Industrials M&A Update

RESOURCE HIGHLIGHTS

• In Q1, the S&P Industrials Sector Index increased 11.6% and outperformed the S&P 500 index, which increased 10.8% over the same period.
• The median EV/EBITDA multiple in the industrials sector for reported strategic deals increased to 7.2x in Q1 from 6.7x in 2023, but was not reported for PE deals in 2024.
• M&A deal volume in the Industrials sector decreased 14.8% in Q1 to 416 deals from 488 in Q4, and decreased 17.5% from 504 in Q1 of the prior year.
• As a % of total capital invested in M&A transactions in Q1, private equity participation decreased to 17.1%, down from 39.3% in the prior year.
• Europe was the most active region in Q1 with 180 deals. Most notable in the European market was Carrier Global’s $13.1 billion acquisition of Viessmann Climate Solutions in January 2024.