Q2 2025

Industrial Services M&A Update


RESOURCE HIGHLIGHTS

  • In Q2, the S&P 500 Industrial Services Index increased by 11.9% and outperformed a 10.2% increase in the S&P 500 over the same period.
  • The median EV/EBITDA multiple for reported strategic deals increased to 8.4x through 1H 2025 from 2.9x in 2024, while the EV/Revenue multiple for private equity deals increased to 1.6x in 1H from 0.4x in 2024.
  • M&A deal volume in the sector increased 49.7% in Q2 to 217 deals from 145 deals in Q1, and increased 17.9% from 184 deals in Q2 of the prior year.
  • North America was the most active region in Q2 with 116 deals. Most notably in North America was Herc Holdings’ $5.3 billion acquisition of H&E Equipment Services, a Louisiana-based full-service industrial equipment rental company specializing in the rental, sales, and service of a broad range of heavy construction and industrial equipment, in June 2025.
  • Total capital invested in M&A transactions increased 63.4% in Q2 to $6.7B from $4.1B in Q1, due primarily to the H&E Equipment Services deal mentioned above.

Please view our Q2 2025 Industrial Services M&A Update below:

 

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