Engineering and

Construction

INDUSTRY REPORT

Fall | 2022

C R E AT I N G
M &A S T R AT E G I E S

FOR B U S I N E S S OW N E RS

SINCE 1956
Table of Contents
Market Observations ................................................................................ 3
Transaction Highlights ............................................................................. 10

Public Companies .....................................................................................13

CFA Overview ............................................................................................ 20

Engineering and Construction Industry News | Fall 2022 | Page 2

Market Observations

Engineering and Construction Industry News | Fall 2022 | Page 3

Market Summary
Engineering and Construction Market
The global Engineering and Construction market is expected to reach $10.5 trillion by 2023, as per report published by Research and
Markets. The market is expected to grow at a CAGR of 11.5% to reach $39.4 trillion by 2031, during the period 2026-31, as per the same
report. The increasing urbanization especially in developing countries and advanced construction methods like prefabricated construction
is expected to drive the industry’s growth. The rise in urbanization will result in increased infrastructure spending by the public and private
sectors which is expected to benefit the Engineering and Construction market. However, inflation and the Russia-Ukraine conflict are acting
as headwinds to the industry’s growth. The rising inflation rate would increase the cost of raw materials which is not ideal, especially for
this industry, as the cost of raw materials accounts for up to 60% of the total cost of construction. This increased cost is expected to cause
delays in projects which could result in huge losses for both engineering & construction companies and their clients. The tensions between
Russia and Ukraine have made procurement of raw materials difficult, because of persistent supply chain issues. Nevertheless, the
development of advanced technology and rising infrastructure spending could provide growth opportunities for this industry in the future.

Public Company Valuations

The CFAW Select Engineering Construction Index was down by 6.4% in the third quarter of 2022, and the 12
months return on the Index decreased by 18.6%. Our index for each subsector of Engineering Construction The public
decreased in the third quarter of 2022. Civil Engineering Services had the highest median revenue and EBITDA
multiple with 1.0x and 13.1x, respectively. Highway, Street, and Bridge Construction had median revenue and
engineering
EBITDA multiple with 0.6x and 8.8x, respectively. Residential Construction had median revenue and EBITDA construction market
multiples of 0.7x and 4.0x, while Industrial Business Construction had median revenue and EBITDA multiples of showed a decline in
0.5x and 8.8x, respectively.
the third quarter of
2022...
Mergers and Acquisitions
The M&A activity in the Engineering and Construction industry declined in the first half of 2022. This fall can
be associated with factors such as geo-political tensions, rising interest rates, and economic slowdown. The
continuous supply chain issues caused by the Russia-Ukraine conflict and rising inflation have led to higher raw materials costs, which is
resulting in project delays and losses. Additionally, rising interest rates have decreased the demand for new houses among the general
public. However, the M&A activity in this industry is expected to grow at a steady rate in the second half of 2022. The companies in this
sector are planning to become carbon neutral through the acquisition of advanced technologies. The adoption of advanced technologies
by companies is also expected to increase efficiency, reduce construction costs, and tackle the problem of project delays. Furthermore,
the talent shortage in this industry is prompting companies to seek strategic acquisitions. The acquisitions are expected to allow
companies to combat labor shortages and expand to new geographies.

Engineering and Construction Industry News | Fall 2022 | Page 4

 Industry Trends
Persistent Labor Shortage
The Engineering and Construction industry is facing a severe labor shortage. Since the last couple of years, there have been
more job openings than job seekers, and this scenario has continued and further deteriorated labor issues in the industry. The
United States Engineering and Construction industry is currently facing a shortage of approximately 650,000 workers, as per
report published by The Associated Builders and Contractors (ABC). Factors such as retiring workforce and the risk of injuries
are contributing to the labor shortage. The current workforce in this industry is nearing retirement and young people are not
entering the workforce at the required pace. The risk of injury is also one big factor as the chances of getting injured while
working is highest in this industry. However, recently many employers have started offering competitive wages and benefits
along with proper training to reduce the risk of injury. With these changes and the use of robots, it is expected this industry will
eventually be freed from labor shortage problems in the future.

