德安华（Kroll）：2026年春季全球工业与商业服务行业洞察报告（英文版）（13页）.pdf

1、Spring 2026Industry InsightsLearn MoreIndustrial and Commercial Services The North American Industrial and Commercial Services sector experienced a notable acceleration in M&A activity in 2025,with total transactions increasing by 104 year-on-year(“YoY”),from 700 in 2024,to 804 in 2025 As tariff-rel

2、ated uncertainty disrupted manufacturing activity,growth shifted meaningfully toward the services economy.Industrial services demonstrated particularly strong performance,outperforming the S&P 500 by 148%.Service-oriented business activity remains robust and now represents some of the most prominent

3、 and attractive themes in private equity investment into 2026 Buyer interest strengthened significantly in the second half of 2025,supported by easing interest rates,improving overall buyer confidence and a strategic pivot toward sectors less exposed to tariffs.The Industrial and Commercial Services

4、 space benefited materially from this shift,driving heightened M&A activityOverall,2025 marked the highest level of M&A activity in the Industrial and Commercial Services sector since 2021,with YoY deal volume growth exceeding the broader North American M&A market by 11.9%The three consecutive feder

5、al funds rate cuts in late 2025 lowered borrowing costs and boosted dealmaker confidence,improving financing conditions for M&A.With policymakers signaling further easing into 2026,this supportive deal environment is expected to continue through the year.OverviewSources:CapitalIQ,Company Filings;(1)

6、:Enterprise Value;(2)Last Twelve MonthsDeals reported in the Industrial and Commercial Services sector in 2025804Industry HighlightsIncrease in YoY deal activity between 2024 and 2025,which represents an 11.9%outperformance relative to broader M&A activity14.9%Stock underperformance below the S&P 50