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1、INDUSTRIAL&INFRASTRUCTURE SERVICESREPORT1H 2024Explore M&A Activity,Capital Market Conditions and Current Trends for the Business Services Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMInvestmen

2、t Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1Ben LuchowBen LuchowVice PresidentI&I Services TINDUSTRIAL&INFRASTRUCTURE SERVICES 1H24:WHAT TO KNOW WereWere addingadding a a newnew entryentr

3、y toto ourour reportsreports atat SDR,SDR,focusingfocusing onon thosethose hardhard hathat andand steelsteel toedtoed bootsboots jobsjobs thatthat plugplug alongalong throughthrough thickthick andand thin,thin,IndustrialIndustrial andand InfrastructureInfrastructure servicesservices.TheseThese inclu

4、deinclude thethe jobsjobs thatthat mustmust getget donedone andand cantcant bebe putput offoff.Roofing,Roofing,plumbing,plumbing,infrastructure,infrastructure,HVAC,HVAC,andand moremore.WhileWhile M&AM&A activityactivity hashas beenbeen facingfacing headwindsheadwinds ofof late,late,duedue in in part

5、part toto higherhigher interestinterest rates,rates,werewere bracingbracing forfor a a slewslew ofof newnew dealsdeals asas onceonce-reluctantreluctant sellerssellers thawthaw andand buyersbuyers appearappear toto bebe aboutabout toto getget a a breakbreak inin ratesrates.A A NewNew TakeTake FromFro

6、m SDRSDR:TheThe ServicesServices EverybodyEverybody NeedsNeeds This is a new take for us,a deep dive into those behind-the-scenes service providers every business and consumer leans on at times.Industrial and infrastructure services might seem“boring”at first.There arent any drones or electric airpl

7、anes involved.No next generation of efficient container ships.No quantum cloud computing.But its hard to think of a business,or a person,that isnt affected by this sector.Were talking hands on services such as plumbing and HVAC.Think janitorial and building maintenance.Electrical contracting.Restora

8、tion and cleanup after a severe storm.Lawn care,environmental mediation,traffic control,and road and parking lot construction and repair.Most of us may never see the inside of a semiconductor plant or cloud computing server installation.But we see these services every day commuting to work.Maybe its

9、 the landscaper cutting the grass at the local bank,or the excavator hauling a Bobcat to dig up a busted pipe under your neighbors yard.But heres the thing,this sector is so important and packed with opportunities for both providers and buyers.This isnt the kind of stuff consumers can put off.The to

10、ilet stops working,homeowners cant wait until interest rates come down or for household finances to improve before fixing it.When the air conditioner goes down at a Phoenix call center during a heatwave,business owners cant let their workers swelter.And a city cant delay fixing a malfunctioning traf

11、fic signal at a busy intersection.Were looking at recession-proof,repeatable business models.Yes,AI and the next generation of robotics is shaking up everything from warehouse fulfillment models to accounting and logistics management.But weve yet to see a robot drive itself to an apartment complex a

12、nd put on a new roof after a hailstorm or uncover the mold inside an old building,clean up the mess,and rebuild a wall.The global HVAC maintenance and services2Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,priv

13、ate capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventur

14、esINDUSTRIAL&INFRASTRUCTURE SERVICES CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be construed as an offer or consultation of an offer to sell or buy any securities.Scott Mi

15、tchellScott MitchellManaging DirectorI&I Services TDrew ChamberlainDrew ChamberlainAnalyst III&I Services T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE

16、13market is expected to grow from$78 billion last year to$110 billion by the end of the decade,a 5.8%compound annual growth rate(CAGR).The biggest players(Johnson Controls,Systemair)are actively looking to expand through mergers.Government programs such as the Inflation Reduction Act and the America

17、n Innovation and Manufacturing Act are providing incentives for homes and businesses to convert to more eco-friendly equipment,providing opportunities for service providers and installers.1,2 Meanwhile,profits in plumbing are averaging 35%of sales.The U.S.alone is home to more than 113,000 plumbing

18、businesses.The Bureau of Labor Statistics reports in 2023 the industry employed 482,700 plumbers,pipefitters,and steam fitters.And the global plumbing market valued at$57 billion is expected to experience a CAGR of more than 5%.As the global population continues to grow,theres a demand for residenti

19、al and commercial plumbing,whether thats getting clean water to a source or getting rid of wastewater.3,4,5 EverybodyEverybody TalksTalks AboutAbout TheThe Weather,Weather,ButBut NobodyNobody DoesDoes AnythingAnything AboutAbout It It (Except(Except Us)Us)Wild weather has dominated recent news cycle

