Deal Activity
Growthink Capital Research tracked 1,962 closed M&A transactions with U.S. targets in January and February 2025. Despite economic uncertainties, buyer appetite remains strong, reinforcing 2025 as a prime window for sellers. Among these, 58% of the deals were carried out by corporate buyers continuing to expand via strategic acquisitions while 42% were Private Equity-backed acquisitions.
Considering a Sale in 2025? Let’s Talk.
Whether you are pursuing a sale of your company, liquidity for shareholders, or growth-by-acquisition opportunities, we should speak. You can arrange a meeting with us by submitting a form here or calling us at (213)927-3968.Key Industries & Verticals
- Top industries: Commercial Services, Enterprise Software, Media & Info Services, Construction & Engineering, Consumer Services
- Fastest-growing verticals: Manufacturing, SaaS, AI, TMT and Industrials, representing 33% of total transactions
Revenue and Earnings Multiples
From reported transactions disclosing valuation details, median revenue multiples stood at 2.3x, while median EBITDA multiples reached 15.2x, up from the trailing twelve-month (TTM) median of 2.2x and 11.6x respectively. These figures reinforce a strong seller’s market, with valuations trending above historical norms, particularly for businesses in high-growth verticals like SaaS and AI-driven enterprises.
Growthink Capital’s Deal Spotlight: Why 2025 Is a Seller’s Market
Miller Electric Company, a leading provider of electrical contracting services, specializes in designing, installing, and maintaining complex electrical systems, including EV charging, data centers, and healthcare infrastructure. The company was acquired by Emcor Group for $865 million, reflecting a 1.1x revenue multiple ($805M revenue) and a 10.8x EBITDA multiple ($80M EBITDA).
Why Does This Matter?
Emcor’s $865M purchase underscores demand for companies positioned in high-growth, recession-resilient sectors like EV infrastructure, data centers, and healthcare. For owner-operators, this deal highlights the importance of aligning with sector tailwinds and maintaining strong financial performance to attract premium valuations. With strategic buyers willing to pay above-average multiples for businesses with specialized capabilities, the market remains favorable for well-positioned sellers. With 2025 shaping up to be one of the strongest M&A years in recent history, we firmly believe: ➡ If You CAN Sell Your Business in 2025, You SHOULD.Meet the Team
In this issue, we are spotlighting Jeff Jones, who recently facilitated the QX.net sale to Earthlink via its financial sponsor, leveraging the unique synergies to secure a seller friendly deal.
“With the shift in sentiment and a bullish private markets view, sellers have a unique opportunity in 2025 and beyond to maximize their exit value. Strategic and financial buyers alike are aggressively pursuing deals with billions of $$ of cash on hand, making this one of the most favorable M&A environments we’ve seen in years.”
-Jeff Jones, VP of Growthink Capital.
As Vice President at Growthink Capital, Jeff oversees all sell-side, buy-side M&A, and capital-raising mandates. With 20 years at Growthink, following his tenure at Morgan Stanley, he brings deep client relationship and transaction expertise. Other transactions Jeff has been involved in include Los Altos Foods, Super73, Whisha, Semicab, Spinn, InWorks, and NuOrder, demonstrating a track record of transformational operations across multiple industries.
Largest Transaction of the Period – Summit Materials – and What it Tells Us About 2025
Summit Materials, a leading producer of aggregates, cement, and ready-mix concrete, operates across 21 U.S. states and British Columbia, Canada. Summit was acquired in February by Quikrete Holdings for $11.37 billion, forming a vertically integrated North American construction materials leader. Summit was valued at $14.38 billion, therefore recognizing a 3.8x multiple on its $3.75 billion revenue and a 17.6x multiple on its $815 million EBITDA.
This deal reflects continued consolidation in the construction materials sector, fueled by strong infrastructure demand and the need for scale. With solid valuation multiples, both strategic and financial buyers are focused on synergies and operational efficiencies in the space.
The Oldest Transaction – Williams Lea (Founded 1819)
Williams Lea provides business-critical support services to financial, legal, and professional services firms, integrating people, processes, and technology to optimize business functions in virtual and digital workplaces. The company was acquired by R.R. Donnelley & Sons (RRD), backed by Chatham Asset Management, through an LBO on January 31, 2025, for an undisclosed amount. The acquisition strengthens RRD’s Digital, Creative, and Business Services segment, enhancing its role as a transformation partner in business services and productivity solutions.
Growthink Capital’s New Mandates – AI-Powered Consumer Health Platform Seeking Strategic Partner
A bootstrapped, full-stack (HaaS + SaaS) wellness platform is redefining personal health monitoring with an A.I.-driven app and an advanced IoT device. Delivering real-time biometric insights with 98% clinical-grade accuracy, the platform helps users optimize weight, nutrition, sleep, and stress—accelerating health goals up to 8x faster. With $16.6M in 2024 revenue, 240% YoY growth, and 27,000 active paid users, the company has scaled profitably ($2.7M EBITDA) while maintaining 73% gross margins. Its software ecosystem integrates seamlessly with third-party devices, driving a 70% trial-to-paid conversion. Poised for explosive expansion ($82M revenue projected in 2025), the company is open to strategic partnerships or a full acquisition.
If you’re interested in exploring this acquisition opportunity, contact us here or reach out to [email protected] To explore M&A alternatives for your business – whether that be pursuing a sale of the company, liquidity for shareholders, or growth-by-acquisition opportunities – please get in touch by completing this form or calling us at (213) 927-3968. Securities transactions are conducted through GT Securities, Inc. Member FINRA/SIPC. Nothing in this article should be regarded as an offer to sell or a solicitation of an offer to buy any Investment.