2025年二季度建筑与工程报告（英）2025

INDUSTRY RESEARCH Construction &Engineering Report PE trends and investment strategies Contents Executive summary Institutional Research Group Analysis 4 Jim CorridoreSenior Research Analyst, Industrialsjim.corridore@pitchbook.com DataOscar AllawayData Analystpbinstitutionalresearch@pitchbook.com 17 Construction Publishing Engineering Report designed byChloe LadwigandMara Potter Published on August 26, 2025 PE activity After a very strong 2024, PE deal activity in the C&E verticalhas continued to accelerate. We believe global infrastructurespending remains strong, and reshoring and nearshoring arecontributing to increased factory and warehouse construction. maker of enterprise software for many industries, includingconstruction, by Vista Equity Partners for $2.0 billion; the June25, 2025, purchase of Landsea Homes, a residential homebuilder in Dallas, for $1.2 billion by The New Home Company most active, with 282 deals in the first half of 2025, up 27%from the 222 deals in the same period last year. Facades/exteriors (36 deals in the first half), metal fabrication (30),roofing (30), interiors (28), and electrical (22) were all hot Looking at the three disparate categories we cover in C&E,construction had the most deals thus far in 2025, with 395deals YTD through June compared to 309 deals in the first halfof last year, an increase of 28%. Engineering had 295 deals inthe first half of 2025, up 31% from the 225 deals in the first Deal activity in both Q2 and the first half of the year wasstrong. In Q2, there were 339 deals in C&E, with an aggregatedeal value of $24.1 billion, up from 289 deals in the previousyear’s quarter (an increase of 21%), with a total deal value of Looking at PE activity in the C&E vertical in terms of deal types,add-ons were the most prevalent with 421 ($21.3 billion in deal While some other industrial sectors may be seeing a PE dealpause due to tariff and economy-related uncertainty, webelieve there are a few reasons why C&E remains hot—namely,that the construction space is still an area less affected by Construction Leading the way in specialty construction in the first half ofthe year has been facades & exteriors, which had 36 dealsand already surpassed all of 2024, followed by roofing with30 deals and metal & steel fabrication with 30 deals. Interiors,which had the most deal activity in specialty construction in The construction category had 395 deals YTD through June2025 compared to 309 deals in the first half of last year, anincrease of 28%. Construction had $25.5 billion in deal value,up 24% from $20.6 billion in the first half of 2024. In thesecond quarter, the category had 179 deals, down 17% from Source: PitchBook • Geography: North America and Europe For example, the specialty construction category, whichcontains many trades necessary for construction projects,such as electrical, plumbing, HVAC, and roofing, to name a few,has been the most active space within construction for PE deal Engineering Engineering had 295 deals in the first half of 2025, up 31% fromthe 225 deals in the first half of last year. In terms of deal value,engineering had $21.3 billion in deal value, up 41% from $15.1billion a year ago. PE is gravitating toward engineering firms Similar to the specialty construction space, specialtyengineering has seen the most deal activity in the first half of2025, with 148 deals versus 301 for all of 2024 and 201 in 2023.Again, these are fragmented subcategories that can benefit ENGINEERING