20、s.When Hurricane Ian ripped through southwest Florida in 2022,everyone with a roof,from homeowners to businesses,flooded roofing contractors with calls for help.Tropical cyclones,severe storms,wildfires,freezes,floods,and drought are multi-billion-dollar events.These events benefit a large swath of

21、industries such as restoration and remediation or plumbing and roofing.6,7,8 Its not just storms that are boosting demand for the deceptively low-visibility restoration and remediation industry.In low-lying states like Florida,coastal areas are sinking,leading to events called“sunny day flooding.”In

22、 Miami its a race to see who will move in faster,new residents or the Atlantic Ocean as the city literally sinks.Buildings and infrastructure are at risk.9,10,11 Truly,nobody is immune to the forces that are fueling demand for these essential services.Something called“The Surfside Effect”is challeng

23、ing condominium owners.After the tragic 2021 collapse of South Floridas Surfside Condo building due to a lack of maintenance,big,government-backed lenders changed the rules for loans on condo properties,mandating a review of a propertys repair and maintenance history before releasing loans.Under new

24、 laws in Florida,condo owners are finding themselves shelling out big money for now-mandated repairs and maintenance on their buildings.Roofs that have been pushed past their 20-year lifespan need replacing and concrete footings need inspections.Not“when you get the money”but“now.”In California,and

25、in other parts of the country,insurers are using drones,airplanes,and computer analysis to spot yard debris,poorly trimmed trees,damaged roofing shingles and even roofs that appear to have outlived their life expectancy.Homeowners either hire someone to mitigate the damage and do repairs or lose the

26、ir insurance.In Texas,homeowners are taking advantage of federal subsidies for more efficient homes,creating demand for better insulation,new,more efficient cooling systems,and rooftop solar panels and batteries.12,13,14,15 Were watching closely a recent push to harden and enhance the U.S.electrical

27、 grid,now more than 100 years old and suffering from soaring demand and aging components.Who will do the desperately needed work and how government money will flow into these projects remains a question,but judging from a$3.5 billion program for grid enhancement projects the Energy Department announ

28、ced in the fourth quarter of 2023,there should be lots to go around.16Wild weather is driving business directly to the industries that do things like repairing underground infrastructure,replacing roofs,and keeping things shipshape.These arent tasks that can be kicked down the road,and an army of bu

29、sinesses stands ready to do the work.Investors have taken note.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 14InterestInterest RatesRates AndAnd Interes

30、tInterest InIn M&AM&AWere watching a couple of interesting forces at play in the sector that could be about to affect merger and acquisition activity.For one,interest rates have been relatively high for those looking to finance an acquisition.But that may be about to change,making deals easier for b

31、uyers.At the same time,thanks to a slowdown within the last couple of years in the sector,there are plenty of private equity owners of portfolio companies in these industries that have been waiting for the right time to exit.As interest rates go down,we expect to see more secondary activity in the s

32、ector.17,18,19 We believe theres room to run in Industrial and Infrastructure Services.Immediately pre-pandemic and in 2021 and 2022,SDR saw the frothiest market of all time for businesses in many sectors.Valuations for subscale assets were reaching astronomical levels in roll-up industries such as

33、plumbing or HVAC.Higher interest rates have held markets back of late.Large platforms,worth 20 x EBITDA+at lower interest rates,could afford to buy add-ons at high multiples.This has resulted in two things.First,multiples have come down somewhat.However,more notably,transaction volume declined signi

34、ficantly in 2023 with respect to historical periods.However,in a parallel to the residential real estate market,weve seen EBITDA multiples remain relatively robust due to lack of supply.In SDRs processes in and around industrial services,we continue to see strong interest and attractive valuations a

35、nd deal structures,even if multiples arent quite as frothy as 2021 and early 2022.20,21GettingGetting TheThe JobJob DoneDone:MergersMergers&AcquisitionsAcquisitions In March,global investment firm Davidson Kempner Capital Management and private equity firm Broadwing Capital Management took a stake i

36、n regional family-owned mechanical,electrical,and plumbing service provider Upchurch Companies.The investment is expected to drive Upchurch,founded in 1970,forward with capital for future rollups as the Mississippi-based company looks to broaden its footprint.Upchurch has consistently grown its hold

37、ings since the 1990s and services a large part of the Southeast.22 Texas-based Service Experts in April acquired 19 local HVAC and plumbing service centers from HomeServe USA.Service Experts reports the purchase places it among the largest players in the“home comfort”industry,providing HVAC,plumbing

38、,solar panel installation,and other services through 98 service centers in 31 states.23 Franchise brands platform EverSmith Brands,a portfolio company of The Riverside Company,in February announced it had acquired U.S.Lawns,a franchised provider of commercial landscaping and snow removal services fo

