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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Engineering & Construction

Lower Spend Concentration + Accelerating · $167.3B disclosed spend · led by Geographic Expansion plays · activity accelerating across 90 public buyers.

Buyer quality shows up in repeatable project capability expansion, steady acquisition cadence, and disciplined deal sizes.

Geographic Expansion dominantSpend HHI 410Accelerating +38

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

90

57 core (10+)

Recorded buys

1,184

283 last 3 yrs

Disclosed spend

$167.3B

$50.9B recent

Matched issuers

160

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 29%
Bolt 20%
Horiz 20%
Platform 17%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

6% mix

Small additive deals folded directly into the existing business.

“Making targeted acquisitions. We believe that acquisitions can accelerate our growth by adding capabilities that we do not currently have, creating access to new customers and expanding our geographic footprint.”

SOLV Energy, Inc. (MWH) · FY2025

Bolt On

20% mix

Mid-sized acquisitions extending the existing product or service core.

“Residential homebuilders historically have exerted significant pressure on their outside suppliers to keep prices low in the highly fragmented building products and materials supply and services industry.”

TopBuild Corp (BLD) · FY2025

Platform

17% mix

Foundational deals establishing a new platform or business line.

“fewer acquisition opportunities than NEP expects, which could result from, among other things, available projects having less desirable economic returns or higher risk profiles than NEP believes suitable for its acquisition strategy and future growth;”

Xplr Infrastructure, LP (XIFR) · FY2023

Geographic Expansion

29% mix

Buying density or new geographies to extend the footprint.

“Our inability to successfully execute our acquisition strategy may adversely impact our growth.”

Quanta Services, Inc. (PWR) · FY2025

Horizontal Consolidation

20% mix

Acquiring direct competitors to consolidate the market.

“We have acquired industry participants in the past and may consider additional strategic acquisitions if such opportunities arise.”

Cavco Industries, Inc. (CVCO) · FY2025

Vertical Integration

2% mix

Adding upstream or downstream capability inside the value chain.

“We continued to strengthen and expand our vertically integrated home markets with acquisitions of Slats Lucas, LLC and Warren Paving, Inc.”

Granite Construction Inc. (GVA) · FY2025

Technology Acquisition

4% mix

Buying products, IP, or engineering depth for capability gain.