Construction Equipment Rental

The global Construction Equipment Rental market size is expected to
reach $104.2 billion by 2022, as per report published by Research and
Markets. It projected to reach $161.7 billion by 2027, growing at a CAGR
of 9.2% during the period of 2022-27, as per the same report. Rising
infrastructure investments is expected to drive the growth of this
market. Contractors and dealers are rapidly utilizing rental
construction equipment to minimize the size of their fleet and reduce
the complexity in their organizations. There is a significant rise in the
number of rental customers in emerging economies such as Mexico, India, and China, as per report published by Construction
Equipment Rental Association (CERA) due to small and medium-sized firms (SMEs) aiming for greater flexibility. The SMEs in the
Engineering and Construction industry work on different projects which require different equipment. The renting or leasing of
construction equipment is beneficial for the SMEs, as it helps in reducing the overall construction costs.

Humanoid Laborers
The global Humanoid Laborers market is expected to reach $17.3 billion by 2028, as per report published by SkyQuest Technology
Consulting. Multiple firms and scientific institutions around the world are working to develop transformer-like humanoid robots
that will replace humans in construction and engineering processes. The idea is to replace humans from doing repetitive and
hazardous work. However, the high cost of humanoid laborers is a barrier to its wide range of applications in the construction
industry. Nevertheless, the humanoid laborers provide high quality precision output, which reduces construction costs and
increases efficiency. The demand for these robots is rising continuously, primarily due to labor shortage. Humanoids are expected
to reduce this challenge in the future and anticipated to be widely used in this industry.
Engineering and Construction Industry News | Fall 2022 | Page 5
 Significant News
HCSS Launches Digital Form Builder in Paperless Push
For Construction Pros, September 22, 2022

“HCSS, a provider of software for civil and construction businesses, has introduced HCSS Forms, a digital forms builder that
minimizes paperwork in projects. Crews can answer questions online, add photos, generate smart forms and sign off on forms – all
digitally – without manually filling out forms on paper. HCSS Forms is available in the HCSS Field app as an update to both HCSS
HeavyJob and HCSS Safety.”

Read More >

Oracle Unveils Construction Intelligence Cloud Analytics

For Construction Pros, September 09, 2022

“Oracle has launched Construction Intelligence Cloud Analytics, a solution for diagnosing problems, predicting risks and informing
future actions. The new solution combines data from Oracle Smart Construction Platform applications to give owners and
contractors an understanding of performance throughout their operations. With this insight, organizations can spot and correct
issues and target ways to drive improvement across project planning, construction and asset operation.”

Read More >

Construction Employment Increases by 16,000 in August, Says ABC

For Construction Pros, March 2, 2022

“The construction industry added 16,000 jobs on net in August, according to an Associated Builders and Contractors analysis of data
released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has risen by 311,000 jobs or
4.2%. Nonresidential construction employment rose by 4,300 positions on net, with positive growth in two of three subcategories.
Nonresidential specialty trade added 5,600 net new jobs, while nonresidential building added 700 jobs. Heavy and civil engineering
employment fell by 2,000 positions.

Read
Engineering and Construction Industry News More
| Fall > | Page 6
2022
M&A Metrics
Engineering and Construction Industry
The number of transactions in the Engineering & Construction
industry decreased in the third quarter of 2022. The number of
transactions decreased from 406 in Q2 2022 to 300 in Q3 2022.
However, the number of transactions above $100 million
increased from 14 in Q2 2022 to 16 in Q3 2022. The number of
sub-$50 million transactions decreased from 387 in Q2 2022 to
278 in Q3 2022. The total number of M&A transactions year on
year decreased by 37.5% from 480 in Q3 2021 to 300 in Q3 2022.

M&A Deal Summary Table | Count by Deal Size over Time

Transaction Q 2019 Q 2020 Q 2020 Q3 2020 Q 2020 Q 2021 Q 2021 Q 2021 Q 2021 Q 2022 Q 2022 Q 2022
Value 4 1 2 4 1 2 3 4 1 2 3

Not Disclosed 277 297 155 269 342 346 362 381 425 382 334 242

Under $10 MM 34 36 22 38 47 47 42 45 62 29 40 25

$10 - $25 MM 15 10 3 5 14 9 16 14 18 13 8 9

$25 - $50 MM 4 10 4 3 10 11 10 14 10 3 5 2

$50 - $100 MM 12 4 1 5 13 4 5 5 7 4 5 6

$100 - $500 MM 14 5 7 9 9 10 11 13 20 10 8 9

$500 MM+ 8 6 2 2 12 6 8 8 9 7 6 7
Total 364 368 194 331 447 433 454 480 551 448 406 300
Transactions

