Industrial Services M&A Update: Healthy, but Not “Frothy”

‍Industrial services M&A remained strong through Q3 2025, even with a modest 15% decline in transaction count from Q2. Regulatory tailwinds, dovish policy, and sustained buyer interest kept momentum high. Environmental services led the way, growing from 15 to 27 transactions QoQ, while add-on activity remained active as platforms focused on integration. Looking ahead, easing inflation, anticipated rate cuts, and competition for quality assets point to a busy Q4.