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$1M$10M$100M$1B$10M$100M$1B$10Bmedian annual $85Mmedian total $490MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)TTTrane Technologies PLC (TT) Geographic Expansion $14.4B total · $1.3B / active year 11 active years · 11 buys reportedCARRCarrier Global Corporation (CARR) Geographic Expansion $12.2B total · $2.4B / active year 5 active years · 2 buys reportedXIFRXplr Infrastructure, LP (XIFR) Platform $11.8B total · $1.3B / active year 9 active years · 9 buys reportedPWRQuanta Services, Inc. (PWR) Geographic Expansion $11.7B total · $614M / active year 19 active years · 105 buys reportedXINRYXinyuan Real Estate Co., Ltd. (XINRY) Geographic Expansion $10.8B total · $1.8B / active year 6 active years · 6 buys reportedOCOwens Corning (OC) Geographic Expansion $8.7B total · $721M / active year 12 active years · 16 buys reportedJJacobs Solutions Inc. (J) Geographic Expansion $7.7B total · $404M / active year 19 active years · 31 buys reportedACMAecom (ACM) Geographic Expansion $5.7B total · $408M / active year 14 active years · 40 buys reportedBLDRBuilders Firstsource, Inc. (BLDR) Geographic Expansion $5.4B total · $417M / active year 13 active years · 33 buys reportedCSLCarlisle Companies Incorporated (CSL) Bolt On $4.9B total · $287M / active year 17 active years · 43 buys reportedKBRKBR, Inc. (KBR) Bolt On $4.5B total · $376M / active year 12 active years · 19 buys reportedAPGAPi Group Corporation (APG) Geographic Expansion $4.3B total · $715M / active year 6 active years · 34 buys reportedBLDTopBuild Corp (BLD) Bolt On $4.2B total · $420M / active year 10 active years · 16 buys reportedFBINFortune Brands Innovations, Inc. (FBIN) Bolt On $4.2B total · $321M / active year 13 active years · 16 buys reportedEMEEMCOR Group, Inc. (EME) Geographic Expansion $3.8B total · $222M / active year 17 active years · 71 buys reportedTOLToll Brothers, Inc. (TOL) Geographic Expansion $3.6B total · $448M / active year 8 active years · 9 buys reportedMTZMasTec, Inc. (MTZ) Geographic Expansion $3.1B total · $181M / active year 17 active years · 64 buys reportedJCIJohnson Controls International PLC (JCI) Geographic Expansion $2.9B total · $226M / active year 13 active years · 31 buys reportedSUNESunation Energy, Inc. (SUNE) Geographic Expansion $2.8B total · $403M / active year 7 active years · 10 buys reportedACAArcosa, Inc. (ACA) Geographic Expansion $2.7B total · $445M / active year 6 active years · 13 buys reportedPHMPultegroup, Inc. (PHM) Bolt On $2.5B total · $361M / active year 7 active years · 4 buys reportedTTEKTetra Tech, Inc. (TTEK) Geographic Expansion $2.3B total · $119M / active year 19 active years · 34 buys reportedLENLennar Corp. (LEN) Geographic Expansion $2.2B total · $314M / active year 7 active years · 3 buys reportedROADConstruction Partners, Inc. (ROAD) Geographic Expansion $2.1B total · $268M / active year 8 active years · 34 buys reportedFIXComfort Systems Usa, Inc. (FIX) Geographic Expansion $1.6B total · $91M / active year 18 active years · 36 buys reportedDHID.R. Horton, Inc. (DHI) Geographic Expansion $1.6B total · $114M / active year 14 active years · 10 buys reportedWMSAdvanced Drainage Systems, Inc. (WMS) Geographic Expansion $1.5B total · $172M / active year 9 active years · 10 buys reportedNXQuanex Building Products Corporation (NX) Bolt On $1.5B total · $139M / active year 11 active years · 10 buys reportedSTRLSterling Infrastructure, Inc. (STRL) Geographic Expansion $1.4B total · $111M / active year 13 active