Q1 2026

Business Services M&A Update

In Q1, the S&P CSE Commercial & Professional Services Index increased by 33.0%, outperforming the S&P 500 which saw a 4.4% decrease over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Business Services sector increased to 13.5x in Q1 from 12.7x in 2025.
M&A deal volume in the sector increased 5.8% in Q1 to 1,077 deals from 1,018 in Q4 2025, and increased 19.3% from 903 in Q1 of the prior year.
North America was the most active region in Q1 with 457 deals. Most notably in North America was WSP Global’s $3.3 billion acquisition of TRC Companies, a Connecticut-based provider of consulting, engineering and environmental services, in February 2026.
Total capital invested in M&A transactions decreased 62.0% in Q1 to $14.4B from $37.9B in Q4 2025 due primarily to a shift in mix to smaller-sized deals in Q1. In Q4, Omnicom Group acquired The Interpublic Group of Companies for $15.9B where the largest deal in Q1 was Rosebank Industries’ $3.8B acquisition of CPM International.