INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrials SEMI-ANNUAL REPORT 2026
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrial Insights The Trend INDUSTRIAL TECHNOLOGY Industrial Technology valuations moderated from prior-year levels, with median public trading EBITDA multiples declining from 18.5x in Q2 2025 to 17.1x in Q2 2026. Despite the valuation reset, public market performance remained positive, with the sector index gaining approximately 13% over the past year, though it was the only industrial subsector that did not outperform the S&P 500 over the same period. Transaction activity also strengthened year-over-year, reaching 213 deals in Q2, up from 173 in Q2 the prior year, as buyers continue to target differentiated automation, technology-enabled solutions, and data-driven industrial capabilities.
INDUSTRIAL SERVICES Industrial Services continues to lead the industrial landscape, with public equities significantly outperforming the broader market as the sector index rose approximately 87% over the past year. Median public trading EBITDA multiples held steady at 14.4x in Q2 2025 and 14.5x in Q2 2026, underscoring valuation stability. Transaction volume increased to 198 deals in Q2 from 187 in Q2 the prior year, reflecting sustained buyer appetite for businesses benefiting from recurring demand, infrastructure investment, and fragmented end markets. Continued spending across data centers, power infrastructure, and domestic manufacturing provides additional support for the sector.
TRADITIONAL INDUSTRIALS Traditional Industrials experienced the strongest valuation expansion among the three subsectors, with median public trading EBITDA multiples increasing from 12.4x in Q2 2025 to 17.9x in Q2 2026. Public market performance was also strong, with the sector index gaining approximately 35% over the past year. Transaction activity accelerated to 407 deals in Q2, up from 293 in Q2 the prior year, and the highest quarterly level across the three subsectors. Reshoring, infrastructure investment, and growing power and data center demand continue to reinforce buyer interest in scaled manufacturing and distribution businesses with durable end-market exposure.
Market Observations • Private Equity Selectivity Remains High • Premium Assets Command Strong Valuations • Buyers Increasingly Favor Highest Quality Assets
M&A Outlook • Deal Activity Continues to Improve • Sponsor Exit Pressure Continues to Build • More Favorable Financing Conditions 2
Investment Themes • • • • • •
Perimeter Security Restoration & Renovation Data Center Services Design & Engineering Environmental Solutions TICC
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrial Insights Key Themes & Impacts on the Industrial Landscape 1
OIL & GAS
TARIFFS
•
Tariff volatility is increasing input costs across steel, aluminum and other imported materials
•
Energy price volatility creates margin risk for fixed-price and long-duration projects
•
Supply-chain shifts and sourcing uncertainty are pressuring margins and project pricing
•
Higher fuel and transportation costs pressure contractor and distributor profitability
•
Domestic manufacturing investment is creating opportunities for U.S.-based suppliers and contractors
•
Elevated oil & gas activity supports demand for infrastructure, maintenance and field services
2
MACROECONOMIC ENVIRONMENT H1 2026 •
Major players are committing significant capital to multi-year data center buildouts
•
Skilled-trade shortages continue to constrain capacity across industrial end markets
•
Power availability constraints and rising community pushback are limiting data center development
•
Wage inflation and overtime requirements are pressuring project margins
•
Demand is accelerating for electrical, cooling and engineering infrastructure services
•
Labor scarcity favors scaled operators with strong recruiting, training and retention capabilities
