Industrial services businesses are drawing major attention in the M&A market – especially as tariffs shake up manufacturing. In Q1, 110 deals closed across the sector, including several marquee environmental services transactions (Shamrock, Triumvirate, GFL’s Environmental Services business).

🔹 Services seen as a “safe haven” amid macro uncertainty

🔹 Premium assets are commanding top multiples and calling the shots on buyer selection

🔹 Private equity remains aggressive, with 21 new platforms launched in Q1

With rate cuts on the horizon and macroeconomic tailwinds in place, we expect to see continued strong M&A activity in the near- to mid-term.