years · 13 buys reportedPRIMPrimoris Services Corporation (PRIM) Geographic Expansion $1.4B total · $125M / active year 11 active years · 18 buys reportedSSDSimpson Manufacturing Co., Inc. (SSD) Geographic Expansion $1.2B total · $65M / active year 19 active years · 15 buys reportedDYDycom Industries, Inc. (DY) Geographic Expansion $1.1B total · $83M / active year 13 active years · 13 buys reportedGVAGranite Construction Inc. (GVA) Vertical Integration $1.1B total · $178M / active year 6 active years · 12 buys reportedROCKGibraltar Industries, Inc. (ROCK) Geographic Expansion $1.1B total · $66M / active year 16 active years · 23 buys reportedSKYChampion Homes, Inc. (SKY) Geographic Expansion $945M total · $157M / active year 6 active years · 4 buys reportedDFHDream Finders Homes, Inc. (DFH) Geographic Expansion $912M total · $182M / active year 5 active years · 9 buys reportedTMHCTaylor Morrison Home Corp. (TMHC) Geographic Expansion $846M total · $169M / active year 5 active years · 6 buys reportedLIILennox International Inc. (LII) Bolt On $791M total · $198M / active year 4 active years · 5 buys reportedWBIWaterBridge Infrastructure LLC (WBI) Bolt On $782M total · $782M / active year 1 active yearsTPCTutor Perini Corporation (TPC) Geographic Expansion $766M total · $192M / active year 4 active years · 11 buys reportedVATEINNOVATE Corp. (VATE) Bolt On $742M total · $124M / active year 6 active years · 19 buys reportedAPOGApogee Enterprises, Inc. (APOG) Geographic Expansion $683M total · $68M / active year 10 active years · 6 buys reportedMDLKModulink Inc. (MDLK) Geographic Expansion $573M total · $573M / active year 1 active yearsCCSCentury Communities, Inc. (CCS) Geographic Expansion $561M total · $140M / active year 4 active years · 5 buys reportedAWIArmstrong World Industries, Inc. (AWI) Bolt On $515M total · $40M / active year 13 active years · 16 buys reportedBXCBlueLinx Holdings Inc. (BXC) Bolt On $465M total · $66M / active year 7 active years · 5 buys reportedMASMasco Corporation (MAS) Bolt On $450M total · $35M / active year 13 active years · 7 buys reportedCVCOCavco Industries, Inc. (CVCO) Horizontal Consolidation $443M total · $55M / active year 8 active years · 12 buys reportedIBPInstalled Building Products, Inc. (IBP) Platform $388M total · $97M / active year 4 active years · 42 buys reportedMYRGMYR Group Inc. (MYRG) Mixed strategy $386M total · $55M / active year 7 active years · 8 buys reportedJELDJELD-WEN Holding, Inc. (JELD) Geographic Expansion $357M total · $119M / active year 3 active years · 10 buys reportedIESCIES Holdings, Inc. (IESC) Geographic Expansion $344M total · $34M / active year 10 active years · 21 buys reportedBWMNBowman Consulting Group Ltd. (BWMN) Bolt On $341M total · $68M / active year 5 active years · 34 buys reportedWLDNWilldan Group, Inc. (WLDN) Bolt On $300M total · $30M / active year 10 active years · 14 buys reportedORNOrion Group Holdings, Inc. (ORN) Geographic Expansion $298M total · $43M / active year 7 active years · 5 buys reportedGRBKGreen Brick Partners, Inc. (GRBK) Geographic Expansion $264M total · $66M / active year 4 active years · 2 buys reportedPPIHPerma-Pipe International Holdings, Inc. (PPIH) Geographic Expansion $260M total · $65M / active year 4 active years · 2 buys reportedFLRFluor Corporation (FLR) Bolt On $241M total · $241M / active year 1 active years · 1 buys reportedAEHLAntelope Enterprise Holdings Ltd (AEHL) Geographic Expansion $199M total · $25M / active year 8 active years · 3 buys reportedLMBLimbach