Industry Insights
Explore how buyers assess value, risk, and opportunity across a range of industries—and what those perspectives mean for business owners.
Market Intelligence
What is your company worth? Is now the right time to sell? How can you increase your company's value? True North M&A's Industry Insights library answers these questions with proprietary data on industry trends, valuation ranges by EBITDA level, buyer and seller activity, and strategies to build value before a sale.
Browse reports by industry sector, SIC code, or NAICS code below. Download a report and an industry-expert M&A advisor will walk you through what it means for your company. Don't see your industry? Contact our advisors and we'll build a custom report for you.
Business, Professional & Financial Services
13 SectorsSIC 8721 / NAICS 541211
Accounting, Audit & Tax Advisory Firms
Planning a CPA practice sale? Understand tax practice valuations and how to structure partner succession.
SIC 8742 / NAICS 541611
Business & Management Consulting
A $411.7B industry benefiting from rising consulting demand, specialization, and ongoing market consolidation.
SIC 7361 / NAICS 561311
Employment Placement, Staffing & Recruitment Agencies
Analysis of current valuation multiples, buyer profiles, and transition opportunities for employment placement agencies firms.
SIC 7361 / NAICS 561312
Executive Search (Retained)
Retained executive search firms trade near 4.5x-5.5x EBITDA; learn what sets boutique firms apart.
SIC 6411 / NAICS 524210
Insurance Agencies & Brokerages
A $284B market supported by recurring revenue, strong retention, and sustained buyer demand.
SIC 7389 / NAICS 541410
Interior Design Services & FF&E Procurement (Commercial)
Hospitality, senior living, and repeat developer work help commercial interior design and FF&E firms build value.
SIC 8111 / NAICS 541110
Legal Services & Law Firms
Growing consolidation, succession challenges, and operational scale are reshaping opportunities across the legal services sector.
SIC 6163 / NAICS 522310
Mortgage Brokerage & Origination
An $8B market driven by borrower demand, digital adoption, and growing consolidation across mortgage brokerage services.
SIC 7389 / NAICS 522320
Payment Processing & Merchant Services
Residual portfolios and recurring processing volume are the foundation of payment processor and merchant services valuations.
SIC 6512 / NAICS 531312
Commercial Property Management Services
Analysis of current valuation multiples, buyer profiles, and transition opportunities for property management services firms.
SIC 6282 / NAICS 523940
Registered Investment Advisors (RIA) & Advisory Practices
How are RIAs valued? AUM multiples and rollover equity structures shape aggregator deals.
SIC 7291 / NAICS 541213
Tax Relief & IRS Resolution
$6.7B market projected to reach $12.5B by 2035 amid continued consolidation and buyer demand.
SIC 6282 / NAICS 523940
Wealth Management & Financial Advisory
Record transaction activity and ongoing consolidation continue to shape the wealth management industry.
Technology & Tech-Enabled Services
2 SectorsSIC 7372 / NAICS 513210
Healthcare Education SaaS
A rapidly growing market driven by healthcare workforce needs, recurring revenue, and digital learning adoption
SIC 7373 / NAICS 541512
Managed Service Providers (MSP) & IT Services
MSPs average around 10.1x EV/EBITDA, with recurring revenue and cybersecurity services lifting valuations further.
Manufacturing & Industrial Services
19 SectorsSIC 2431 / NAICS 321911
Windows & Fenestration (Custom)
Fragmentation, automation, and energy-efficiency demand continue to drive opportunity in custom window manufacturing.
SIC 3523 / NAICS 333111
Agricultural, Turf & Farm Machinery Equipment Manufacturing
Near 12x EBITDA, agricultural and turf equipment platforms are valued on precision agriculture and dealer reach.
SIC 2434 / NAICS 337110
Cabinets & Casework Millwork
U.S. millwork demand is projected to reach $18.4B by 2032, supported by durable healthcare-driven casework demand.
SIC 2899 / NAICS 325998
Specialty Chemical Manufacturing & Blending (Personal Care & Cleaning)
Specialty chemical blenders serving personal care and cleaning brands can earn clean-label and reshoring premiums.
SIC 3993 / NAICS 339950
Promotional Products & Crystal Awards Manufacturing (Commercial)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for graphic design & promotional products firms.
SIC 3613 / NAICS 335313
Control Panels & Electrical Assembly
A rapidly growing industry benefiting from automation, grid investment, and expanding demand for engineered control solutions.
SIC 3679 / NAICS 334419
Electronic Cable Assemblies & Wire Harness Manufacturing
EV and ADAS demand, certifications, and OEM agreements drive wire harness and cable assembly valuations.
SIC 3569 / NAICS 333998
Engineered Products & Equipment
Automation, Industry 4.0 adoption, and supply-chain investment continue to drive demand and consolidation opportunities.
