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Q2 2026 Engineering & Construction market review

Engineering & Construction is active this window, with 283 buys in the last 3 years vs 230 prior across 90 public acquirers.

Generated May 26, 2026, 10:42 PMSource packet: market reviewSE-Cluster evidence packet

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Market thesis

[1][2]
2 cites
Buyer quality shows up in repeatable project capability expansion, steady acquisition cadence, and disciplined deal sizes.

[1] 10-K· 2026-02-19

FY 2017 strategy language. Consolidation, competition, capital constraints or negative economic conditions in the electric power, oil and gas or communications industries may also result in reduced spending by, or the loss of, one or more of our customers.

[2] 10-K· 2026-02-19

FY 2009 strategy language. we have grown organically and made strategic acquisitions, expanding our geographic presence and scope of services and developing new capabilities to meet our customers’ evolving needs

Buyer hierarchy

[1][2][3]
3 cites
PWR, TT, CARR, XIFR, OC lead the current buyer hierarchy with 1,184 recorded buys among ranked acquirers.

[1] 10-K· 2026-02-19

FY 2017 strategy language. Consolidation, competition, capital constraints or negative economic conditions in the electric power, oil and gas or communications industries may also result in reduced spending by, or the loss of, one or more of our customers.

[2] 10-K· 2026-02-19

FY 2009 strategy language. we have grown organically and made strategic acquisitions, expanding our geographic presence and scope of services and developing new capabilities to meet our customers’ evolving needs

[3] 10-K· 2026-02-19

FY 2007 strategy language. Pursue strategic acquisitions. We continue to evaluate potential acquisitions of companies with strong management teams and good reputations to broaden our customer base, expand our geographic area of operation and grow our portfolio of services.

Filing signals

[4][5][6][7]
4 cites
EMCOR Group, Inc.: 71 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. MasTec, Inc.: 65 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. APi Group Corporation: 34 recorded buyer-side acquisition reference(s); filings read as very active buyer activity. Fortune Brands Innovations, Inc.: Spin, divestiture, or carve-out filings point to a very active separation window. Quanta Services, Inc.: 105 recorded buyer-side acquisition reference(s); filings read as very active buyer activity.

[4] 10-K· 2026-02-26

FY 2013 strategy language. This acquisition will expand and further strengthen our service offerings to new and existing customers and enhance our position within the industrial services and energy market sectors.

[5] 10-K· 2026-02-26

FY 2011 strategy language. We acquired USM because we believe that it further strengthens our market position in facilities and maintenance services and provides access to new customers

[6] 10-K· 2026-02-26

FY 2011 strategy language. We believe these acquisitions further expand our service capabilities into new geographical and/or technical areas

[7] 10-K· 2026-02-26

FY 2013 strategy language. Big Country is expected to significantly expand MasTec's ability to take advantage of the rapidly expanding opportunities anticipated for energy infrastructure work in North America in the coming years.