Source: FactSet

Engineering and Construction Industry News | Fall 2022 | Page 7

Industry Metrics
Industry Financial Data and Ratios
NAICs 541330 - Engineering Services NAICs 236210 - Industrial Building Construction

Financial Metric Last12Mo 2020 2019 Financial Metric Last12Mo 2020 2019
Current Ratio 5.07 5.33 4.42 Current Ratio 2.83 2.97 3.27
Gross Profit Margin 67.77% 67.45% 70.25% Gross Profit Margin 19.62% 19.95% 20.42%
Net Profit Margin 13.67% 13.62% 10.60% Net Profit Margin 7.44% 7.26% 6.65%
Accounts Receivable Days 78.67 78.44 72.05 Accounts Receivable Days 75.59 70.47 64.62
Accounts Payable Days 44.52 40.21 34.35 Accounts Payable Days 49.83 44.26 47.15
Debt-to-Equity Ratio 1.43 1.37 1.45 Debt-to-Equity Ratio 2.13 2.04 2.32
Return on Equity 59.48% 58.70% 55.63% Return on Equity 48.42% 50.63% 49.36%
Sales per Employee $171,015 $184,291 $169,948 Sales per Employee $511,327 $507,490 $495,330
Profit per Employee $30,815 $33,141 $29,147 Profit per Employee $32,441 $28,795 $30,831
Sales Growth 15.12% 12.96% 5.21% Sales Growth 14.36% 12.17% 6.11%
Profit Growth 23.74% 20.67% 29.49% Profit Growth 21.14% 22.38% 29.49%

NAICs 2373 - Highway, Street, and Bridge Construction NAICs 2371 - Utility System Construction
Financial Metric Last12Mo 2020 2019 Financial Metric Last12Mo 2020 2019
Current Ratio 3.69 3.55 3.19 Current Ratio 3.09 3.09 2.98
Gross Profit Margin 22.17% 21.41% 21.56% Gross Profit Margin 36.95% 36.92% 35.89%
Net Profit Margin 8.02% 8.28% 6.85% Net Profit Margin 8.54% 8.84% 7.56%
Accounts Receivable Days 64.46 63.88 63.66 Accounts Receivable Days 66.42 68.24 68.33
Accounts Payable Days 37.58 39.4 37.64 Accounts Payable Days 39.22 37.36 37.4
Debt-to-Equity Ratio 1.18 1.23 1.39 Debt-to-Equity Ratio 1.64 1.56 1.81
Return on Equity 30.48% 28.74% 30.05% Return on Equity 38.64% 39.44% 37.01%
Sales per Employee $331,592 $317,108 $305,029 Sales per Employee $247,629 $240,714 $208,014
Profit per Employee $32,195 $32,269 $26,923 Profit per Employee $23,538 $22,394 $14,939
Sales Growth 6.19% 3.23% 7.16% Sales Growth 17.34% 15.26% 7.78%
Profit Growth 17.93% 18.21% 39.31% Profit Growth 15.86% 21.88% 31.68%

Source: Profit Cents

Engineering and Construction Industry News | Fall 2022 | Page 8

Industry Metrics
Industry Financial Data and Ratios
NAICs 2361 - Residential Building Construction
Financial Metric Last12Mo 2020 2019
Current Ratio 3.36 3.27 3.12
Gross Profit Margin 31.30% 30.78% 30.53%
Net Profit Margin 9.28% 9.59% 7.28%
Accounts Receivable Days 18.27 19.33 16.8
Accounts Payable Days 19.79 20.09 15.53
Debt-to-Equity Ratio 4.63 4.65 5.13
Return on Equity 57.88% 57.05% 54.59%
Sales per Employee $435,005 $579,475 $654,190
Profit per Employee $24,321 $40,399 $38,896
Sales Growth 19.65% 18.98% 11.72%
Profit Growth 35.80% 36.76% 35.86%

Source: Profit Cents

Engineering and Construction Industry News | Fall 2022 | Page 9

Transaction Highlights

Engineering and Construction Industry News | Fall 2022 | Page 10

Notable Transactions

In September 2022, DT Midstream Inc acquired an additional 26.2% minority stake in Millennium Pipeline Co
LLC from National Grid Plc for US$552 million in cash. The transaction would be financed from DT Midstream
Inc's cash on hand and available revolving credit facility. Millennium Pipeline Co LLC is located in Pearl River,
New York, United States and provides natural gas infrastructure services.