3
LABOR SHORTAGE
AI & DATA CENTERS
3
4
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Private Equity (PE) Market Overview U.S. PE Transaction Activity Deal Value ($B)
Annualized
Deal Count $1,4 00
12,0 00
10,379 10,0 00
9,500 8,242
8,00 0
4,838
6,00 0
5,410
6,304
6,583
8,625
8,828
$1,2 00
7,530
6,662
$1,0 00
$80 0
$60 0
4,00 0
$410
$1,151
$869
$727
$943
$1,265
$617
$695
$659
2,00 0
$594
$469
$40 0
-
$20 0
$-
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026*
•
PE activity moderated in H1 2026, with deal count annualizing to ~7,530 transactions, below the 8,828 completed in 2025
•
Deal value remains relatively resilient despite lower volumes, as sponsors maintain a selective approach and prioritize scaled, highquality assets
•
Significant dry powder and improving exit pipelines provide a foundation for activity to accelerate, though financing costs and macro uncertainty continue to temper near-term dealmaking
U.S. PE Holding Period Trends Median Exit Holding Times
Median Existing Holding Times 6.4 5.5 4.0
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
4.2
2026*
•
Private equity firms are exiting their investments at a faster rate than the 2023 peak, with median exit holding periods declining from 6.4 years to 5.5 years in 2026
•
Companies that remain in PE portfolios are getting older, with median existing holding periods rising to 4.2 years as slower exit activity has extended ownership periods
•
Together, these trends point to a backlog of mature PE-owned companies awaiting exits – as sponsors continue to prioritize realizations, this inventory should support increased exit activity and capital returned to LPs Source: PitchBook
4
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Private Equity (PE) Capital & Portfolio Dynamics U.S. PE Fundraising Activity Capital raised ($B)
Annualized
New Fund Count
1,095
1,20 0
1,071
$45 0
$40 0
1,00 0
836
797
$35 0
$30 0
800
432
600
520
471
556
551
545
$25 0
$20 0
446
400
$15 0
$160
$308
$371
$408
$381
$385
$252
$361
$225
$256
$184
$10 0
200
$50
$-
-
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026*
•
PE fundraising continues to normalize from elevated 2021–2023 levels, as the market settles into a more measured pace of capital formation and LP liquidity gradually improves
•
LP selectivity continues to shape fund formation, with capital increasingly concentrated among established managers and differentiated strategies
•
A sustained fundraising recovery will likely depend on improved exit activity and distributions, which would recycle capital back to LPs and support new commitments
U.S. PE-Backed Company Inventory by Year Total < 3 Years 3 - 5 Years
8,037
8,505
9,017
9,531
10,118
10,999
11,606
12,098
12,647
13,303
6 - 8 Years
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
9 - 11 Years
~70%
12 - 14 Years 15+ Years 2026
•
PE-backed company inventory has continued to expand, reaching more than 13,000 companies in 2026 as new investments continue to outpace exits
•
A significant portion of sponsor-backed assets are approaching or exceeding traditional hold periods, creating mounting pressure to generate liquidity
•
Record secondary market activity is helping unlock sponsor and LP liquidity, with improving distributions expected to support capital recycling and gradually drive increased transaction activity down-market Source: PitchBook
5
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Key Economic Indicators Industrial Production Index
Unemployment Rate
110 105
16.0%
100
12.0%
95 90
Total Industrial Production Index
85
Manufacturing Production Index
8.0% 4.0%
80 75
0.0%
Source: Board of Governors of the Federal Reserve System
Source: U.S. Bureau of Labor Statistics
Consumer Price Index
Fed Funds Effective Rate
1.6%
5.0%
1.2%
4.0%
0.8%
3.0%
0.4% 0.0%
2.0%
(0.4%)
1.0%
(0.8%)
0.0%
Source: U.S. Bureau of Labor Statistics