39、r U.S.commercial properties.U.S.Lawns was previously held by BrightView Holdings.The landscaping company was founded in 1986 and has grown to more than 200 locations in 35 states.The deal was reportedly valued at$51.6 million.24,25 BackBack ToTo WorkWork.A A LookLook AheadAheadAs noted,were watching

40、 an interesting dynamic between owners and potential buyers.We believe the time may be right for the ice to thaw as we look ahead to interest rates easing and pressure mounting on investors to get their money out and move on.The Industrial and Infrastructure Services sector is vast and largely fragm

41、ented,creating M&A opportunities as companies either look to cash out or scale up.We certainly dont see demand for services lagging,no matter what the economy does.When needs arise,when toilets clog,they are usually needs that cant be deferred.Weather happens.Stuff gets old and breaks.Nothing lasts

42、forever.These are the services that are standing by.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT5TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIO

43、NS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsSource:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only and is not all-inclusive.Nevertheless,they are typically representative of the industry.GeoNames

44、,Microsoft,TomTomPowered by BingStrategic49%Financial51%32 165 76 82 176 -50 100 150 200Facility&BuildingServicesResidentialServicesInfrastructureServicesEnvironmentalServicesConstruction&EngineeringIf You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner L

45、ooking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H

46、2024|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORTFIRMRECENT SUBSIDIARY ACQUISITIONS6ACTIVE BUYERSSource:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only and is not all-inclusive.Nevertheless,they are typically representative of the industry.FIRMREC

47、ENT SUBSIDIARY ACQUISITIONSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORTPUBLI

48、C BASKET7FACILITY AND BUILDING SERVICESINDUSTRIAL&INFRASTRUCTURE SERVICES SEGMENTS VS.S&P 500Segment Market Cap Performance Trailing 12 MonthsSource:PitchBook Financial Data and AnalyticsRESIDENTIAL SERVICES-30%-20%-10%0%10%20%30%40%Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-

49、24 Apr-24 May-24 Jun-24Facility and Building ServicesResidential ServicesInfrastructure ServicesConstruction and EngineeringEnvironmental ServicesS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024|VOL 1|I

50、SSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT8PUBLIC BASKET(CONTINUED)INFRASTRUCTURE SERVICESSource:PitchBook Financial Data and AnalyticsENVIRONMENTAL SERVICESCONSTRUCTION&ENGINEERING720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA

51、 and SIPC.1H 2024 1H 2024|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT9U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of May 2024.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transact

52、ion SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics$0.0M$100.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3002023 Q22023 Q32023 Q42024 Q12024 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.8x6.1x6.8x7.0 x7.3x7.5x8.0 x8.

53、3x8.8x8.6x9.0 x9.4x10.0 x8.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x202120222023YTD 2024$10-25mm$25-50mm$50-100mm$100-250mm54%42%29%42%10%11%22%13%36%47%49%45%42%42%29%30%11%9%12%8%47%49%60%62%36%37%29%27%9%5%10%11%55%58%61%62%39%36%32%23%7%10%6%6%54%55%63%71%0%20%40%60%80%100%$10-25mm$25-50mm$50-100m

54、m$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mmSenior DebtSub DebtEquity202120232022YTD 2024720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024

55、|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORT10SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYEXIT PREPARATIONCOMPREHENSIVE INDUSTRIAL&INFRASTRUCTURE SERVICES EXPERTISEOur robust experience in the Industrial&Infrastructure Services Industry makes us an ide

56、al fit to help identify and execute the right M&A options for your business.Through buy-side analysis,sell-side execution,or private capital formation,we can help you maximize the potential of your company and take advantage of the many opportunities that this industry has to offer.Our Industrial&In

57、frastructure Services investment banking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Business Services Industry,including:CONTACT USFacility&Building ServicesResidential ServicesPublic Infrastructure ServicesEnvi

58、ronmental ServicesArchitectural&EngineeringBen LuchowBen LuchowVice PresidentI&I Services TScott MitchellScott MitchellManaging DirectorI&I Services T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024|VOL 1|ISSU

59、E 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORTADDITIONAL REFERENCES111.“Global HVAC Maintenance And Services Market Outlook&Forecast 2024-2029:Demand For Low GWP Refrigerant Solutions In Heating Equipment,”GlobeNewswire,via ResearchAndMarkets,Feb.16,2024 https:/ 2.“HVAC Industry Gears Up For Challenge