In September 2022, Ratos AB agreed to acquire Semcon AB for SEK2.8 billion (US$252.5 million) in cash, via
tender offer Under the terms of the agreement, Ratos AB will pay SEK157 (US$13.940933) cash per share for
each share held in Semcon AB. The transaction will be financed through cash available and debt financing from
Danske Bank A/S. Semcon AB is located in Gothenburg, Vastra Gotaland, Sweden and provides engineering and
digital & product information solutions.

In September 2022, Aptiv Plc entered into a definitive agreement to acquire an 85% majority stake in Intercable
Automotive Solutions SRL from Intercable SRL for EUR595 million (US$602.8 million) in cash, subject to
customary post-closing adjustments. The acquisition expands the business portfolio of Aptiv Plc. The
transaction is expected to be accretive the earning per share of Aptiv Plc. Founded in 1972, Intercable
Automotive Solutions SRL is located in Italy and provider of automotive power distribution and connection
technologies. The deal is expected to close before the end of 2022 and subject to regulatory approval and other
customary closing conditions.

In July 2022, MasTec Inc acquired Infrastructure & Energy Alternatives Inc for US$669.4 million in cash and
stock. The transaction was funded through committed bridge financing provided by Bank of America and J.P.
Morgan and cash on hand facilities of MasTec Inc. The acquisition would expand MasTec Inc's clean energy &
infrastructure segment and was expected to be immediately accretive to MasTec Inc's adjusted EPS in 2023.
Infrastructure & Energy Alternatives Inc is located in Indianapolis, Indiana, United States and provides
engineering, procurement, and construction services to the renewable energy industry.

The logos shown on this page are property of the respectiveowners

Engineering and Construction Industry News | Fall 2022 | Page 11

 Select M&A Transactions
Enterprise
Date Target Name Acquirer Name Value (MM) Revenue EBITDA

09/29/22 Millennium Pipeline Co. LLC DT Midstream, Inc. 2,103 NA NA

09/26/22 Semcon AB Ratos AB 254 200 28

09/13/22 Intercable Automotive Solutions SRL Aptiv Plc 709 NA NA

08/31/22 Blueridge Transportation Group LLC ACS Infrastructure Development, Inc. 2,013 NA NA

08/23/22 Semcon AB Etteplan Oyj 241 200 28

08/17/22 Nexif Energy Management Pte Ltd. /2 Subsidiaries/ RH International (Singapore) Corp. Pte Ltd. 605 NA NA

08/16/22 Hill International, Inc. Global Infrastructure Solutions, Inc. 251 397 19

Shanghai Luxiangyuan Construction & Development Co.,

08/16/22 Shanghai Chengtou Holding Co., Ltd. 1,116 NA NA
Ltd.

08/04/22 Macquarie Group Ltd. /2 Subsidiaries/ Adani Road Transport Ltd. 393 NA NA

08/02/22 Capita Plc /2 Subsidiaries/ WSP Global, Inc. 85 NA NA

07/25/22 Infrastructure & Energy Alternatives, Inc. MasTec, Inc. 1,061 2,283 113

07/19/22 Hill International, Inc. Godspeed Capital Management LP; Huckabee Architects LP 162 397 19

07/18/22 Navayuga Quazigund Expressway Pvt Ltd. National Investment & Infrastructure Fund Ltd. 514 NA NA

InfraRed Capital Partners Ltd.; Northleaf Capital Partners Ltd.; Aotearoa

07/17/22 Aotearoa Towers Ltd. 1,309 NA NA
Towers Ltd. /Private Group/

07/11/22 Spark New Zealand Ltd. /Tower Business/ Ontario Teachers' Pension Plan Board 797 NA NA