Source: Board of Governors of the Federal Reserve System
Total Construction Spending
Total Construction Spending
(Non-Residential)
(Residential)
$1,300,000
$1,100,000
$1,200,000
$1,000,000
$1,100,000
$900,000
$1,000,000
$800,000
$900,000
$700,000
$800,000
$600,000
$700,000
$500,000
$600,000
$400,000
$500,000
$300,000
Source: U.S. Census Bureau
Source: U.S. Census Bureau
6
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrial Public Trading Statistics Harbor View’s Industrial Subsectors Industrial Technology • • • •
Specialty Equipment & Devices Data Capture & Analysis Technology Enabled Solutions IIoT / Robotics
Industrial Services • • • •
Traditional Industrials • • • •
Design & Engineering Environmental Solutions TICC Facility & Site Services
Manufacturing Distribution / Logistics Installation & Construction Utilities & Telecom
Comparative Median EBITDA Multiples 20.0x
18.5x
17.9x
17.1x
14.4x
15.0x
14.5x
12.4x
10.0x 5.0x 0.0x
Industrial Technology
Industrial Services 6/30/2025
Traditional Industrials
6/30/2026
Source: PitchBook, Data as of 6/30/26
One-Year Historical Index Performance 200 175
SERVICES
150
TRADITIONAL
125
S&P 500
100
TECHNOLOGY
75 6/25
+87%
+35%
+21%
+13%
7/25 S&P 500
8/25
9/25
10/25
11/25
Industrial Technology
Indices comprised of ~30 relevant companies for each Industrials Subsector and based on equal weighted prices. Indices are tracked relative to the starting price to compare performance. Source: PitchBook, Data as of 06/30/26
12/25
1/26
2/26
Industrial Services
7
3/26
4/26
5/26
Traditional Industrials
6/26
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrial VC and M&A Summary
$14.0B
$4.0B
$2.0B
$5.0B
$5.1B
$4.0B
$6.1B
$3.0B
$2.1B
$3.0B
$9.7B
$5.7B
$5.0B
$8.0B
$3.3B
$6.0B
$12.4B
$10.0B
Financing Activity
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2022
2023
2024
2025
2026
Transaction Count by Subsector
379 314
289
299
284 260
227
196
236
217
227
260
269
255
279
252
325
282
293
263
187
196
272
207 189
177
208
185
204
183
214
136
176 190
288
256
227
246
232
196
208
187
218
190
201
179
168
173
187
165
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2022
407
2023 Industrial Technology
2024
2025
Industrial Services
Traditional Industrials
Note: Deal count represents transactions completed in the U.S. & Canada; historical values retrospectively adjusted per source Source: PitchBook
8
198
254
213
Q1
Q2
2026
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Industrial Expertise Broad & Deep Industrial Expertise DATA CAPTURE & ANALYSIS
SPECIALTY EQUIPMENT & DEVICES
IIOT / ROBOTICS
TECHNOLOGY ENABLED SOLUTIONS
ENVIRONMENTAL SOLUTIONS
DESIGN & ENGINEERING
FACILITY & SITE SERVICES
TESTING, INSPECTION, CERTIFICATION & COMPLIANCE (TICC)
DISTRIBUTION / LOGISTICS
MANUFACTURING
UTILITIES & TELECOM
INSTALLATION & CONSTRUCTION
Electrical Contracting Services
Pump Distribution & Repair Services
Industrial Recycling Provider
Transportation & Logistics
Telecom Infrastructure Provider
Light Industrial Staffing Provider
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
Acquired by
FINANCIAL BUYER
FINANCIAL BUYER
STRATEGIC BUYER
FINANCIAL BUYER
FINANCIAL BUYER
FINANCIAL BUYER
Fluid Dynamics Designer & Engineer
Haz & Non-Haz Liquid Waste Services
Transportation & Power Engineering
Metal Fabricator
Aerospace Component Testing Provider
Data Capture & Analysis Provider
Acquired by
BUY-SIDE ADVISORY SERVICES
BUY-SIDE ADVISORY SERVICES
FINANCIAL BUYER
Acquired by
Acquired by
Acquired by
FINANCIAL BUYER
STRATEGIC BUYER
STRATEGIC BUYER
Note: Unless displayed with the Harbor View logo, the transactions documented were executed in previous roles
Connect with Our Industrials Team Suzi Felix Senior Associate
Nate Shepherd
Building on his 30 years of Investment Banking and Private Equity experience, Nate leads Harbor View’s Industrials practice. 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.
