2025 AEC M&A Outlook Report
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Profitability by Public Exposure
Source: 2025 AEC M&A Outlook Survey, Zweig Group and Stambaugh Ness
BALANCING WORK & CLIENT MIX Firms that maintain a balanced mix of public-sector stability and targeted private-sector growth are emerging as some of the most attractive M&A candidates. Practices combining infrastructure, transportation, or water-sector work with private projects in renewable energy, industrial logistics, or data centers show some of the strongest valuation trajectories in the dataset. This blend allows buyers to capture the resilience of public funding when participating in high-growth private markets. As a result, firms with diversified revenue streams, especially those managing a healthy prime-to-subconsultant balance, are positioned to command valuation premiums.
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