工业行业并购活动在中端市场交易活动及展望

•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 18Sector Equity FinancingActivity Rebounds13Macroeconomic IndicatorsTable of Contents04Capstone’sIndustrials Team152025 North America M&AExpectations06M&A Overview10M&A Volume11M&A Purchase Multiples09Public Market Valuations142025 Industrials IndustryExpectations12Macroeconomic Backdrop17Key Trends DrivingIndustry Activity & M&A 20Chemicals28EnvironmentalHealth & Safety (EHS)32Heating, Ventilation & AirConditioning (HVAC)40Metals Manufacturing36Industrial & EnvironmentalServices (I&ES)48Precision Manufacturing57About Capstone Partners24Engineered Products44Packaging52Waste & Recycling56Endnotes and ReportContributors Connect with Capstone’s IndustrialsInvestment Banking GroupCapstone Partners’IndustrialsInvestment Banking Teamprovides merger and acquisition (M&A),capital formation, and financial advisory services to the owners of middle market businesses in theIndustrialand Manufacturing industries.Our team partners with leading mid-to-large sizedindustrials and manufacturing businesses that serve growing end markets. We ultimately look towork with companies that manufacture highly-engineered products and differentiated services withan entrenched competitive position.Doug UsiferManaging Director908-432-7792dusifer@capstonepartners.comChemicals; Waste & RecyclingMike SchumacherManaging Director314-285-5877mschumacher@capstonepartners.comMetals Manufacturing; Plastics; PrecisionManufacturing; PackagingTheodore PolkManaging DirectorCo-Head of Industrials708-921-8961tpolk@capstonepartners.comHVAC; Precision Manufacturing;Industrial & Environmental ServicesDavid BenchManaging DirectorCo-Head of Industrials949-734-7888dbench@capstonepartners.comPackaging; Precision Manufacturing;Environmental Health & SafetyTimm KuechleSenior Director312-560-6577tkuechle@capstonepartners.comIndustrial & Environmental ServicesSam MatlinManaging Director612-298-8474smatlin@capstonepartners.comIndustrial, Commercial, &Residential Services; Facilities MRO;Equipment as a ServiceChris CardinaleDirector949-220-0537ccardinale@capstonepartners.comEnvironmental Health & Safety;Packaging; Industrial ServicesWolfgang ZahnerDirector303-951-7119wzahner@capstonepartners.comEngineered Products; PrecisionManufacturing Source: Capital IQ and Capstone Partners2024 Industrials Industry M&A OverviewTransaction Analytics41.4%Financial Buyers58.6%Strategic Buyers$601.1MAverage Enterprise Value9.1xAverage EBITDA Multiple0.5%YOY Increase in M&A Volume$135.3BTotal Disclosed Enterprise Value$58.6MMedian Enterprise Value8.6xMedian EBITDA Multiple1.7xAverage Revenue Multiple1.6xMedian Revenue Multiple With 2024 in the Rearview Mirror, 2025 Provides New and Continued OpportunitiesOverall, Capstone’s Industrials practice had a strong year in 2024. The results reflect a propersize-up of a choppy market that evidenced a flight to quality, which both rewarded certainbusiness characteristics and penalized others. It led us to actively market businesses,evidencing, among other things, high levels of recurring revenue, limited customerconcentrations, strong margins, and differentiable product offerings in growing end-marketsand to be more judicious in determining the market timing for businesses that did not closelyalign with these desirable attributes.Notably, we witnessed strong market demand for businesses providing industrial andcommercial water treatments, air filtration, utility mainten