07/06/22 Intracut Intracut /Private Group/ 235 NA NA

07/04/22 OCU Group Ltd. Triton Investment Management Ltd. 480 NA NA

($ in millions) Source: Factset

Engineering and Construction Industry News | Fall 2022 | Page 12

Public Companies

Engineering and Construction Industry News | Fall 2022 | Page 13

Industry Performance
CFAW Select Engineering Construction Index

Source: FactSet

Engineering and Construction Industry News | Fall 2022 | Page 14

Public Comparables
Residential Construction

Company Share Shares Market Enterprise Revenues EBITDA Enterprise Value /

$USD in Millions Price O/S Cap Value (LTM) (LTM) Revenues EBITDA

D.R. Horton, Inc. $67.35 347 $23,403 $28,111 $31,950 $7,432 0.9x 3.8x

Lennar Corporation Class A $74.55 255 $18,993 $26,052 $31,916 $6,695 0.8x 3.9x

PulteGroup, Inc. $37.50 231 $8,681 $10,509 $14,951 $3,001 0.7x 3.5x

Green Brick Partners, Inc. $21.38 46 $984 $1,370 $1,713 $335 0.8x 4.1x

Kaufman & Broad SA $19.74 22 $427 $573 $1,403 NA 0.4x NM

Taylor Morrison Home Corporation $23.32 114 $2,651 $5,333 $8,062 $1,241 0.7x 4.3x

Meritage Homes Corporation $70.27 37 $2,570 $3,480 $5,479 $1,207 0.6x 2.9x

Toll Brothers, Inc. $42.00 113 $4,760 $7,896 $9,605 $1,335 0.8x 5.9x

Glenveagh Properties Plc $0.87 646 $564 $711 $618 $71 1.1x 10.0x

Grandy House Corporation $3.75 31 $116 $254 $474 $39 0.5x 6.6x

MJ Gleeson PLC $4.60 58 $268 $227 $436 $68 0.5x 3.4x

Mean $7,683 $9,692 $2,142 0.7x 4.8x

Median $3,480 $5,479 $1,224 0.7x 4.0x

Source: FactSet
Engineering and Construction Industry News | Fall 2022 | Page 15
Public Comparables
Industrial Business Construction