Ethan Weintraub Senior Associate
Carson Lubin Analyst
Partner, Head of Sell-Side Advisory & Industrials Lead nshepherd@hvadvisors.com 978 835 0258
9
Christian McCullough Analyst
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Select Industrial Public Trading Statistics INDUSTRIAL TECHNOLOGY Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
ABB Group
200.4
35.2
6.7
5.7x
30.0x
Aeva
2.0
0.0
(0.1)
n/m
n/m
AgEagle Aerial Systems
0.0
0.0
(0.0)
1.9x
n/m
Allied Motion
1.9
0.6
0.1
3.4x
24.9x
AMETEK
57.1
7.6
2.4
7.5x
23.7x
Badger Meter
4.1
0.9
0.2
4.6x
19.3x
Cognex
11.8
1.0
0.3
11.3x
47.3x
Columbus McKinnon
3.6
1.2
0.2
3.0x
19.9x
Commercial Vehicle Group
0.2
0.7
0.0
0.4x
13.6x
Emerson Electric
92.5
18.3
5.4
5.0x
17.1x
Fortive Corp
21.8
4.2
1.3
5.1x
17.1x
Keysight Technologies
60.2
6.1
1.7
9.9x
34.5x
Knightscope
0.0
0.0
(0.0)
2.3x
n/m
L3 Harris Technologies
64.9
22.5
4.2
2.9x
15.4x
Nauticus Robotics
0.0
0.0
(0.0)
5.2x
n/m
Novanta
5.7
1.0
0.2
5.7x
27.1x
Oceaneering International
4.3
2.8
0.4
1.5x
10.7x
Onsemi
37.4
6.1
2.2
6.2x
16.6x
Ouster
3.8
0.2
(0.0)
20.6x
n/m
Parker Hannifin
132.4
21.0
5.5
6.3x
24.0x
PowerFleet
0.8
0.4
0.1
1.8x
8.0x
Rockwell Automation
58.8
8.8
2.0
6.7x
30.1x
Roper
44.2
8.1
3.6
5.5x
12.3x
Sarcos Technology and Robotics
0.3
0.0
(0.0)
35.9x
n/m
Sensata Technologies
9.2
3.7
0.8
2.5x
10.9x
Symbotic
4.1
2.5
0.2
1.6x
16.9x
Teradyne, Inc
75.6
3.8
1.2
20.0x
n/m
Trimble Inc
13.1
3.7
1.1
3.6x
12.0x
UiPath
4.4
1.7
0.4
2.6x
10.9x
Zebra Technologies
15.3
5.6
1.2
2.7x
12.5x
Mean:
6.6x
19.8x
Median:
5.0x
17.1x
Company Name
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 6/30/26
10
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Select Industrial Public Trading Statistics INDUSTRIAL SERVICES Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
AECOM
11.4
16.0
1.2
0.7x
9.2x
APi Group
20.8
8.2
1.1
2.5x
19.2x
Aramark
21.0
19.4
1.4
1.1x
15.0x
Brightview Holdings
2.7
2.7
0.4
1.0x
7.6x
C.H. Robinson
23.7
16.2
1.0
1.5x
24.1x
Cintas
70.8
8.5
3.2
8.4x
22.4x
Clean Harbors
18.2
6.1
1.2
3.0x
15.4x
Comfort Systems USA
69.1
10.1
1.7
6.8x
39.8x
CSX
106.6
13.6
6.6
7.8x
16.1x
Dolby Laboratories
4.4
1.4
0.5
3.3x
8.5x
Dycom Industries
17.6
6.3
0.8
2.8x
20.8x
Emcor Group
36.5
17.7
1.9
2.1x
19.5x
Exponent, Inc.
2.8
0.6
0.2
5.1x
n/m
FedEx
104.3
91.9
11.7
1.1x
8.9x
Forward Air
2.5
2.4
0.3
1.0x
8.2x
Intertek Group plc
13.6
4.5
1.0
3.0x
13.1x
J.B. Hunt Transport
28.6
12.1
1.7
2.4x
16.9x
Jacobs Engineering Group
18.1
13.2
1.3
1.4x
14.2x
Knight-Swift Transportation
15.1
7.5
1.1
2.0x
13.5x
Landstar System
6.7
4.7
0.2
1.4x
27.2x
MYR Group
7.7
3.8
0.3
2.0x
27.9x
Primoris Services
5.9
7.5
0.5
0.8x
12.1x
Ryder System
18.7
12.7
2.9
1.5x
6.6x
Schneider National, Inc.
