2025 AEC M&A Outlook Report
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M&A Activity by Firm Age
Source: 2025 AEC M&A Outlook Survey, Zweig Group and Stambaugh Ness
DISTRIBUTION OF FIRM SIZE & NUMBER OF OFFICES Firm size underscores the diversity of the AEC M&A market. The median firm in this year’s survey employs around 125 people, though the dataset includes firms ranging from small niche practices to multinational organizations with more than 6,000 employees. More than 60% of firms fall between 51 and 500 employees. This is the range most frequently involved in transactions, where scale and corporate growth goals can increasingly get accomplished via acquisitive growth. Within this range, firms with 101-250 employees reported the highest likelihood of pursuing acquisitions, while those in the 51-100 employee range are most often identified as attractive acquisition targets.
Geographically, most firms maintain 1-5 offices, with about 20% operating 6-10, and only a handful reporting 50+ locations
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