Holdings, Inc. (LMB) Geographic Expansion $189M total · $31M / active year 6 active years · 2 buys reportedLGIHLGI Homes, Inc. (LGIH) Geographic Expansion $187M total · $47M / active year 4 active years · 6 buys reportedSWIMLatham Group, Inc. (SWIM) Geographic Expansion $165M total · $41M / active year 4 active years · 3 buys reportedGFASYGafisa S.A. (GFASY) Mixed strategy $157M total · $78M / active year 2 active years · 1 buys reportedMTHMeritage Homes Corporation (MTH) Geographic Expansion $149M total · $75M / active year 2 active years · 2 buys reportedTREXTrex Company, Inc. (TREX) Geographic Expansion $146M total · $49M / active year 3 active years · 3 buys reportedMHOM/i Homes, Inc. (MHO) Geographic Expansion $134M total · $34M / active year 4 active years · 3 buys reportedMTRXMatrix Service Co. (MTRX) Geographic Expansion $132M total · $19M / active year 7 active years · 7 buys reportedHASIHA Sustainable Infrastructure Capital, Inc. (HASI) Platform $126M total · $126M / active year 1 active years · 2 buys reportedAAONAaon, Inc. (AAON) Geographic Expansion $123M total · $25M / active year 5 active years · 3 buys reportedBLNKBlink Charging Co. (BLNK) Geographic Expansion $112M total · $19M / active year 6 active years · 3 buys reportedESOAEnergy Services of America Corporation (ESOA) Bolt On $91M total · $13M / active year 7 active years · 12 buys reportedAMRCAmeresco, Inc. (AMRC) Geographic Expansion $88M total · $7M / active year 13 active years · 27 buys reportedPTOSP2 Solar, Inc. (PTOS) Geographic Expansion $87M total · $87M / active year 1 active years · 2 buys reportedPLPCPreformed Line Products Company (PLPC) Geographic Expansion $72M total · $12M / active year 6 active years · 13 buys reportedTPHTri Pointe Homes, Inc. (TPH) Geographic Expansion $62M total · $62M / active year 1 active years · 1 buys reportedBZHBeazer Homes Usa, Inc. (BZH) Geographic Expansion $61M total · $31M / active year 2 active years · 1 buys reportedJBIJanus International Group, Inc. (JBI) Geographic Expansion $59M total · $59M / active year 1 active years · 2 buys reportedMWHSOLV Energy, Inc. (MWH) Tuck In $55M total · $55M / active year 1 active yearsNELRNeolara Corp. (NELR) Mixed strategy $55M total · $55M / active year 1 active yearsSPWRSunpower Inc. (SPWR) Mixed strategy $54M total · $54M / active year 1 active yearsUHGUnited Homes Group, Inc. (UHG) Geographic Expansion $50M total · $17M / active year 3 active years · 5 buys reportedAGXArgan, Inc. (AGX) Platform $46M total · $9M / active year 5 active years · 2 buys reportedBBCPConcrete Pumping Holdings, Inc. (BBCP) Geographic Expansion $43M total · $22M / active year 2 active years · 6 buys reportedNVRNVR, Inc. (NVR) Geographic Expansion $31M total · $16M / active year 2 active years · 2 buys reportedBDCCBlackwell 3d Construction Corp. (BDCC) Mixed strategy $26M total · $7M / active year 4 active years · 3 buys reportedLEGHLegacy Housing Corporation (LEGH) Geographic Expansion $19M total · $19M / active year 1 active years · 1 buys reportedLGNLegence Corp. (LGN) Geographic Expansion $17M total · $17M / active year 1 active years · 2 buys reportedRNGERange Impact, Inc. (RNGE) Geographic Expansion $14M total · $4M / active year 4 active years · 4 buys reportedCSTECaesarstone Ltd. (CSTE) Mixed strategy $9M total · $1M / active year 7 active yearsBNCCEA Industries Inc. (BNC) Mixed strategy $5M total · $2M / active year 2 active years · 5 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Trane Technologies PLCTTGeographic Expansion
$14.4B
$1.3B11