60、s In 2024,”Air Condition,Heating,Refrigeration News,Joanna R.Turpin,accessed Jul.21,2024 https:/ 3.“Statistics To Know That Show Plumbing Industry Market Growth,”Rival Digital,Jun.1,2024 https:/ Outlook Handbook,Plumbers,Pipefitters,And Steamfitters,”U.S.Bureau of Labor Statistics,2024 https:/www.bl

61、s.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm 5.“Plumbing Market Size,Plumbing Market Analysis,Trends,Growth Opportunities,And Forecast,2023-2030|Latest Market Study By Rationalstat,”GlobeNewsWire via RationalStat,Oct.10,2023 https:/ 6.“Climate Change Indicators:Wea

62、ther And Climate,”U.S.Environmental Protection Agency,accessed Jul.21,2024 https:/www.epa.gov/climate-indicators/weather-climate 7.“Shocked By Your Last Roofing Quote?Check Again Says SWFL Roofing Expert,”The News-Press,Rast Bryant,Jan.27,2024 https:/www.news- Historic Year Of U.S.Billion-Dollar Wea

63、ther And Climate Disasters,”Climate.gov,Adam B.Smith,Jan.8,2024 https:/www.climate.gov/news-features/blogs/beyond-data/2023-historic-year-us-billion-dollar-weather-and-climate-disasters#:text=1980%2D2023%20costs%20and%20fatalities%20by%20disaster%20type&text=Severe%20storms%20(%24455.2%20billion,lis

64、t%20of%20billion%2Ddollar%20events.9.“High Tide Flooding,”NOAA,accessed Jul.21,2024 https:/coast.noaa.gov/states/fast-facts/recurrent-tidal-flooding.html#:text=High%20tide%20flooding%2C%20sometimes%20referred,increasingly%20disrupting%20coastal%20community%20life.10.“Miami Is Ground Zero For Climate

65、 Risk.People Are Moving To The Area And Building There Anyway,”CNBC,Greg Iacurci,Apr.26,2024 https:/ 11.“Coastal Flooding Ranking Of Cities,”OECD,R.J.Nicholls et.al,accessed Jul.21,2024 https:/climate-adapt.eea.europa.eu/en/metadata/publications/ranking-of-the-worlds-cities-to-coastal-flooding/11240

66、357 12.“The Surfside Effect:Adjusting To New Regulations In The Aftermath Of The Surfside Collapse,”National Mortgage Professional,Erica Drzewiecki,Feb.21,2024 https:/ 13.“A Perfect Storm Is Coming To South Florida As Maintenance Fees Threaten Condo Owners,”Palm Beach Post,Joseph Hernandez,Mar.28,20

67、24 https:/ Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.1H 2024 1H 2024|VOL 1|ISSUE 1INDUSTRIAL&INFRASTRUCTURE SERVICES REPORTADDITIONAL REFERENCES(CONTINUED)1214.“Insurers Are Spying On Your Home From The Sky,”Wall Street Journal,Jean Eaglesham,Apr.6,2024 htt

68、ps:/ To Make Your Texas Home More Energy Efficient And Get Money From The Government,”The Texas Tribune,Emily Foxhall,Jul.9,2024 https:/www.texastribune.org/2024/07/09/texas-energy-efficiency-guide-federal-tax-rebates/16.“The Aging U.S.Power Grid Is About To Get A Jolt,”Wall Street Journal,Scott Pat

69、terson,Jun.6,2024 https:/ 17.“M&A:Showing Signs Of Resurgence,”Wall Street Journal via Deloitte,2024 https:/ 18.“Top Fed Officials Say They Are Closer To Cutting Interest Rates,”Reuters,Howard Schneider and Michael S.Derby,Jul.17,2024 https:/ Private Equity(PE),”Investopedia,Troy Segal,Feb.9,2024 ht

70、tps:/ Back At M&A In 2023:Who Wins In A Down Year?”Bain&Company,David Harding et.al.,Jan.30,2024 https:/ 21.“The Housing Market Is Stuck Until At Least 2026,Bank Of America Warns,”CNN,Matt Egan,Jun.27,2024 https:/ 22.“Upchurch Companies Sells Stake To Davidson Kempner And Broadwing Capital,”Yahoo Fi

71、nance via Business Wire,Mar.27,2024 https:/ 23.“Service Experts Grows To Become One Of The Largest US Residential Home Comfort Business,”Plumbing&Mechanical,Apr.8,2024 https:/ 24.“EverSmith Brands Acquires U.S.Lawns,Expanding Its Landscaping Portfolio,”PR Newswire,Feb.1,2024 https:/ Holdings Inc(BV)Reports Mixed Q1 Fiscal 2024 Results Amid Strategic Divestiture,”Yahoo Finance via GuruFocus Research,Feb.1,2024 https:/