2024年砂石骨料行业并购激增：宏观经济压力缓解下的行业动态

TABLE OF CONTENTSKey Sector TakeawaysFederal Funding and Data Centers Buoy Aggregates DemandRock Products Consolidation Activity Accelerates in 2024Large-Scale Deals Bolster Portfolio Optimization TacticsRock Products Select TransactionsConstruction Input Pricing: AggregatesAggregate Materials UpdatePublic Company DataFirm Track RecordRock Products Report ContributorsCapstone’s Proprietary Research Reveals Top Services In DemandEndnotes456789101213141516CONTACT OUR BUILDING PRODUCTS &CONSTRUCTION SERVICES BANKERSDarin GoodManaging Director,Head of Building Products & Construction Services303-549-5674dgood@capstonepartners.comCrista GilmoreManaging Director303-531-5013cgilmore@capstonepartners.comBrian KrehbielDirector970-215-9572bkrehbiel@capstonepartners.com Internal Use Internal Use•PreliminaryAnalysis•Feasibility Study•ESOPImplementation•Design &ExecutionESOPAdvisorycapstonepartners.com•TransactionAdvisory•InterimManagement•PerformanceImprovement•LitigationSupportFinancialAdvisory•Equity Advisory•Debt Advisory•InfrastructureFinanceCapitalAdvisory•Sell-sideAdvisory•Buy-sideAdvisory•Recapitalizations•Mergers & JointVenturesMergers &AcquisitionsSign Up for Sector Insights.Delivering timely, sector-specific intelligence to your inboxOne 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 dataReceive email updates with our proprietary data, reports, and insightsas they're published for the sectors that matter to you most.A DIFFERENT KIND OF FIRM. BUILT FOR THE MIDDLE MARKET.SubscribeCapstone 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.SUPERIORCLIENTRESULTSFULLSERVICECAPABILITIESMIDDLEMARKETFOCUSTOPRANKEDPERFORMANCEESTABLISHEDBRANDREPUTATION•Special SituationsTurnaround•Restructuring•Bankruptcy•InsolvencySpecialSituations &Restructuring Internal UseCapstone Partners’BuildingProducts & Construction Services Teamis pleased to share its Rock Productsreport. In this bi-annual report, also published by Rock Products, Capstone Partners provides insight intorecent mergers and acquisitions (M&A), capital markets trends, aggregates production, and pricing datathrough 2024. Aggregates industry M&A activity surged in 2024 amid easing macroeconomic pressures andelevated construction activity in select verticals. Pricing power bolstered margin strength and helped mitigateweakened aggregates demand in 2024 as residential and commercial construction activity remains subduedby elevated mortgage and interest rates. Key takeaways are outlined below.KEY SECTOR TAKEAWAYS1.Federal funding and increasingly complex technology infrastructure requirements underpinnedM&Amomentum and sector growth in 2024 as construction activity in Manufacturing,Infrastructure, and Data Center verticals accelerated.2.M&A activity rose 62.9% year-over-year (YOY) to a record-high in 2024, supported by elevatedprivate equity dealmaking amid interest rate cuts.3.While proposed tariffs threaten to quell demand as materials prices push higher, additional interestrate cuts will likely accelerate aggregates demand amid pent-up demand for affordable housing andcheap financing for commercial projects.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 financingand employee stock ownership plan (ESOP) advisory.Our Building Products & Construction Services Team advises industry business owners, entrepreneurs,executives, and investors in the areas of M&A, capital raising, and various special situations. To learn moreabout Capstone’s wide breadth of advisory services and Building Products & Construction Services industryknowledge, pleasecontactus.Aggregates Industry M&A Surges in 2024 Amid EasingMacroeconomic PressuresINTRODUCTION Internal UseFEDERAL FUNDING AND DATA CENTERS BUOY AGGREGATES DEMANDRock Products sector growth in 2024 was supported by federal funding and increasinglycomplextechnology requirements driving elevated construction activity in aggregates-intensive end markets. In2024, federal funding from the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act(IRA), and Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act drove YOYincreases in con