SIC 3199 / NAICS 316990
Equestrian Products & Equine Equipment Manufacturing
Analysis of current valuation multiples, buyer profiles, and transition opportunities for equestrian & equine equipment firms.
SIC 2511 / NAICS 337122
Outdoor & Patio Furniture
$7.4B market projected to reach $10.0B by 2031, driven by e-commerce growth and branded products.
SIC 8711 / NAICS 541330
Automation, Robotics & Controls Engineering Services (Industrial)
Robotics, machine vision, and predictive maintenance are raising the value of industrial automation and controls firms.
SIC 3089 / NAICS 326199
Plastic Injection Molding
A $54B market driven by recurring demand, manufacturing scale, and long-term industry growth.
SIC 3678 / NAICS 334417
Mil-Spec Electronic Interconnect & Cable Manufacturing
A market projected to reach $5.2B by 2035, supported by defense modernization and growing buyer demand.
SIC 3535 / NAICS 333922
Material Handling Equipment Manufacturing (Lifting & Rigging)
Aftermarket parts and service revenue make lifting and rigging equipment manufacturers especially attractive to buyers.
SIC 3499 / NAICS 332999
Metal Fabrication & Steel Fabrication (Custom)
A $65.5B market benefiting from reshoring, infrastructure investment, and continued consolidation opportunities.
SIC 3451 / NAICS 332721
Precision Manufacturing & CNC Machining (Aerospace & Defense)
Which buyers are most active in aerospace and defense machining? See CNC shop valuations and sentiment.
SIC 3444 / NAICS 332322
Sheet Metal Fabrication
$22.7B industry supported by construction growth, reshoring trends, and continued demand for regional fabricators.
SIC 2531 / NAICS 337127
Stadium & Auditorium Seating Manufacturing
Analysis of current valuation multiples, buyer profiles, and transition opportunities for stadium seating manufacturing firms.
SIC 2541 / NAICS 337215
Store Fixture Manufacturing & Display Systems
An $8.1B industry benefiting from recurring remodel cycles, retail modernization, and ongoing consolidation.
Trades, Home Services & Facility Services
16 SectorsSIC 1742 / NAICS 541310
Acoustical Ceilings & Insulation
An $82B market benefiting from data center growth, construction demand, and ongoing industry consolidation.
SIC 7538 / NAICS 237310
Auto Repair & Automotive Aftermarket Service Centers
Analysis of current valuation multiples, buyer profiles, and transition opportunities for automotive repair firms.
SIC 7349 / NAICS 238110
Cleaning & Janitorial Services (Commercial)
Commercial cleaning companies trade near 3.75x-4.5x EBITDA, with recurring contracts and customer mix driving value.
SIC 1731 / NAICS 236115
Electrical Contracting & Electrical Services (Commercial)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for commercial electrical contracting firms.
SIC 7382 / NAICS 237130
Fire & Life Safety Systems Inspection, Testing & Maintenance
Analysis of current valuation multiples, buyer profiles, and transition opportunities for fire & life safety firms.
SIC 1751 / NAICS 237110
Garage & Overhead Doors
$16B+ market fueled by recurring service demand, industry fragmentation, and growing buyer interest.
SIC 1711 / NAICS 238220
Heating, Ventilation & Air Conditioning (HVAC) Contractors (Commercial & Industrial)
With private equity add-on demand outpacing sellers, commercial and industrial HVAC contractors hold strong negotiating leverage.
SIC 0782 / NAICS 561730
Landscaping, Lawn Care & Grounds Maintenance
Analysis of current valuation multiples, buyer profiles, and transition opportunities for landscaping services firms.
SIC 1711 / NAICS 236118
Mechanical, Electrical & Plumbing (MEP) Contracting (Commercial)
Explore how data center cooling and building automation are lifting commercial MEP contractor valuations.
SIC 1711 / NAICS 236118
Mechanical, Electrical & Plumbing (MEP) Contracting (Residential)
Strong buyer demand and non-discretionary service needs are supporting residential MEP industry consolidation.
SIC 7342 / NAICS 561710
Pest Control & Extermination Services
Analysis of current valuation multiples, buyer profiles, and transition opportunities for pest control firms.
SIC 1711 / NAICS 236118
Plumbing & Trenchless Drain
$170B market projected to reach $250B by 2034, supported by infrastructure-driven demand and consolidation.
SIC 1761 / NAICS 238160
Roofing Installation, Repair & Replacement (Commercial)
Because re-roofing is non-discretionary, commercial roofing contractors with service revenue attract active consolidators.
SIC 1799 / NAICS 238990
Soft Craft Industrial Services (Insulation, Scaffolding, Coatings & Fireproofing)
Fragmented, mission-critical industry benefiting from consolidation, infrastructure growth, and demand for recurring-revenue services.
