2025年秋季专业分销行业洞察

SpecialtyDistribution Industry Insights FALL 2025 Learn More Industry Highlights Overview Deals reported in the Specialty Distribution sector inthe TTM Aug-25 period •M&A activity in the North American specialty distribution industry slowed inthe Trailing Twelve Months (TTM) Aug-25 period, representing a year-on-year decrease of 21% in volume compared to TTM Aug-24. −Elevated interest rates, macroeconomic uncertainty and differing valueexpectations between buyers and sellers limited M&A activity. Decrease in year-on-year (YoY) deals betweenTTM Aug-25 and TTM Aug-24 −Geopolitical concerns, including tariffs, have prompted many businessowners to exercise patience before committing to an M&A process,while buyers have adopted a more risk-averse approach. −The recent 25 basis point interest rate cut, along with the expectation ofadditional rate reductions in 2025 and continued pent-up dry powder,hasled to cautious optimism for increased deal activity for theremainder of 2025 and into 2026. Increase in healthcare subsector stock performancerecorded between January 2024 and August 2025 •The consumer discretionary distribution sector has been the most resilient,showing positive growth in TTM Aug-25 compared to TTM Aug-24. Aggregate average enterprise value (EV)/TTM EBITDAmultiple within specialty distribution industry −In contrast, M&A activity in the consumer staples distribution sectordeclined approximately 21% in TTM Aug-25 vs. TTM Aug-24. Market Update M&A Market Commentary M&A activity in the North American specialty distribution sector continues to decline, mirroring broader market trends. As of August 2025, deal volumehas consistently fallen compared to previous quarters. This slowdown is driven in part by uncertainty stemming from tariffs and geopolitical tensions,valuation gaps between buyers and sellers, and elevated interest rates. Despite the downturn, there remains optimism for a rebound in M&A activity in the sector. Contributing factors include a recent interest rate cut, withfurther reductions anticipated; an abundance of private equity capital seeking deployment; and pent-up demand for investment. Strategic buyers withstrong cash reserves also continue to view M&A as a critical growth lever. Specialty Distribution Subsectors Recent M&A Spotlight Buyer Target Subsector Transaction Close Enterprise Value Transaction Multiple Target Description TransactionCommentary AcquisitionCommentary AcquisitionCommentary Public Companies Spotlight Company Subsector Share Price1 Market Cap1 MarketCommentary Specialty Distribution Public Comparable Company Analysis Specialty Distribution Public Comparable Company Analysis Selected Public Company Analysis($ in millions, except per share data) Specialty Distribution Public Comparable Company Analysis Selected Public Company Analysis Sector Spotlight: IntelligentTransportation Systems(ITS) Distribution Consolidation of the North American ITS Distribution Market Driven by sustained government investment in U.S. infrastructure, such as the 2021 $1.2 trillionInfrastructure Investment and Jobs Act, the ITS market has attracted heightened investor interest. Traditionally, traffic infrastructure purchasing decisions occur at the state or municipal level, placingemphasis on regional relationships and distribution models. This dynamic has resulted in a historicallyfragmented ITS distribution landscape across the United States. However, recent investor momentumhas fueled the formation of platforms aimed at market consolidation. Large diversified strategic players and private equity–backed platforms are responding to growingdemand from Departments of Transportation (DOTs) and other agencies for one-stop-shop solutions.This trend is driving increased activity in the distribution market, including manufacturers acquiringcompanies within their own distribution networks to gain greater control over the supply chain andimprove margins. Relevant Kroll SpecialtyDistribution Experience