建筑、工程与施工服务行业更新

TABLE OF CONTENTSKey Sector TakeawaysDatacenters Uphold AEC Sector Growth as Backlogs SlideSector M&A on Pace, Trade Uncertainty Slows MomentumLong-Term Tailwinds Underscore New Platform FormationsM&A Facilitates Public Buyers’ Strategic Growth InitiativesSelect AEC Services TransactionsAEC Market Growth Capital Deal Flow on Pace YOYEnergy Transition Deals Headline Equity Financing ActivitySector Public Company Index Paces Broader Market IndicesAEC Services Report ContributorsFirm Track RecordCapstone’s Proprietary Research Reveals Top Services In DemandEndnotes45678910111213141516CONTACT OURARCHITECTURE,EGINEERING & CONSTRUCTIONSERVICES SECTOR BANKERSCrista GilmoreManaging Director303-531-5013cgilmore@capstonepartners.comCaleb BruceVice President970-518-5669cbruce@capstonepartners.com Internal Use Internal Use•Preliminary Analysis•Feasibility Study•ESOP Implementation•Design & ExecutionESOPAdvisorycapstonepartners.com•Transaction Advisory•Interim Management•Advisory Services•PerformanceImprovement•Litigation SupportFinancialAdvisory•Equity Advisory•Debt Advisory•Infrastructure FinanceCapitalAdvisory•Sell-side Advisory•Buy-side Advisory•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 UseKEY SECTOR TAKEAWAYSCapstone Partners’Building Products& Construction Services Group is pleased to share its inauguralArchitecture,Engineering&Construction(AEC)Services report.The AEC market’s resilience amidmacroeconomicvolatility and inflationary headwinds has continued to underscore recent merger andacquisition (M&A) activity across the sector. The ongoing roll-out of government funded infrastructureprojects and surging data center demand has kept project backlogs stable as construction spending hascontinued to expand. While tariff and legislative headwinds have dampened near-term backlog projections,Capstone anticipates that sector growth and M&A activity will continue accelerating, particularly if additionalinterest rate cuts materialize and residential and commercial construction rebounds. Key report takeawaysare outlined below.1.AEC Services market M&A volume has kept pace year-over-year (YOY) after accelerating significantlyin2024,with year-to-date(YTD)2025 activity totaling 131 transactions announced or closedcompared to 137 in the prior year period.2.To date, project backlog levels have remained stable despite AEC firms forecasting a weakenedoutlook amid recent macroeconomic volatility from tariff updates and proposed legislation.3.Rising private equity M&A interest in the sector has been underpinned by high-margin, highly-technical services within a fragmented market, a trend that will likely continue to accelerate asadditional interest rate cuts materialize and firms unload elevated dry powder levels.4.Equity financing activity in the AEC Services market has paced the prior year period after surging in2024. Improved activity has been driven by large-scale private equity growth transactions as firmslook to capitalize on the ongoing energy transition, government infrastructure funding, and boomingdatacenter demand.Capstone Partners has developed a full suite of corporate finance solutions, including M&A advisory, debtadvisory, financial advisory, and equity capital financing to help privately owned businesses and private equityfirms through each stage of the company’s lifecycle, ranging from growth to an ultimate exit transaction.To learn more about Capstone’s wide range of advisory services and Architecture, Engineering & ConstructionServices sector knowledge, pleasecontactus.Architecture, Engineering & Construction ServicesAEC Services Market Remains Resilient DespiteMacroeconomic Volatility Internal Use48.342.446.448.245.745.750.349.644.645.645.544.149.245.645.646.547.348.345.34