SIC 0783 / NAICS 561730
Tree Care & Arborist Services
Tree care revenue reached nearly $40B as consolidation accelerates across a fragmented market.
SIC 1721 / NAICS 238320
Residential Painting
$28.4B fragmented market supported by aging housing stock, recurring repaint demand, and growing consolidation interest.
Construction & Engineering
10 SectorsSIC 8712 / NAICS 541310
Architecture Firms & Architectural Design Services
Serial consolidators keep acquiring AEC practices, and architecture firm valuations climb with scale.
SIC 1611 / NAICS 237310
Asphalt Paving & Pavement Maintenance Contracting
How much is an asphalt paving contractor worth? DOT backlogs, infrastructure funding, and union labor matter.
SIC 8711 / NAICS 541330
Civil Engineering & Site Development Consulting
From water and energy to data center site work, civil engineering firms are in demand.
SIC 1771 / NAICS 238110
Decorative & Polished Concrete
A $3.0B market projected to reach $5.31B by 2035, supported by construction and infrastructure demand.
SIC 1771 / NAICS 238110
Concrete & Masonry Contracting
Analysis of current valuation multiples, buyer profiles, and transition opportunities for concrete & masonry contracting firms.
SIC 1542 / NAICS 236220
Construction & General Contracting (Commercial)
General contractor valuations hinge on data center and power work, labor availability, and input cost inflation.
SIC 1521 / NAICS 236115
Homebuilding & Luxury Construction (Custom, Residential)
Luxury and custom homebuilders can command premiums to book value as the housing shortage persists.
SIC 1623 / NAICS 237130
Horizontal Directional Drilling (HDD) for Fiber, Telecom, Utility & Municipal Infrastructure
Thanks to BEAD funding and 5G deployment, directional drilling contractors are seeing strong buyer interest.
SIC 1781 / NAICS 237110
Non-Oil Drilling Services (Water Well & Water/Wastewater Drilling)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for non-oil drilling services firms.
SIC 1521 / NAICS 236118
Remodeling - Kitchen & Bath
A $181.1B market driven by renovation demand, aging housing, and growth in design/build services.
Transportation & Logistics
1 SectorEnergy & Natural Resources
4 SectorsSIC 5172 / NAICS 424720
Fuel & Fluid Services (Fuel Delivery & Lubricants)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for fuel & fluid service firms.
SIC 4953 / NAICS 562920
Materials Recovery Facilities (MRF)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for materials recovery facilities (mrf) firms.
SIC 1731 / NAICS 238210
Solar Power Installation & Solar EPC Contracting (Commercial)
Valuations for commercial solar installers range from 2.0x-8.5x EBITDA as clean energy tax policy shifts.
SIC 4953 / NAICS 562111
Solid Waste Collection & Hauling
An $83B industry where recurring revenue, route density, and operational scale continue to attract buyer interest
Distribution & Wholesale
5 SectorsSIC 5141 / NAICS 424410
Wholesale Distribution (Regional, Frozen Food & Paper Products)
For regional frozen food and paper distributors, route efficiency and warehouse utilization drive valuation.
SIC 5084 / NAICS 423830
Equipment Distribution & Dealer Networks
Parts, service, and rental revenue, plus exclusive territories, determine what equipment dealers are worth.
SIC 5084 / NAICS 423830
Industrial Battery & Motive Power
Fleet electrification and aftermarket growth are driving demand across a rapidly expanding industrial battery market.
SIC 5032 / NAICS 423320
Natural Stone Wholesaling (Granite, Marble & Quartz Slabs)
Granite, marble, and quartz slab distributors face shifting valuations as countertop demand and tariffs evolve.
SIC 5031 / NAICS 423310
Lumber, Plywood & Millwork Wholesale Distribution
National consolidators are acquiring pro dealers, reshaping how lumber and building materials distributors are valued.
Healthcare
13 SectorsSIC 8051 / NAICS 623312
Assisted Living & Senior Housing
$52.0B market growing at 8.7% CAGR as demographic demand outpaces new assisted living supply.
SIC 8093 / NAICS 621420
Behavioral Health, Outpatient Mental Health & Substance Abuse Treatment
Expanding telehealth and payer reimbursement are drawing buyers to behavioral health and addiction treatment providers.
SIC 8021 / NAICS 621210
Dental Practices & Dental Service Organizations (DSO)
Retiring dentists can maximize value through a competitive sale process as DSOs compete for quality practices.
SIC 5047 / NAICS 423450
Durable Medical Equipment (DME)
DME revenue is projected to exceed $110B by 2028 as growth and acquisition activity accelerate.