6.5
5.5
0.6
1.2x
11.0x
Tetra Tech
8.4
5.1
0.7
1.6x
12.8x
TrueBlue
0.3
1.6
0.0
0.2x
25.2x
UPS
114.3
88.3
11.7
1.3x
9.7x
Waste Management
112.2
25.4
7.8
4.4x
14.5x
WillScot
9.0
2.3
1.0
4.0x
9.5x
XPO
27.9
8.3
1.4
3.4x
20.3x
Mean:
2.6x
16.2x
Median:
2.0x
14.5x
Company Name
Note: Privately held companies typically trade at a discount to public companies n/m: Multiples less than 0x or greater than 50x Source: PitchBook, Data as of 6/30/26
11
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Select Industrial Public Trading Statistics TRADITIONAL INDUSTRIALS Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
Allegheny Technologies
28.4
4.6
0.9
6.2x
31.7x
Applied Industrial Technologies
12.7
4.8
0.6
2.6x
21.1x
Axon Enterprise
46.3
3.0
0.8
15.5x
n/m
Blue Bird
2.3
1.5
0.2
1.5x
10.2x
Boeing
197.0
92.2
(1.9)
2.1x
n/m
BorgWarner
15.7
14.3
2.8
1.1x
5.7x
Builders Firstsource
14.8
14.8
1.4
1.0x
10.4x
Carrier
72.5
21.9
3.1
3.3x
23.1x
Caterpillar
529.5
70.8
15.0
7.5x
35.3x
Cummins
104.5
33.9
5.9
3.1x
17.8x
Curtiss-Wright Corp
28.8
3.6
0.8
8.0x
34.1x
Diodes
4.8
1.6
0.2
3.1x
23.1x
Dover
31.9
8.3
2.1
3.8x
15.4x
Fastenal
55.3
8.4
1.9
6.5x
29.1x
Fluor
4.8
15.2
0.4
0.3x
11.7x
Gates
9.0
3.4
0.8
2.6x
11.9x
Genuine Parts
22.5
24.7
2.0
0.9x
11.1x
Howmet Aerospace
109.8
8.6
2.6
12.7x
41.9x
Hyster-Yale Materials Handling
1.1
3.3
0.0
0.3x
32.3x
Illinois Tool Works
86.1
16.2
4.8
5.3x
18.1x
Jabil
42.9
33.6
2.3
1.3x
18.5x
John Deere
226.1
46.3
11.6
4.9x
19.5x
Lockheed Martin
136.3
75.1
8.8
1.8x
15.5x
Northrop Grumman
86.6
42.4
7.6
2.0x
11.4x
Nucor
56.5
34.2
5.1
1.7x
11.0x
Resideo Technologies
8.0
7.6
0.9
1.0x
9.1x
Stoneridge
0.3
0.7
0.0
0.4x
25.3x
Timken
12.1
4.7
0.8
2.6x
14.8x
W.W. Grainger
66.7
18.4
3.0
3.6x
22.6x
Worthington Industries
3.0
1.3
0.3
2.2x
10.0x
Mean:
3.6x
19.3x
Median:
2.6x
17.9x
Company Name
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 6/30/26
12
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Select Industrial Public Trading Statistics CONGLOMERATES Enterprise Value ($B)
Total Revenue ($B)
EBITDA ($B)
Revenue Multiple
EBITDA Multiple
3M
92.9
25.0
6.4
3.7x
14.4x
Berkshire Hathaway
1151.4
n/m
108.5
n/m
10.6x
Carlisle Companies
16.8
5.0
1.2
3.4x
13.7x
Compass Diversified Holdings
3.2
1.8
0.2
1.7x
14.3x
Cresud
2.8
0.8
0.4
3.6x
7.5x
Danaher
147.6
24.8
8.1
6.0x
18.2x
ESCO Technologies
9.2
1.2
0.3
7.3x
29.9x
Federal Signal
8.3
2.3
0.5
3.6x
17.4x
FTAI Infrastructure
5.4
0.6
0.3
9.0x
19.4x
General Electric
399.5
48.3
11.4
8.3x
35.2x
Griffon Corporation
