Commercial & Industrial Services Practice Overview


Harris Williams is pleased to present our Commercial & Industrial Services Industry Update for June 2020. This report provides commentary and analysis on current capital market trends and merger and acquisition dynamics within the global commercial & industrial services industry.

We hope you find this edition helpful and encourage you to contact us directly if you would like to discuss our perspective on current industry trends and M&A opportunities or our relevant industry experience.

Our Practice

Harris Williams’ Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. 

This particular report focuses on trends and metrics in the following areas:

  • Environmental & Waste
  • Events & Entertainment
  • Facility Services
  • Field & Route Based Services
  • Fire & Life Safety
  • Food Services
  • Janitorial
  • Landscaping
  • Mechanical Services
  • Property Management
  • Property Restoration
  • Security
  • Service Aggregators
  • Technician Services
  • Testing, Inspection, Certification & Compliance

Representative Transactions


What We’re Doing

Lender Q&A—Lending Markets in the COVID-19 Era 

We spoke with a range of lenders on the state of the debt markets in today’s environment. Here we share highlights of those conversations, including representatives from Antares Capital, Varagon Capital Partners, Maranon Capital and PNC Capital Markets.

See full Q&A here.

The Nuances of the Deal in the COVID-19 World 

Here, we distill our most recent experience from transactions the firm has completed since the onset of the COVID-19 crisis into four observations for conducting M&A in this challenging landscape. All of these observations center on transparency, collaboration and flexibility.

Read the full article here.

What We’re Reading

From Germs To Shattered Glass, America’s Fix-It Business Is Booming

Forbes  6/8/2020

In this uncertain time, and market, disaster recovery companies continue to show why investors have found this sector attractive in recent years.

“Suddenly, it’s boom time once again, with the tidal wave of demand for deep cleaning and disinfecting commercial spaces getting pushed aside by a more urgent need for board-ups and other protective measures in some locations, where planning for bigger repairs like restoring glass storefronts and addressing smoke damage has become a priority.”

Read the full article here.

Hospital Air Expert Is an Essential Worker You Won’t See

The Wall Street Journal  5/4/2020

Before the pandemic, Jennifer Lohr was an HVAC worker performing regular maintenance on isolation rooms at local hospitals, checking airflow and pressure. Since late February, Lohr has been called upon to use her experience as a sheet metal worker  to convert ordinary hospital floors into isolation units for COVID-19 patients.

“We were all hands on deck, trying to come up with solutions to make more of these rooms, trying to expand capacity.”

Read the full article here.

What We’re Hearing

Prosegur Puts M&A Plans on Hold 


“Following these intentions, capital expenditure has been reduced to the minimum compulsory, putting on hold most of our M&A projects and digital transformation initiatives. While collection procedures have been reinforced to the max, all cash out requirements are being very carefully considered.”

Antonio Rubio Merino – CFO (5/27/2020)

Waste Connections Remains Active


“Quality companies are quality companies before a pandemic, during a pandemic and after a pandemic. And so the dialogue we're having with companies that we are pursuing, again, it hasn't slowed down. I just think the pace of signing and closing is likely pushed two to three months at a minimum. Things that we thought would have signed or closed by this call are likely looking at late Q2 at the earliest.”

Worthing F. Jackman – President, CEO & Director (5/7/2020)

Public Markets1

Historical Stock Prices – Last 5 Years

Historical Median TEV/LTM EBITDA Multiples – Last 5 Years

Notes: Sub-sector indices weighted by stock price.


Economic Trends


M&A Market Trends1

Commercial & Industrial Services M&A Volume by Year


Representative Commercial & Industrial Services M&A Transactions


1. S&P Global Capital IQ

2. U.S. Bureau of Economic Analysis

3. The Conference Board

4. U.S. Bureau of Labor Statistics

5. U.S. Department of Labor

6. US Census

7. Institute for Supply Management


Public Comparable Companies:

Facility & Field Services: ABM Industries, Aramark, Cintas Corporation, Compass Group, ISS, Mitie Group, Sodexo, EMCOR Group, UniFirst Corporation, Rentokil Initial, ServiceMaster Global, Stericycle

Environmental Services: Clean Harbors, US Ecology, Heritage-Crystal Clean, Veolia Environment, Ecolab, Suez

Property Management: Jones Lang LaSalle, CBRE Group, FirstService

Safety & Security: G4S, Prosegur, Securitas

Waste Management: Advanced Disposal Services, Casella Waste Systems, Republic Services, Waste Connections, Waste Management

Testing, Inspection & Certification: ALS Limited, Bureau Veritas, Eurofins Scientific, Intertek Group, SGS


The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. 

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