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Engineering and construction merger and acquisition (M&A) activity in Q1 2021 exceeded $1.3 billion in disclosed transaction value across 165 deals in Canada and the US. US transactions accounted for 148 of these deals, representing the largest quarterly volume in the past four years. The largest transaction in the quarter was US based, and involved Leidos Holdings Inc.’s acquisition of Gibbs & Cox Inc. for $478 million. In the last 12 months,95% of acquirers have been strategic parties while 5% have been financial buyers. Strategic acquisitions continue to drive industry activity, as participants target expansion into new markets and mitigating skilled labour shortages.

M&A activity in the North American food and beverage industry continues to experience significant growth, achieving transaction values and volumes seen prior to the onset of the COVID-19 pandemic. Transaction volumes increased from 203 deals in Q4 2020 to 217 deals in Q1 2021, marking the impressive comeback of the food and beverage industry. Total transaction value in Q1 2021 remains robust, however it fell from $20.5 billion in Q4 2020 to $11.6 billion in Q1 2021. The decrease in transaction value from the preceding quarter was primarily attributable to Inspire Brands Inc.’s $12.3 billion acquisition of Dunkin’ Brands Group Inc. in Q4 2020.

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