Industrial Strength
Industrial Insights
The Trend
INDUSTRIAL TECHNOLOGY
From a valuation perspective, the Industrial Technology subsector led the industrials landscape in 2025, with mean public revenue multiples reaching ~6.8x at year-end 2025, the strongest expansion across subsectors. Public market performance was marked by elevated volatility, with industrial technology equities dipping around the “Liberation Day” period before rebounding sharply, outperforming peers in the immediate recovery even as the sub-sector ultimately finished the year trailing the broader market on a year-over-year basis. While transaction activity moderated from 2021 peak levels, M&A volumes stabilized through 2024 and 2025, reflecting continued buyer selectivity rather than waning demand.
INDUSTRIAL SERVICES
Supported by strong public market performance and steady transaction activity, the Industrial Services subsector remained the most resilient sub-sector over the past year. Median public EBITDA multiples compressed modestly from ~14.4x to ~13.9x, reflecting a return to more typical valuation levels rather than a pullback in demand. Public equities materially outperformed the broader market, driven by a pronounced H2 rally as investors rotated into defensive, cash-flow-oriented business models amid ongoing macro uncertainty. Financing activity improved entering 2025 as credit markets reopened, reinforcing buyer confidence, while transaction activity held consistent year-over-year.
TRADITIONAL INDUSTRIALS
With median public EBITDA multiples expanding from ~11.6x to ~13.4x year-over-year, the Traditional Industrials subsector experienced a measured recovery in 2025 as supply chains stabilized and endmarket visibility improved. Public market performance closely tracked the S&P 500, initially outperforming before converging as broader indices strengthened later in the year. Transaction activity remained steady but disciplined, reflecting continued selectivity amid tariff-related uncertainty and input cost volatility.
Industrials Industry Commentary
“We are in a multiyear growth cycle for global power demand. This is fundamentally different from past cycles, driven by the massive scale of data centers, AI infrastructure, and the global push for electrification.”
– Lorenzo Simonelli, CEO; Baker Hughes
“The steel industry has undergone a paradigm shift. A pervasive sense of mercantilism and continued reshoring, supported by AI and cloud computing construction, is creating a level playing field through trade mechanisms that will sustain non-residential demand despite higher interest rates.”
– Mark Millett, Chairman and CEO; Steel Dynamics
“The business environment remains fundamentally strong as the world turns to electric power and automation, but we now live with a permanent added layer of uncertainty in terms of potential tariffs and trade policy changes that increase the range of possible outcomes.”
– Morten Wierod, CEO; ABB Group
2025 Harbor View Industrial Client Outcomes
Sell -Side Transactions: Project Motion & Project Hertz
Acquired by
Acquired by
a portfolio company of
Based in Dublin, GA, Major Turbine Pump & Supply, a leading regional provider of critical pump distribution and repair services, was acquired by Enceladus Partners. The transaction serves as a platform investment in the flow control services space. Harbor View Advisors served as the exclusive financial advisor to Major Turbine.
Based in Jacksonville, FL, James D. Hinson Electrical Contracting was acquired by GreenArrow, a portfolio company of CAI Capital Partners. The transaction expands GreenArrow’s national footprint in transportation electrical infrastructure and strengthens its capabilities across traffic signal, streetlighting, ITS, and airport lighting services. Harbor View Advisors served as the exclusive financial advisor to Hinson.
Tradeshows Attended in 2025
Throughout 2025, the Industrials team attended numerous trade shows aligned with our targeted subsector focuses, including pumps and valves; fabrication and machining; fence, gate, and access controls; and design, engineering, and environmental services. These events provided valuable opportunities to connect with prospective sellers, represent our buy-side clients, and gain insight into prevailing sector dynamics and transaction trends.