Accelerating

+82%

Carrier Global CorporationCARRGeographic Expansion
$12.2B
$2.4B2

New cycle

$11.3B recent

Xplr Infrastructure, LPXIFRPlatform
$11.8B
$1.3B9

Cooling

-84%

Quanta Services, Inc.PWRGeographic Expansion
$11.7B
$614M105

Accelerating

+85%

Xinyuan Real Estate Co., Ltd.XINRYGeographic Expansion
$10.8B
$1.8B6

New cycle

$3.4B recent

Owens CorningOCGeographic Expansion
$8.7B
$721M16

New cycle

$6B recent

Jacobs Solutions Inc.JGeographic Expansion
$7.7B
$404M31

Winding down

$2.5B → $32M

AecomACMGeographic Expansion
$5.7B
$408M40

New cycle

$231M recent

Builders Firstsource, Inc.BLDRGeographic Expansion
$5.4B
$417M33

Steady

-9%

Carlisle Companies IncorporatedCSLBolt On
$4.9B
$287M43

Cooling

-52%

KBR, Inc.KBRBolt On
$4.5B
$376M19

Cooling

-37%

APi Group CorporationAPGGeographic Expansion
$4.3B
$715M34

Cooling

-68%

TopBuild CorpBLDBolt On
$4.2B
$420M16

Accelerating

+63%

Fortune Brands Innovations, Inc.FBINBolt On
$4.2B
$321M16

Steady

-16%

EMCOR Group, Inc.EMEGeographic Expansion
$3.8B
$222M71

Accelerating

+404%

Toll Brothers, Inc.TOLGeographic Expansion
$3.6B
$448M9

Paused

$166M prior

MasTec, Inc.MTZGeographic Expansion
$3.1B
$181M64

Cooling

-88%

Johnson Controls International PLCJCIGeographic Expansion
$2.9B
$226M31

Cooling

-32%

Sunation Energy, Inc.SUNEGeographic Expansion
$2.8B
$403M10

Paused

$6M prior

Arcosa, Inc.ACAGeographic Expansion
$2.7B
$445M13

Accelerating

+61%

Pultegroup, Inc.PHMBolt On
$2.5B
$361M4

Paused

$104M prior

Tetra Tech, Inc.TTEKGeographic Expansion
$2.3B
$119M34

Accelerating

+416%

Lennar Corp.LENGeographic Expansion
$2.2B
$314M3

New cycle

$255M recent

Construction Partners, Inc.ROADGeographic Expansion
$2.1B
$268M34

Accelerating

+363%

Comfort Systems Usa, Inc.FIXGeographic Expansion
$1.6B
$91M36

Accelerating

+33%

D.R. Horton, Inc.DHIGeographic Expansion
$1.6B
$114M10

Steady

+0%

Advanced Drainage Systems, Inc.WMSGeographic Expansion
$1.5B
$172M10

Cooling

-76%

Quanex Building Products CorporationNXBolt On
$1.5B
$139M10

New cycle

$889M recent

Sterling Infrastructure, Inc.STRLGeographic Expansion
$1.4B
$111M13

Accelerating

+170%

Primoris Services CorporationPRIMGeographic Expansion
$1.4B
$125M18

Winding down

$1.1B → $9M

Simpson Manufacturing Co., Inc.SSDGeographic Expansion
$1.2B
$65M15

Cooling

-87%

Dycom Industries, Inc.DYGeographic Expansion
$1.1B
$83M13

New cycle

$307M recent

Granite Construction Inc.GVAVertical Integration
$1.1B
$178M12

New cycle

$912M recent

Gibraltar Industries, Inc.ROCKGeographic Expansion
$1.1B
$66M23

Cooling

-83%

Champion Homes, Inc.SKYGeographic Expansion
$945M
$157M4

New cycle

$607M recent

Dream Finders Homes, Inc.DFHGeographic Expansion
$912M
$182M9

Cooling

-34%

Taylor Morrison Home Corp.TMHCGeographic Expansion
$846M
$169M6

Paused

$279M prior

Lennox International Inc.LIIBolt On
$791M
$198M5

New cycle

$640M recent

WaterBridge Infrastructure LLCWBIBolt On
$782M
$782MN/A

New cycle

$782M recent

Tutor Perini CorporationTPCGeographic Expansion
$766M
$192M11

Steady

+0% (count)

INNOVATE Corp.VATEBolt On
$742M
$124M19

Winding down

$129M → $500K

Apogee Enterprises, Inc.APOGGeographic Expansion
$683M
$68M6

New cycle

$232M recent

Modulink Inc.MDLKGeographic Expansion
$573M
$573MN/A

Steady

no signal

Century Communities, Inc.CCSGeographic Expansion
$561M
$140M5

New cycle

$160M recent

Armstrong World Industries, Inc.AWIBolt On
$515M
$40M16

Steady

-2%

BlueLinx Holdings Inc.BXCBolt On
$465M
$66M5

Accelerating

+1497%

Masco CorporationMASBolt On
$450M
$35M7

Cooling

-53%

Cavco Industries, Inc.CVCOHorizontal Consolidation
$443M
$55M12

Steady

-21%

Installed Building Products, Inc.IBPPlatform
$388M
$97M42

Paused

$114M prior

MYR Group Inc.MYRGN/A
$386M
$55M8

Steady

+1%

JELD-WEN Holding, Inc.JELDGeographic Expansion
$357M
$119M10

Steady

+0% (count)

