Industrial Services M&A Update

RESOURCE HIGHLIGHTS

• In Q2, the S&P 500 Industrials Index increased by 12.7%, underperforming the S&P 500 which increased 14.0% over the same period.
• The mean EV/EBITDA multiple for reported strategic deals in the Industrial Services sector increased to 12.1x in 1H 2026 from 6.9x in the prior year.
• M&A deal volume in the sector increased 37.0% in Q2 to 385 deals from 281 in Q1, and increased 75.0% from 220 deals in Q2 of the prior year.
• North America was the most active region in Q2 with 191 deals in the Industrial Services sector. Most notably in North America was Veolia Environmental’s $3.0 billion acquisition of Clean Earth, a Pennsylvania-based operator of waste management and treatment services in April 2026.
• Total capital invested in M&A transactions decreased 15.6% in Q2 to $5.4B from $6.4B in Q1, due primarily to a shift in mix to smaller-sized deals in Q2.