MEP Services M&A Update

RESOURCE HIGHLIGHTS

• In Q1, the S&P 500 Construction & Engineering Industry Index increased by 26.2%, outperforming the S&P 500 which saw a 4.8% decrease over the same period.
• The median EV/EBITDA multiple for reported private equity deals in the MEP Services sector increased to 8.1x in Q1 from 7.4x in 2025, but decreased for strategic deals to 5.0x from 7.7x in the prior year.
• M&A deal volume in the sector decreased 21.7% in Q1 to 390 deals from 498 in Q4 2025, and decreased 28.4% from 545 deals in Q1 of the prior year.
• North America was the most active region in Q1 with 188 deals. Most notable in North America was WSP Global’s $3.3 billion acquisition of TRC Companies, a Connecticut-based provider of engineering and consulting services.
• Total capital invested in M&A transactions decreased 59.6% in Q1 to $10.1B from $25.0B in Q4 2025 due primarily to a decline in the number of mega-sized deals ($1B+) in Q1. La Caisse’s $5.0 billion acquisition of Poke Corp. was one of several in Q4 compared to Q1 where the largest deal reported was the $3.3 billion TRC Companies deal mentioned above.