Company Share Shares Market Enterprise Revenues EBITDA Enterprise Value /

$USD in Millions Price O/S Cap Value (LTM) (LTM) Revenues EBITDA

Blueone Card Inc $8.50 10 $87 $87 $0 ($1) 1209.2x NM

INNOVATE Corp $0.70 78 $55 $860 $1,595 $55 0.5x 15.7x

Skanska AB Class B $12.57 400 $5,031 $5,810 $16,643 $1,286 0.3x 4.5x

Turner Construction Co. NA NA NA NA NA NA NM NM

Mostostal Warszawa S.A. $1.01 20 $20 $42 $357 $12 0.1x 3.5x

Jacobs Solutions Inc. $108.49 128 $13,844 $17,820 $14,608 $1,357 1.2x 13.1x

KBR, Inc. $43.22 139 $6,009 $7,488 $7,672 $551 1.0x 13.6x

Fluor Corporation $24.89 142 $3,536 $2,683 $12,682 $358 0.2x 7.5x

Granite Construction Incorporated $25.39 44 $1,119 $1,252 $2,692 $142 0.5x 8.8x

Grupo Empresarial San Jose, S.A. $3.39 65 $220 ($38) $1,124 $48 NM NM

Mean $4,001 $6,375 $423 151.6x 9.5x

Median $1,252 $2,692 $142 0.5x 8.8x

Source: FactSet

Engineering and Construction Industry News | Fall 2022 | Page 16

Public Comparables
Highway, Street, and Bridge Construction

Company Share Shares Market Enterprise Revenues EBITDA Enterprise Value /

$USD in Millions Price O/S Cap Value (LTM) (LTM) Revenues EBITDA
Vulcan Materials Company $157.71 133 $20,960 $25,684 $6,618 $1,582 3.9x 16.2x
MasTec, Inc. $63.50 78 $4,965 $7,198 $8,470 $687 0.8x 10.5x
Smith-Midland Corporation $26.75 5 $140 $134 $47 $5 2.9x 28.2x
Martin Marietta Materials, Inc. $322.09 62 $20,090 $24,775 $5,926 $1,671 4.2x 14.8x
United States Lime & Minerals, Inc. $102.20 6 $580 $474 $210 $69 2.3x 6.9x
Construction Partners, Inc. Class A $26.23 41 $1,081 $1,717 $1,188 $86 1.4x 20.0x
Balfour Beatty plc $3.42 599 $2,049 $1,690 $9,560 $326 0.2x 5.2x
Skanska AB Class B $12.57 400 $5,031 $5,810 $16,643 $1,286 0.3x 4.5x
Bouygues SA $26.30 383 $10,062 $18,456 $43,577 $4,668 0.4x 4.0x
Shanghai Pudong Construction Co.,
$0.83 970 $807 $288 $1,798 $51 0.2x 5.6x
Ltd. Class A
Astec Industries, Inc. $31.19 23 $713 $663 $1,144 $45 0.6x 14.8x
Granite Construction Incorporated $25.39 44 $1,119 $1,252 $2,692 $142 0.5x 8.8x
Sterling Infrastructure, Inc. $21.47 30 $651 $1,061 $1,786 $167 0.6x 6.3x

Mean $6,862 $7,666 $829 1.4x 11.2x

Median $1,690 $2,692 $167 0.6x 8.8x

Source: FactSet

Engineering and Construction Industry News | Fall 2022 | Page 17

Public Comparables
Civil Engineering Services

Company Share Shares Market Enterprise Revenues EBITDA Enterprise Value /

$USD in Millions Price O/S Cap Value (LTM) (LTM) Revenues EBITDA

Stantec Inc $43.83 111 $4,853 $6,339 $3,947 $481 1.6x 13.2x

Arcadis NV $32.92 90 $2,977 $3,242 $4,015 $402 0.8x 8.1x

Boustead Singapore Limited $0.54 500 $268 $106 $469 $35 0.2x 3.1x

Baran Group Ltd. NA 20 NA $71 $111 $9 0.6x 7.5x

Ackermans & van Haaren NV $127.45 33 $4,269 $13,470 $5,094 $839 2.6x 16.1x

AECOM $68.37 140 $9,548 $11,633 $13,076 $861 0.9x 13.5x

Jacobs Solutions Inc. $108.49 128 $13,844 $17,820 $14,608 $1,357 1.2x 13.1x

URS Corporation NA NA NA NA $10,488 $655 NM NM

Fluor Corporation $24.89 142 $3,536 $2,683 $12,682 $358 0.2x 7.5x

KBR, Inc. $43.22 139 $6,009 $7,488 $7,672 $551 1.0x 13.6x
Atlas Technical Consultants, Inc. Class
$6.65 37 $245 $716 $576 $66 1.2x 10.9x
A
Tetra Tech, Inc. $128.53 53 $6,853 $7,112 $3,493 $345 2.0x 20.6x

Mean $6,426 $6,353 $497 1.1x 11.6x

Median $6,339 $4,555 $442 1.0x 13.1x

Source: FactSet

Engineering and Construction Industry News | Fall 2022 | Page 18

Public Vs. Private Comparables
Valuation Premiums Can Be Considerable
Regardless of industry, publicly traded companies often trade at premium valuations to privately held companies.
This is reflected in M&A transactions and can lead to unrealistic value expectations for some business owners. The
chart below illustrates this variance and shows that the variance has been both long term and growing.

Transactions between private buyer and private seller tend to be small by comparison and thus do not benefit from
a “size” premium that is associated with transactions in general. While this chart does not breakout private equity
transactions, our analysis indicates those transactions usually fall between public and private and move closer to
public as size increases.