Key Economic Indicators
Source: Board of Governors of the Federal Reserve System
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
Total Construction Spending (Non-Residential) Consumer Price Index
Source: Board of Governors of the Federal Reserve System
Total Construction Spending (Residential)
$800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000
Source: U.S. Census Bureau
Source: U.S. Census Bureau
Industrial Public Trading Statistics
Harbor View’s Industrial Sub-Sectors
Technology
• Specialty Equipment & Devices
• Data Capture & Analysis
• Technology Enabled Solutions
• IIoT / Robotics
• Design & Engineering
• Environmental Solutions
• TICC
• Facility & Site Services
• Manufacturing
• Distribution / Logistics
• Installation & Construction
• Utilities & Telecom
Comparative Median EBITDA Multiples
Source: PitchBook, Data as of 12/31/25
One-Year Historical Index Performance
Source: PitchBook, Data as of 12/31/25
Select Industrial Public Trading Statistics
INDUSTRIAL TECHNOLOGY
Note: Privately held companies typically trade at a discount to public companies n/m: Multiples less than 0x or greater than 50x
Source: PitchBook, Data as of 12/31/25
Select Industrial Public Trading Statistics
INDUSTRIAL SERVICES
Note: Privately held companies typically trade at a discount to public companies
n/m: Multiples less than 0x or greater than 50x
Source: PitchBook, Data as of 12/31/25
Select Industrial Public Trading Statistics
TRADITIONAL INDUSTRIALS
Note: Privately held companies typically trade at a discount to public companies n/m: Multiples less than 0x or greater than 50x
Source: PitchBook, Data as of 12/31/25
Select Industrial Public Trading Statistics
CONGLOMERATES
Note: Privately held companies typically trade at a discount to public companies n/m: Multiples less than 0x or greater than 50x
Source: PitchBook, Data as of 12/31/25
Active Strategic Buyers – Last 18 Months
Industrial Financing Transactions
Recent Notable Financings
$60.0M DEC 2025 $29.2M DEC 2025 $115.0M NOV 2025 $16.7M OCT 2025 $8.7M OCT 2025
$391.3M DEC 2025 $200.0M DEC 2025 $510.0M NOV 2025 $331.4M NOV 2025
Note: Historical values retrospectively adjusted per source
Source: PitchBook
Financing Activity
OCT 2025
Select Industrial Venture Capital Activity
EARLY-STAGE VENTURE CAPITAL
LATE-STAGE VENTURE CAPITAL
Industrial M&A Summary
Transaction Count by Sub-Sector Recent Notable Transactions
Industrial Expertise
Broad & Deep Industrial Expertise
ENVIRONMENTAL SOLUTIONS
SPECIALTY EQUIPMENT & DEVICES
Electrical
Contracting Services
Acquired by
FINANCIAL BUYER
Acquired by TECHNOLOGY ENABLED SOLUTIONS
Pump Distribution & Repair Services
Acquired by
FINANCIAL BUYER
Fluid Dynamics
Designer & Engineer
Acquired by
FINANCIAL BUYER
Industrial Recycling Provider
STRATEGIC BUYER
Haz & Non-Haz Liquid Waste Services
BUY-SIDE ADVISORY SERVICES
Transportation & Power Engineering
BUY-SIDE ADVISORY SERVICES
Transportation & Logistics
Acquired by
FINANCIAL BUYER
Telecom Infrastructure Provider
Acquired by
FINANCIAL BUYER
Light Industrial Staffing Provider
Acquired by
FINANCIAL BUYER
Metal Fabricator
Acquired by
FINANCIAL BUYER
Aerospace Component Testing Provider
Acquired by
STRATEGIC BUYER
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles
Connect with Our Industrials Team
Nate Shepherd Partner, Head of Sell-Side Advisory & Industrials Lead
Building on his 29 years of Investment Banking and Private Equity experience, Nate leads Harbor View’s Industrials practice. In its role, the Industrials team advises clients in the Industrial Technology, Industrial Services, and Traditional Industrial sectors helping business owners navigate the company sale, acquisition, and capital raise processes.
Data Capture & Analysis Provider
Acquired by
STRATEGIC BUYER
Suzi Felix Senior Associate
Carson Lubin Analyst
About Harbor View Advisors
Operating at the intersection of investment banking and management consulting, we partner with inspiring companies and private equity firms to help them design and execute their strategies for growth or exit. With decades of successful client outcomes, we help growing teams improve their opportunities for success. We provide Sell-side advisory, Buy-side advisory and Strategic Consulting to innovative companies and financial sponsors.
Call 904 285 4278
Email vision@hvadvisors.com Visit harborviewadvisors.com
Appendix – Industrial M&A Transactions
TRADITIONAL INDUSTRIALS
Appendix – Industrial M&A Transactions
INDUSTRIAL TECHNOLOGY
Source: PitchBook
INDUSTRIAL SERVICES
The material in this report is for information purposes only and is not intended to be relied upon as financial, accounting, tax, legal or other professional advice This report does not constitute and should not be construed as soliciting or offering any investment or other transaction, identifying securities for you to purchase or offer to purchase, or recommending the acquisition or disposition of any investment. Harbor View Advisors does not guarantee the accuracy or reliability of any data provided from third party resources. Although we endeavor to provide accurate information from third party sources, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.