsComfort MastersProvider of residential HVAC, air quality and hot water services.
Jun-21Congleton-Hacker CompanyPaul Mattingly/Congleton-Hacker ConstructorsProvider of construction services.
Jun-21Salas O’Brien EngineersGirard EngineeringProvider of engineering services.
Jun-21ERW Site SolutionsRatliff HardscapeProvider of construction services in both the public and private sector.
Jun-21Nordisk BergteknikGrundiaProvider of construction services in Molndal, Sweden.
May-21Bain Capital, US LBM HoldingsAmerican Construction SourceSpecialty lumber and building materials provider.
May-21AE Industrial PartnersCross-Fire SafetyProvides designing, engineering and installation of life safety systems for buildings.
May-21Salas O’Brien EngineersThe Leffler GroupProvides project management, construction, coordination services.
May-21Godspeed CapitalPrime EngineeringAtlanta-based architecture, engineering, and surveying firm.
May-21Bain Capital, US LBM HoldingsHigginbotham BrothersSupplier of lumber and building products to builders and contractors.
Apr-21Emcor GroupDallas Mechanical Group, LLCProvider of mechanical construction and maintenance services.
Apr-21Harris Contracting CompanyHVAC Controls & Specialties, Inc.Provider of installation services catering to commercial buildings.
Mar-21Surveying and Mapping, Inc.John F. Watson and CompanyProvider of land surveying and land development services.
Source: PitchBook, Company Press Releases, Meridian Research

 

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Meridian Capital's Engineering, Construction & Building Products Transaction Experience

*Note: Includes transactions completed by Meridian bankers while at previous firms

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Meridian Capital’s Engineering, Construction & Building Products Team

James Rothenberger Photo
James Rothenberger
Managing Director
Brian Murphy Photo
Brian Murphy
Managing Director, President
Benton Sturt Photo
Benton Sturt
Vice President
Brandon Leyert Photo
Brandon Leyert
Vice President

Engineering, Construction & Building Products M&A Reports

Engineering, Construction & Building Products M&A Trends: Spring 2022

February 22, 2022

Engineering, Construction & Building Products M&A Trends: Spring 2021

June 21, 2021

Engineering, Construction & Building Products M&A Trends: Winter 2021

April 20, 2021

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