5.8
2.5
0.5
2.3x
10.7x
Honeywell
96.4
35.7
9.6
2.7x
10.1x
Hubbell
29.9
6.0
1.5
5.0x
20.3x
Icahn Enterprises
9.5
8.9
(0.1)
1.1x
n/m
Ingersoll Rand
35.7
7.8
2.1
4.6x
17.0x
ITT
21.1
4.2
0.9
5.0x
24.0x
LSB Industries
1.1
0.6
0.2
1.8x
5.9x
Mammoth Energy Services
0.0
0.0
(0.0)
0.7x
n/m
Matthews International Corporation
1.4
1.2
0.2
1.2x
8.2x
MDU Resources Group
7.0
1.8
0.5
3.9x
13.2x
National Presto Industries
0.9
0.5
0.0
1.7x
18.0x
NNBR
0.5
0.4
0.1
1.3x
9.7x
Philips Electronics
32.7
20.0
3.5
1.6x
9.3x
RTX
289.4
90.4
16.5
3.2x
17.5x
RCM Technologies
0.2
0.3
0.0
0.7x
7.5x
Seaboard Corp
5.0
9.6
0.9
0.5x
5.6x
Tejon Ranch Co.
0.6
0.1
0.0
11.7x
21.9x
Valmont Industries
12.0
4.2
0.7
2.9x
18.2x
Mean:
3.6x
15.3x
Median:
3.2x
14.4x
Company Name
Note: Privately held companies typically trade at a discount to public companies n/m: Multiples less than 0x or greater than 50x Source: PitchBook, Data as of 6/30/26
13
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Industrial M&A Transactions TRADITIONAL INDUSTRIALS Deal Date
Target Company
Acquirer / Investor
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
26-Jun
Fabreeka
Blue Marlin Partners
$220.0
n/m
n/m
26-Jun
Republic Wire
Nexans (PAR: NEX)
$800.0
1.4x
n/m
26-Jun
Able Tool
Beehive Industries
n/m
n/m
n/m
26-Jun
Enercon Engineering
Generac (NYS: GNRC)
n/m
n/m
n/m
26-Jun
Powder Alloy
AE Industrial Partners
n/m
n/m
n/m
26-Jun
Bowers
Legence (NAS: LGN)
$426.7
0.6x
5.9x
26-Jun
Reliance Supply
BlackHawk Industrial Distribution
n/m
n/m
n/m
26-May
Vusitec
Laurentide Controls
n/m
n/m
n/m
26-May
Model Die & Mold
Maynards Industries
n/m
n/m
n/m
26-May
Jinko Solar (U.S.) Industries
FH Capital
$191.5
n/m
n/m
26-May
Affinity Chemical
C&S Chemicals
n/m
n/m
n/m
26-May
Jebco Industries
River Birch Global Water
n/m
n/m
n/m
26-May
D&G Machine Products
Excelus Manufacturing
n/m
n/m
n/m
26-May
Forge Racks & Dunnage
Polargy
n/m
n/m
n/m
26-Apr
Butcher Power Products
Neos Partners
n/m
n/m
n/m
26-Apr
Glunt Industries
Hannecard Group
n/m
n/m
n/m
26-Apr
Scruggs Company
The Sterling Group
n/m
n/m
n/m
26-Apr
Exclusive Trim
The Cook & Boardman Group
n/m
n/m
n/m
26-Apr
Distributed Power Solutions
Kodiak Gas (NYS: KGS)
$675.0
n/m
n/m
26-Apr
Techno-Contact
Rexel (PAR: RXL)
n/m
n/m
n/m
26-Apr
Connectric Systems
Undisclosed
n/m
n/m
n/m
26-Apr
WMG
EnergySolutions
n/m
n/m
n/m
26-Mar
Omega Products International
Cemex
n/m
n/m
n/m
26-Mar
O’Leary Paint
Hallman/Lindsay Paints
n/m
n/m
n/m
26-Mar
Bradley Machine & Design
VRTX Industrial
n/m