SIC 8082 / NAICS 621610
Home Health Care & Homecare Agency Services
As aging-in-place demand grows, home health agencies must weigh valuation upside against reimbursement risk.
SIC 8049 / NAICS 621399
Medical Spas & Aesthetic Services
Membership revenue and injectables drive med spa value as aesthetics platforms continue consolidating the market.
SIC 8011 / NAICS 621111
Neurology Practices
A $2.9B market benefiting from rising neurological care demand, provider shortages, and ongoing consolidation.
SIC 8011 / NAICS 621111
Orthopedic & Spine Surgery Practices
ASC ownership, MSO structures, and outpatient migration are reshaping how orthopedic and spine practices are valued.
SIC 8011 / NAICS 621111
Plastic & Cosmetic Surgery
$26.0B market projected to grow 11.6% CAGR through 2030 amid strong demand and industry consolidation.
SIC 3842 / NAICS 339113
Prosthetics & Orthotics (O&P)
Industry projected to grow 2.3% CAGR through 2029, driven by innovation, AI adoption, and differentiated technology.
SIC 0742 / NAICS 541940
Animal Hospitals
$38B market projected to grow nearly 8% annually through 2033, driven by demand for advanced veterinary care.
SIC 0742 / NAICS 541940
Veterinary Clinics
$38B industry projected to grow nearly 8% annually through 2033, supported by rising pet-care demand.
SIC 8011 / NAICS 621111
Dermatology Practices
35+ active platforms pursuing growth as consolidation, specialty services, and recurring revenue remain key market themes.
Consumer, Hospitality, & Retail
10 SectorsSIC 5600 / NAICS 458110
Apparel & Accessory Retail
Rising consumer spending and evolving buyer priorities may favor scalable, well-prepared apparel retailers.
SIC 5641 / NAICS 458110
Children's & Baby Products Retail
Fragmented $18B market with growing buyer interest in branded, multi-channel retailers and scalable operations.
SIC 7261 / NAICS 812210
Funeral Homes
$20B market with demographic tailwinds and strong buyer interest in scalable, well-managed operators.
SIC 5251 / NAICS 444140
Hardware Stores
Consolidation continues as buyers favor diversified, technology-enabled hardware retailers with scalable operations.
SIC 7231 / NAICS 812112
Hair & Beauty Salons
Fragmented market with growing consolidation and buyer demand for scalable, well-managed salon businesses.
SIC 7011 / NAICS 721110
Hotels & Lodging (Single-Asset)
Travel demand has largely normalized as buyers prioritize pricing power, operational quality, and management depth.
SIC 5912 / NAICS 456110
Pharmacies (Independent)
$697B market driven by clinical services growth, aging demographics, and continued consolidation among independent pharmacies.
SIC 5599 / NAICS 441227
Powersports Dealerships (ATV, UTV, Snowmobile & Motorcycle)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for powersports firms.
SIC 5812 / NAICS 722511
Restaurants (Multi-Unit)
$1.55T industry with rising consolidation, technology adoption, and buyer demand for scalable restaurant platforms.
SIC 7033 / NAICS 721211
RV Parks, Campgrounds & Glamping
$11.3B industry driven by record RV ownership, premium outdoor hospitality demand, and ongoing consolidation.
Food, Beverage & Agribusiness
6 SectorsSIC 2099 / NAICS 311999
Egg Processing & Egg Products Manufacturing (Commercial)
Analysis of current valuation multiples, buyer profiles, and transition opportunities for commercial egg processing firms.
SIC 5148 / NAICS 424480
Exotic & Tropical Fruit Sourcing
A $5.26B market with strong import growth and buyer demand for scalable, relationship-driven sourcing platforms.
SIC 5148 / NAICS 424480
Fresh Produce Distribution & Wholesale Fruit and Vegetable Supply
Cold chain capabilities, channel mix, and import sourcing set the value of fresh produce distributors.
SIC 5182 / NAICS 424820
Liquor, Wine & Spirits Distribution
U.S. wholesale alcohol distribution exceeds $242B as consolidation and category growth support distributor opportunities.
SIC 0172 / NAICS 111332
Vineyards & Wine Grape Growing
Global wine consumption fell 3.3% in 2024 as climate shifts and operating pressures reshape vineyards.
SIC 5411 / NAICS 445110
Grocery Retail Stores
$963.3B grocery market driven by shifting consumer behavior, operational excellence, and evolving growth opportunities.
Media, Entertainment & Communications
2 SectorsSIC 7819 / NAICS 512191
Film & Video Dubbing & Localization
$7.1B market driven by streaming localization demand, accessibility requirements, and technology-enabled industry consolidation.
SIC 4899 / NAICS 517810
Telecom & Wireless Infrastructure
$72.6B market projected to reach $97B by 2030, fueled by 5G, fiber expansion, and connectivity demand.
