Marktlink → Sectors → Industrials → Construction

  • Updated February 27, 2026

Infrastructure spending creates sustained demand

Construction M&A is accelerating for the third consecutive year. Specialty installers, modular builders, and infrastructure specialists attract premium valuations driven by government spending programs, labor scarcity, and sustainability mandates. General contractors without a niche continue to face a challenging sell-side market.

Jeroen van den Berg

Sector Lead Consumer • 14 years • 90+ transactions

“Automotive is the most polarised sector in our portfolio right now. EV supply chain companies and aftermarket specialists are seeing strong buyer interest at multiples we rarely saw in automotive. Traditional ICE-dependent Tier 1 and 2 suppliers? We struggle to generate competitive processes. The question is no longer if you transition, but how fast.”

Sector at a Glance

  • Updated March 2, 2026
VALUATION RANGE

0.0x – 0.0x

↓ -0.2x vs 2024

EBITDA Multiple
Deals in 2025

0

Active Buyers

0+

Enter your figures → see your position instantly

Valuation Development

Construction valuations dipped in 2023 on financing costs, then recovered strongly as infrastructure spending programs materialized.

5-Year Multiple Range

2021 PEAK

0.0x avg

Post-COVID infrastructure recovery

2023 DIP

0x avg

Dip: financing costs, project delays

2025 NOW

0.0x avg

Infra boom: specialty premium widens

Subsegment Analysis

Specialty Installation & Building Tech

[XX] deals in 2025

Multiple Range

0.0x  – 0x

+0.5x
Buyer Mix
PE 40% • Strategic 50%
Key Valuation Driver
Recurring service contracts, certified workforce, and multi-discipline capability
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Modular & Sustainable Construction

[XX] deals in 2025

Multiple Range

0x – 0.0x

+0.6x
Buyer Mix
PE 35% • Strategic 50%
Key Valuation Driver
Prefab technology, sustainability credentials, and scalability
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Infrastructure & Civil Engineering

[XX] deals in 2025

Multiple Range

0x – 0x

+0.3x
Buyer Mix
PE 20% • Strategic 65%
Key Valuation Driver
Government-backed project pipeline and framework agreements
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General Contracting

[XX] deals in 2025

Multiple Range

0x  – 0.0x

+0.0x
Buyer Mix
PE 10% • Strategic 70%
Key Valuation Driver
Backlog visibility, project margin discipline, and labor access
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Buyer Landscape 2025

Overall Buyer Type Distribution

  • What drives premium valuations

EV/electrification supply chain positioning

+0.0x to +0.0x

Software-defined vehicle / ADAS capability

+0.0x to +0.0x

Aftermarket recurring revenue and brand

+0.0x to +0.0x

OEM diversification (3+ major customers)

+0.0x to +0.0x

Credible ICE-to-EV transition roadmap

+0.0x to +0.0x

Which of these buyers match your firm?

BuyersChecker analyzes your profile against our active buyer database.

Recent Transactions

Anonymized Marktlink cases showing the specialty vs general contracting valuation gap.

Platform Premium

Specialty Installation

Electrical, HVAC, and fire safety installation company with certified workforce, multi-year framework agreements with institutional clients, and growing maintenance revenue stream

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Multi-discipline certified
50% recurring revenue
Framework agreements

Key Insight

The 50% recurring maintenance revenue and multi-discipline capability made this a PE roll-up cornerstone. The certified workforce in a labor-scarce market was valued as a key strategic asset. Single-discipline competitors traded at 4.0-4.5x.

Innovation Premium

Modular Construction

Prefabricated modular building company with proprietary production system, sustainability certification, and pipeline of residential and healthcare projects

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Proprietary prefab system
Sustainability certified
Scalable production

Key Insight

The proprietary prefab system and sustainability credentials attracted 11 interested parties — the highest buyer interest in our construction portfolio. The buyer valued the scalable production approach as a solution to labor scarcity and construction speed demands.

Infrastructure Premium

Civil Engineering

Civil engineering firm specialising in bridge reinforcement and water infrastructure, with long-term government framework contracts across the Netherlands

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Government frameworks
Bridge specialism
Revenue visibility

Key Insight

Government-backed infrastructure pipeline provided revenue visibility that justified the premium above general construction. The bridge reinforcement specialism addressed a critical Dutch infrastructure maintenance backlog.

Commodity Pricing

General Contracting

General building contractor in the Netherlands focused on residential new-build, project-based revenue without recurring contracts, and approaching owner succession

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

No specialization
7% margin
Project-dependent

Key Insight

Without specialization, recurring revenue, or differentiated capability, the buyer pool was limited. The 7% margin and project-dependent revenue made it a challenging sell. Contractors investing in a specialty or service model achieve 2-3x higher multiples.

Recognize yourself in these cases? Compare your situation.

Market Trends 2025

Infrastructure spending boom drives M&A

The German EUR 500B infrastructure and climate fund, combined with EU-wide infrastructure programs, is creating sustained demand for construction capacity. Buyers are acquiring ahead of project execution to secure capacity and workforce.

Source: PwC DACH M&A H1 2025

€0B

Germany infra/climate fund

PE roll-ups dominate specialty installation

Private equity is aggressively consolidating specialty installation and building services. PE firms pay an average 10.6x for construction targets, well above the 7.5x strategic average. Fragmentation and recurring revenue drive roll-up logic.

Source: Capstone Construction Services 2025

0.0x

avg PE multiple construction (US)

Labor scarcity as M&A catalyst

More than 80% of contractors report difficulty hiring for craft and salaried positions. Labor scarcity is driving M&A as the primary way to acquire certified workforce capacity, making companies with skilled employees more valuable.

Source: AGC 2026 Outlook Survey

0%+

contractors reporting hiring difficulty

Sustainable construction commands premiums

Modular construction and sustainability-certified builders see the strongest valuation improvement. EV/EBITDA multiples for building technology rebounded in early 2025, driven by sustainability, infrastructure demand, and ESG requirements.

Source: Proventis Building Tech H1 2025

+0.0x

modular/sustainable trend vs 2024

What This Means for You

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Industry Report 2025

Everything on this page, plus: 12 additional deal cases, detailed subsegment analysis, and 2026 outlook.

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