IES Holdings, Inc.IESCGeographic Expansion
$344M
$34M21

Steady

-2%

Bowman Consulting Group Ltd.BWMNBolt On
$341M
$68M34

Accelerating

+691%

Willdan Group, Inc.WLDNBolt On
$300M
$30M14

New cycle

$45M recent

Orion Group Holdings, Inc.ORNGeographic Expansion
$298M
$43M5

Steady

+0% (count)

Green Brick Partners, Inc.GRBKGeographic Expansion
$264M
$66M2

Steady

+0% (count)

Perma-Pipe International Holdings, Inc.PPIHGeographic Expansion
$260M
$65M2

Steady

+0% (count)

Fluor CorporationFLRBolt On
$241M
$241M1

Steady

+0% (count)

Antelope Enterprise Holdings LtdAEHLGeographic Expansion
$199M
$25M3

Steady

+0% (count)

Limbach Holdings, Inc.LMBGeographic Expansion
$189M
$31M2

Accelerating

+212%

LGI Homes, Inc.LGIHGeographic Expansion
$187M
$47M6

Paused

$67M prior

Latham Group, Inc.SWIMGeographic Expansion
$165M
$41M3

Cooling

-28%

Gafisa S.A.GFASYN/A
$157M
$78M1

Steady

+0% (count)

Meritage Homes CorporationMTHGeographic Expansion
$149M
$75M2

Steady

+0% (count)

Trex Company, Inc.TREXGeographic Expansion
$146M
$49M3

Steady

+0% (count)

M/i Homes, Inc.MHOGeographic Expansion
$134M
$34M3

Steady

+0% (count)

Matrix Service Co.MTRXGeographic Expansion
$132M
$19M7

Steady

+0% (count)

HA Sustainable Infrastructure Capital, Inc.HASIPlatform
$126M
$126M2

Steady

+0% (count)

Aaon, Inc.AAONGeographic Expansion
$123M
$25M3

Paused

$110M prior

Blink Charging Co.BLNKGeographic Expansion
$112M
$19M3

Cooling

-51%

Energy Services of America CorporationESOABolt On
$91M
$13M12

Accelerating

+115%

Ameresco, Inc.AMRCGeographic Expansion
$88M
$7M27

Steady

-7%

P2 Solar, Inc.PTOSGeographic Expansion
$87M
$87M2

New cycle

$87M recent

Preformed Line Products CompanyPLPCGeographic Expansion
$72M
$12M13

Steady

+21%

Tri Pointe Homes, Inc.TPHGeographic Expansion
$62M
$62M1

Steady

+0% (count)

Beazer Homes Usa, Inc.BZHGeographic Expansion
$61M
$31M1

Steady

+0% (count)

Janus International Group, Inc.JBIGeographic Expansion
$59M
$59M2

New cycle

$59M recent

SOLV Energy, Inc.MWHTuck In
$55M
$55MN/A

New cycle

$55M recent

Neolara Corp.NELRN/A
$55M
$55MN/A

New cycle

$55M recent

Sunpower Inc.SPWRN/A
$54M
$54MN/A

New cycle

$54M recent

United Homes Group, Inc.UHGGeographic Expansion
$50M
$17M5

New cycle

$50M recent

Argan, Inc.AGXPlatform
$46M
$9M2

Paused

$600K prior

Concrete Pumping Holdings, Inc.BBCPGeographic Expansion
$43M
$22M6

Paused

$43M prior

NVR, Inc.NVRGeographic Expansion
$31M
$16M2

Steady

+0% (count)

Blackwell 3d Construction Corp.BDCCN/A
$26M
$7M3

Steady

+0% (count)

Legacy Housing CorporationLEGHGeographic Expansion
$19M
$19M1

New cycle

$19M recent

Legence Corp.LGNGeographic Expansion
$17M
$17M2

New cycle

$17M recent

Range Impact, Inc.RNGEGeographic Expansion
$14M
$4M4

Accelerating

+650%

Caesarstone Ltd.CSTEN/A
$9M
$1MN/A

Accelerating

+80%

CEA Industries Inc.BNCN/A
$5M
$2M5

Steady

+0% (count)

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“Our inability to successfully execute our acquisition strategy may adversely impact our growth.”