Engineering and Construction Industry News | Fall 2022 | Page 19

CFA Overview

Engineering and Construction Industry News | Fall 2022 | Page 20

 About CFA
Who We Are / What We Do
Corporate Finance Associates (CFA) is an independent
inter- national investment banking firm serving middle-
market businesses. For over 60 years Corporate Finance
Sell-Side Advisory Capital Markets Buy-Side Advisory
Associates has been advocating on behalf of business
owners who are restructuring a company, either through Whether as a divestiture Our commitment to remaining Growth through acquisition is a
strategy or a recapitalization independent from any complex process. It involves
divestiture, merger, acquisition or recapitalization.
strategy selling all or part of a investment or lending affiliates strategy, planning, critical
Combining the knowledge and leverage of a larger bank business requires equal parts ensures that we deliver unbiased analysis, coordination and
with the customer focused detail of a boutique firm, creative think- ing, critical guidance. It also promotes negotiation. When you want to
analysis, expert advice, sound maximum competition among take advantage of the fast growth
from inception to completion, our senior principals
planning and flawless execution. lending sources, helping to fully offered by a consolidation or roll-
provide hands-on expertise to clients buying, selling or Having the right team of leverage value for our clients. up, CFA’s broad reach, sources of
recapitalizing a business. investment banking Our role is to help you raise the financing and efficient closings
professionals working for you is type of capital that best fits your can help you achieve your
critical to ensure success. needs. business growth goals.
This Engineering and Construction Industry Practice
Group was established to draw on the experience of CFA
advisors, many of whom as former business owners and
CEOs, have first-hand knowledge and have completed
many transactions in this industry. Working with your
local CFA representative, you can be sure that the
collective wealth of knowledge is available to every CFA Financial Advisory Exit Planning Business Valuation
client.
Now that you have made the Every business will ultimately “What is my business worth” is a
decision to raise capital for your undergo a transfer via sale or question we often hear from
business, choosing the right merger, a charitable donation, a business owners contemplating a
investment banker is critical. transfer to a child or relative or business sale, merger or
Whether you are buying out a even bankruptcy, liquidation or recapitalization. Answering this
partner, financing an acquisition death. Every ownership transfer question depends on many
or seeking growth capital, CFA is carries with it a unique set of factors, including the business
the right choice to help you consequences and the best valuation methods that are
achieve your financing goals consequences usually begin with employed in the calculation.
a clearly defined exit plan.

Engineering and Construction Industry News | Fall 2022 | Page 21

Local Service, Global Reach
Where We Are
With offices across the USA and in Austria, Belgium, France, Germany, Hong Kong, India, Ireland, Italy, Mexico,
Netherlands, Poland, Spain, Switzerland and the United Kingdom providing middle-market companies with a wide range of
M&A, financial advisory services and access to capital resources.

Engineering and Construction Industry News | Fall 2022 | Page 22

 Delivering Results
Drive
Making it Happen
Beyond taking initiative,
the CFA team embodies a
competitive spirit. It is
manifested in our drive to
find new opportunities to
get the job done. We
believe that persistence
and tenacity are positive
values. They guide us in
our work for you.
Founded in 1956 • 70 Managing Directors • 37 Offices Worldwide • Billions in M&ATransactions
Creativity Knowledge
Fresh Solutions
We achieve superior
results by interpreting
information differently
from others in our
industry. In today’s
market it is not enough to
follow precedents; one
must build on the firm’s
foundation and produce
creative solutions
through imaginative and
original work.
Engineering and Construction Industry News | Fall 2022 | Page 23
Sorting Out Noise
We serve you best when
we work across external
and internal boundaries
and use our collective
knowledge from national
and international offices
to manage the outcome
of complex transactions
in your favor.
Worldwide Transactions

Engineering and Construction Industry News | Fall 2022 | Page 24

Industry Practice Groups
Engineering and Construction
Aerospace/Defense/Government
Engineering and Construction practice group is comprised
Agriculture
of accomplished dealmakers with extensive experience in
advising both public and private companies in the Animal Health
industry. These dealmakers offer expert service in Business Services
acquisitions, divestitures, financing, and strategic planning
Commercial Real Estate
to a wide range of companies operating in multiple
subsectors including: Consumer Retail

Energy

• Highway, Street, and Bridge Construction Engineering/Construction

• Utility System Construction Financial Services & FinTech

• Residential Construction Food/Beverage
• Industrial & Commercial Building Construction
Healthcare/Life Sciences
• Ready-mix and asphalt plants
Industrials
• Sand & gravel quarries and operations
• Civil Engineering Service
Metal Fabrication

• Construction Engineering Services Print/Packaging

• Geophysical Engineering Services Semiconductors

Technology/Media/Telecom
Whether you want to acquire, merge, sell, or finance, let CFA’s industry
knowledge, international resources and proven dealmaking skills work for Transportation/Logistics/Supply Chain
you. We research, identify, qualify, advocate, negotiate and help steer you
Wholesale Distribution
through the mine fields of due diligence to maximize your value and secure
your objective.

Engineering and Construction Industry News | Fall 2022 | Page 25

Recent Industry Transactions

Engineering and Construction Industry News | Fall 2022 | Page 26