工业与商业服务 行业洞察

S p r i n g2 0 2 6 Learn More Industry Highlights Overview Deals reported in the Industrial and CommercialServices sector in 2025 •The North American Industrial and Commercial Services sector experienced anotable acceleration in M&A activity in 2025, with total transactions increasing by104 year-on-year(“YoY”),from 700 in 2024, to 804 in 2025 •As tariff-related uncertainty disrupted manufacturing activity,growth shiftedmeaningfullytoward the services economy.Industrial services demonstrated Increase in YoY deal activity between 2024 and2025, which represents an 11.9% outperformance Service-oriented business activity remains robust and now represents some ofthe most prominent and attractive themes in private equity investment into 2026 •Buyer interest strengthened significantly in the second half of 2025, supported byeasing interest rates, improving overall buyer confidence and a strategic pivottoward sectors less exposed to tariffs. The Industrial and Commercial Services Stock underperformance below the S&P 500 forIndustrial and Commercial Services sector from Overall, 2025 marked the highest level of M&A activity in the Industrial andCommercial Services sector since 2021, with YoY deal volume growth exceeding Aggregate Median EV1/ LTM2EBITDA multiple withinIndustrial and Commercial Services sector •The three consecutive federal funds rate cuts in late 2025 lowered borrowing costsand boosted dealmaker confidence, improving financing conditions for M&A. Withpolicymakers signaling further easing into 2026, this supportive deal environment is Market Update Industrial and Commercial Services Public Markets Update Sector Spotlight:EventandTradeShowServices Event Organizers •Event organizers oversee the end-to-end planning, logistics, vendorcoordination and on-site execution required to deliver conferences,trade shows and corporate events•These firms manage timelines, budgets, registrations, staffing and Exhibit Houses General Contractors •Exhibit houses design, fabricate and manage custom trade show boothsand experiential environments, providing clients with tailored physicalassets for events•These companies offer services such as booth construction, storage, 10 Robust M&A Activity in the Event and Trade Show Services Space The event and trade show services sector continues to see robust M&A activity, driven by demand for integrated end-to-endcapabilities, expanded geographic reach and scaled creative, digital and production offerings Looking ahead, strong M&A activity is expected to continue, as more companies enter the market and drive further consolidation–creatinglarger, more integrated platforms that are well-positioned to capture growth and meet rising client demand Evolving Industry Dynamics and Prospective Buyer Needs Preparing for a Sale–Buyer Focus Areas Key Industry Trends To prepare effectively for a sale, shareholders and management must be Increasing Importance of In-Person Engagement–The return of in-person events since COVID-19 has been significant, as manycompanies have recognized the value of face-to-face engagementafter experiencing limited brand interaction through virtual events The following areas represent the core focus points that typically guidebuyer due diligence throughout an M&A process in the event services Rise of Corporate Events–While the event industry hastraditionally been anchored in trade associations and large industryconferences, an increasing number of companies are now hosting Demand for One-Stop-Shop Event Contractors–General contractors are increasingly expanding beyond their traditionalroles and offering agency-style event design services, a trendreflected in consolidation across the sector with acquisitions such Consolidation of Assets Across Event Organizers–Large eventorganizers have been highly active in acquiring new shows, drivingrapid consolidation across the industry as portfolios increasinglyconcentrate under a small number of major players, including For more information please visit: Kroll.com A bo u t Kro ll