Quanta Services, Inc.PWRFY2025

“the strategic acquisition or divestiture of businesses, product lines and joint ventures”

Trane Technologies PLCTTFY2025

“As part of the Company’s global growth strategy, these acquisitions strengthen its position as a market leader in the loosefill insulation market.”

Owens CorningOCFY2011

“On February 4, 2022, the Company acquired StreetLight Data, Inc. ("StreetLight")”

Jacobs Solutions Inc.JFY2022

“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.”

EMCOR Group, Inc.EMEFY2013

“Pursue strategic acquisitions. The highly fragmented nature of the Pro Segment of the U.S. residential new construction building products supply market presents substantial acquisition opportunities.”

Builders Firstsource, Inc.BLDRFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Civil Infrastructure Construction

307

Transportation, utility, water, heavy civil, infrastructure, and public works construction.

Buyers

34

Core

21

Spend

$87.1B

2006–2025 · last year 22

Engineering, Design & Consulting

731

Engineering services, design, architecture, program management, and technical consulting.

Buyers

34

Core

24

Spend

$63.5B

2006–2025 · last year 69

Residential & Commercial Building

138

Residential builders, commercial construction, building products installation, and renovation services.

Buyers

21

Core

12

Spend

$16.6B

2006–2025 · last year 10

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0531052006: 10 buys · $369M spend · 6 buyers2007: 41 buys · $6.2B spend · 14 buyers2008: 49 buys · $2.6B spend · 17 buyers2009: 25 buys · $12.1B spend · 15 buyers2010: 29 buys · $2B spend · 17 buyers2011: 69 buys · $7.5B spend · 29 buyers2012: 32 buys · $1.7B spend · 18 buyers2013: 37 buys · $5.3B spend · 20 buyers2014: 53 buys · $5.1B spend · 25 buyers2015: 68 buys · $10.8B spend · 24 buyers2016: 55 buys · $4.2B spend · 29 buyers2017: 65 buys · $5.3B spend · 32 buyers2018: 67 buys · $8.9B spend · 39 buyers2019: 71 buys · $11B spend · 26 buyers2020: 58 buys · $6.1B spend · 23 buyers2021: 105 buys · $16.9B spend · 27 buyers2022: 67 buys · $10.3B spend · 34 buyers2023: 90 buys · $6B spend · 35 buyers2024: 95 buys · $23.8B spend · 33 buyers2025: 98 buys · $21.2B spend · 34 buyers2006: 10 buys · $369M spend · 6 buyers2007: 41 buys · $6.2B spend · 14 buyers2008: 49 buys · $2.6B spend · 17 buyers2009: 25 buys · $12.1B spend · 15 buyers2010: 29 buys · $2B spend · 17 buyers2011: 69 buys · $7.5B spend · 29 buyers2012: 32 buys · $1.7B spend · 18 buyers2013: 37 buys · $5.3B spend · 20 buyers2014: 53 buys · $5.1B spend · 25 buyers2015: 68 buys · $10.8B spend · 24 buyers2016: 55 buys · $4.2B spend · 29 buyers2017: 65 buys · $5.3B spend · 32 buyers2018: 67 buys · $8.9B spend · 39 buyers2019: 71 buys · $11B spend · 26 buyers2020: 58 buys · $6.1B spend · 23 buyers2021: 105 buys · $16.9B spend · 27 buyers2022: 67 buys · $10.3B spend · 34 buyers2023: 90 buys · $6B spend · 35 buyers2024: 95 buys · $23.8B spend · 33 buyers2025: 98 buys · $21.2B spend · 34 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)