n/m
n/m
26-Mar
Renewables eBOS (Gibraltar Industries)
GameChange Solar
$70.0
n/m
n/m
26-Mar
PHI Hydraulics
Unison
n/m
n/m
n/m
26-Mar
Canadian Curtis
Norbec
n/m
n/m
n/m
26-Feb
Profab
Custom Pipe & Fabrication
n/m
n/m
n/m
26-Feb
BWI Distribution
Metrie
n/m
n/m
n/m
26-Feb
A.L. Grading Contractors
Cardinal Infra. (NAS: CDNL)
$254.7
1.6x
n/m
26-Feb
Ram Threading
M & P Sealing
n/m
n/m
n/m
26-Feb
CS3 Waterworks
United Flow Technologies
n/m
n/m
n/m
26-Jan
Aromatic Fragrances International
New Directions Aromatics
n/m
n/m
n/m
26-Jan
Four Daughters Millwork
Beaubois
n/m
n/m
n/m
26-Jan
Logan Stampings
Worthington (NYS: WOR)
$206.5
n/m
n/m
26-Jan
Belform Insulation
Norea Capital
n/m
n/m
n/m
Source: PitchBook
14
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Industrial M&A Transactions INDUSTRIAL TECHNOLOGY Deal Date
Target Company
Acquirer / Investor
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
26-Jun
Sound Components
Audio Advice
n/m
n/m
n/m
26-Jun
PASCO
Albireo Energy
n/m
n/m
n/m
26-Jun
Home Security & Management Company
Scutum France
n/m
n/m
n/m
26-May
Hazel Technologies
TransFRESHTECTROL
n/m
n/m
n/m
26-May
Motiv Space Systems
Rocket Lab (NAS: RKLB)
$60.0
n/m
n/m
26-May
Ekumen
Grid Dynamics (NAS: GDYN)
n/m
n/m
n/m
26-Apr
Quaze
Red Cat Holdings (NAS: RCAT)
$30.0
n/m
n/m
26-Apr
Cardinal Control Systems
Air Control Concepts
n/m
n/m
n/m
26-Apr
Inertial Sense
Hexagon (STO: HEXA B)
n/m
n/m
n/m
26-Mar
R&D Specialties
Compu Dynamics Modular
n/m
n/m
n/m
26-Mar
Pitstop
Fullbay
n/m
n/m
n/m
26-Feb
Granite River Labs
SGS (SWX: SGSN)
n/m
n/m
n/m
26-Feb
Civionic Engineering and Consulting
Argus Monitoring Solutions
n/m
n/m
n/m
26-Jan
PSI (Baker Hughes)
Crane (NYS: CR)
$1,179.2
3.0x
19.7x
26-Jan
Ruby Robotics
Intuitive Surgical (NAS: ISRG)
n/m
n/m
n/m
26-Jan
AgreeYa
Computacenter (LON: CCC)
$120.0
1.0x
8.6x
INDUSTRIAL SERVICES Deal Date
Target Company
Acquirer / Investor
Enterprise Value ($M)
EV / LTM Revenue
EV / LTM EBITDA
26-Jun
PayneCrest Electric
Primoris Services (NYS: PRIM)
$422.0
1.2x
n/m
26-Jun
Bennett Paving
Pave America
n/m
n/m
n/m
26-Jun
Giles Electric Company
Miller Electric Company
n/m
n/m
n/m
26-May
United Services
Kelso Industries
n/m
n/m
n/m
26-May
Jay Industrial Repair
Carousel Capital
n/m
n/m
n/m
26-May
Sierra Platform
Redwood Services
$220.0
2.2x
11.0x
26-Apr
Air Hawk Heating and Cooling
Leap Service Partners
n/m
n/m
n/m
26-Apr
Hydro-Vac Holdings
Sound Growth Partners
n/m
n/m
n/m
26-Apr
T-Bar Fence
Fenceworks
n/m
n/m
n/m
26-Mar
Metrix Engineers
