2024年建筑产品市场并购动态：金融买家推动行业并购增长

BUILDING PRODUCTS SECTOR UPDATE | MARCH 2025 TABLE OF CONTENTS Key Sector TakeawaysRate Cuts, Federal Funding, Data Centers Drive Sector GrowthSponsor Activity Underpins Building Products M&A GrowthLumber Market Stabilizes, Supports Segment M&ASRS Deal Buoys Home Depot, Disrupts Distribution SegmentNotable TransactionsBuilding Products Select TransactionsLower Interest Rates Drive Sector Equity Financing ReboundNotable Financing RoundsConstruction Input Pricing: Upstream Supply2024 Construction Backlogs Pace 2023 LevelsConstruction IndicesPublic Company DataBuilding Products Report ContributorsFirm Track RecordCapstone’s Proprietary Research Reveals Top Services in DemandEndnotes4567891011121314151617181920 CONTACT OUR BUILDING PRODUCTSSECTOR BANKERS Darin GoodManaging Director303-549-5674dgood@capstonepartners.com Crista GilmoreManaging Director303-531-5013cgilmore@capstonepartners.com Brian KrehbielDirector970-215-9572bkrehbiel@capstonepartners.com Capstone Partners, a subsidiary of Huntington Bancshares Incorporated(NASDAQ:HBAN), has been a trusted advisor to leading middle marketcompanies for over 20 years, offering a fully integrated range of expertinvestment banking and financial advisory services uniquely tailored tohelp owners, investors, and creditors through each stage of thecompany's lifecycle. A DIFFERENT KIND OF FIRM. BUILT FOR THE MIDDLE MARKET. •Special SituationsTurnaround•Restructuring•Bankruptcy•Insolvency •PreliminaryAnalysis•Feasibility Study•ESOPImplementation•Design &Execution Sign Up for Sector Insights. Delivering timely, sector-specific intelligence to your inbox One of our core capabilities is to deliver sector-specific intelligencedesigned specifically for sector leaders, private equity firms and theiradvisors. Our sector reports and featured articles deliver real-timeaccess to key sector data including: •Emerging sector trends•Acquirer and investor appetites•Mergers & acquisitions market analysis•Notable transactions•Public company data Receive email updates with our proprietary data, reports, and insightsas they're published for the sectors that matter to you most. Subscribe Building ProductsFinancial Buyers Propel Building Products Market M&A in 2024 Amid Sector Strength KEY SECTOR TAKEAWAYS Capstone Partners’BuildingProducts & Construction Services Teamis pleased to share its Building Productsreport. Healthy construction activity and steady increases to sector spending continued to create favorableacquisition conditions for sector participants in 2024. As macroeconomic conditions continue to moderate,buyers are expected to remain acquisitive in 2025, prioritizing targets that buoy services, scale, and marketshare. Several key report takeaways are outlined below. 1.Robust construction activity throughout 2024 helped drive growth within the Building Productssector, particularly within Infrastructure, Energy, Manufacturing, and Data Center verticals exposed tofederal funding and shifting technology demands. 2.Building products merger and acquisition (M&A) activity continued to accelerate for the secondconsecutive year in 2024 amid healthy construction activity.3.An easing cost of capital environment invigorated financial buyers, whose increased interest inbuilding products businesses underpinned elevated sector M&A activity in 2024.4.The Lumber market stabilized in 2024, with prices returning to typical seasonal patterns afterexperiencing post-pandemic volatility.5.M&A momentum will likely remain elevated throughout 2025 amid expectations that additionalinterest rate cuts will bolster dealmaking conditions and reinvigorate construction activity in exposedend markets.6.Capital invested in the Building Products sector rebounded in 2024 as a result of declining interestrates and growing demand for energy efficient solutions. CapstonePartners has developed a full suite of corporate finance solutions to help privately-ownedbusinesses and private equity firms navigate through each stage of a company’s lifecycle. These solutionsinclude financial advisory services, merger and acquisition advisory, debt advisory, equity capital financing,and employee stock ownership plan (ESOP) advisory. To learn more about Capstone’s wide range of advisory services and Building Products sector knowledge,pleasecontactus. RATE CUTS, FEDERAL FUNDING, DATA CENTERS DRIVE SECTOR GROWTH Robustconstruction activity throughout 2024helpedkeep demand for building productselevated,particularly as sector macroeconomicpressuresmoderatedandprojectfinancingconditionscontinuedtoimprove.ThroughNovember2024,construction spending totaled$1,866billion,marking a year-over-year(YOY)increaseof 6.5%,according to the U.S.CensusBureau.1 Notably,sector spending continued toacceleratein 2024 despite project delays andmuted construction activity in the Residential andCommercialend markets as elevated interestratesdeterrednewprojectfinancingandhomebuying. These pressures to sector demandwerecounteracted byfed