Industry Overview

Industrial and Commercial Services Industry Insights–Summer 2024

M&A activity in the North American industrial and commercial services industry slowed in 2023, with a year-on-year (YoY) decrease of 10% from the elevated levels seen in 2022.

However, buyer interest in the sector proved remarkably resilient amid rising interest rates, recession risks and poor public market performance, with annual transaction activity ~5% above the historical levels from 2015-2022.

Elevated interest rates, macroeconomic uncertainty and value expectations between buyers and sellers created challenges in the marketplace. Nevertheless, the industrial and commercial services industry remained strong and outperformed the broader market.

The M&A outlook remains positive due to the accumulation of dry powder, pressure to deploy capital and the fragmented nature of the industrial and commercial services sector.

The sector with the highest enterprise value (EV) / last 12 months (LTM) earnings before interest, taxes, depreciation and amortization (EBITDA) multiple is environmental services, with a 15.1x multiple. The sector with the lowest multiple is transportation and logistics services, with a 7.6x multiple.

Download our latest Industrial and Commercial Services Industry Insights to learn more.

Industrial and Commerical Services Valuation Data

Industrial and Commercial Services Industry Insights - Summer 2024

Our Industrial and Commerical Services industry insights aims to identify trends and provide insights across the sector, focusing on key themes, issues and opportunities. To view additional valuation data and public company trading statistics, download our Industrial and Commerical Services Valuation Data.

Download Valuation Data

Corporate Finance and Restructuring

M&A advisory, restructuring and insolvency, debt advisory, strategic alternatives, transaction diligence and independent financial opinions.

Mergers and Acquisitions (M&A) Advisory

Kroll’s investment banking practice has extensive experience in M&A deal strategy and structuring, capital raising, transaction advisory services and financial sponsor coverage.

Transaction Advisory Services

Kroll’s Transaction Advisory Services platform offers corporate and financial investors with deep accounting and technical expertise, commercial knowledge, industry insight and seamless analytical services throughout the deal continuum.

Fairness and Solvency Opinions

Duff & Phelps Opinions is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions in the U.S., EMEA (Europe, the Middle East and Africa), Australia and Globally in 2023 according to LSEG (FKA Refinitiv).