Legence (NAS: LGN)
$30.0
n/m
n/m
26-Mar
HES Facilities Management
GI Partners
$107.6
n/m
n/m
26-Feb
CAMP Digital
Tonka Bay Equity Partners
$50.0
n/m
n/m
26-Feb
Lone Star Erosion Control
Goldner Hawn
n/m
n/m
n/m
26-Jan
Simpson Salute Heating & Air
Sila Services
n/m
n/m
n/m
26-Jan
Leonard Valve Company
A. O. Smith (NYS: AOS)
$470.0
8.6x
n/m
26-Jan
McKee Utility Contractors
MasTec (NYS: MTZ)
$237.6
n/m
n/m
Source: PitchBook
15
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Appendix – Select Industrial Venture Capital Activity EARLY-STAGE VENTURE CAPITAL Deal Date
Company Name
Broad Category
Deal Size ($M)
Pre-Money Valuation ($M)
Lead/ Sole Investors
26-Jun
Twenty
Industrial Technology
$100.0
$900.0
Accel
26-Jun
Layup Parts
Traditional Industrials
$42.0
$214.0
Cerberus Ventures
26-Jun
Critical Energy
Traditional Industrials
$22.0
$22.5
Humba Ventures
26-May
Orbital Industries
Industrial Technology
$50.2
n/m
Compound
26-May
TerraFlow Energy
Traditional Industrials
$20.4
n/m
n/m
26-Apr
FloNergia
Industrial Technology
n/m
n/m
Imagine H2O
26-Apr
Mattur
Traditional Industrials
$32.9
n/m
Outlier
26-Mar
AlgaFilm Technologies
Industrial Services
n/m
n/m
Burnt Island Ventures
26-Feb
Type One Energy
Traditional Industrials
$100.0
$1,234.0
East X Ventures
26-Feb
Plasiv
Industrial Technology
n/m
n/m
Plug and Play
26-Jan
GIGABLUE
Industrial Technology
$20.0
n/m
Planet Ocean Fund
LATE-STAGE VENTURE CAPITAL Deal Date
Company Name
Broad Category
Deal Size ($M)
Pre-Money Valuation ($M)
Lead/ Sole Investors
26-Jun
Copia
Industrial Technology
$55.0
n/m
AE Ventures
26-Jun
ZutaCore
Traditional Industrials
$100.0
n/m
Carrier Ventures
26-May
SendCutSend
Industrial Services
$110.0
$900.0
John Collison
26-May
Gradiant
Industrial Services
$400.0
$1,600.0
Clearvision Ventures
26-Apr
Barrell Energy
Traditional Industrials
n/m
n/m
n/m
26-Apr
Disa Technologies
Industrial Technology
$68.1
$79.9
Bacchus Venture Capital
26-Mar
Giga Energy
Traditional Industrials
$27.7
$520.0
CIV
26-Mar
ECOncrete
Traditional Industrials
$14.0
n/m
Barclays Climate Ventures
26-Feb
Cofactr
Industrial Technology
n/m
n/m
Xfund
26-Feb
Lunar Energy
Traditional Industrials
$102.0
$898.0
Alumni Ventures
26-Jan
VulcanForms
Industrial Technology
$220.0
n/m
1789 Capital
Source: PitchBook
16
INDUSTRIALS SEMI-ANNUAL REPORT 2026
Harbor View Advisors 904.285.4278 Jacksonville, FL & New York, NY
harborviewadvisors.com Harbor View Advisors @hvadvisors
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.