Jobs in the Business Services Industry Soar
The Business Services industry added 43,000 jobs in April, more than in an average month over the past half-year. This growth was broad-based, with gains across various sectors, including professional services, IT services, and business consulting. The strong job growth in the Business Services industry indicates that businesses continue to invest in their operations despite macroeconomic concerns.1
Commercial Cleaning Services are Thriving Post-Covid
In the post-Covid era, a clean and hygienic workplace is crucial for employee health, productivity, and making a good impression on clients and customers. According to the American Cleaning Institute (ACI), on average, businesses with the highest customer satisfaction ratings grew by 8% annually. By outsourcing cleaning activities to professionals, businesses allow employees to focus on their primary responsibilities and increase productivity. 2
Ernst & Young Halts Plan for Firm Split
Ernst & Young (EY) has axed its plan to split its auditing and consulting arms, marking a dramatic and costly retreat from a proposal meant to reshape the accounting profession. EY spent more than a year and more than $100 million on the effort that has now been upended. EY’s global leaders remain committed to the principle of dividing the auditing and consulting businesses, but it isn’t clear how a split could be redesigned in a way that achieves consensus.3
Waste & Recycling Acquisitions Off to Hot Start in 2023
Solid waste and recycling acquisitions by leading public companies are expected to continue their multiyear trend in 2023. In Q1, these companies invested approximately $563 million on transactions in the United States and Canada. This figure includes spending reported by WM, Republic Services, Waste Connections, GFL Environmental and Casella Waste Systems, which expect the trend of acquisitions to continue.4
Largest Transactions Closed
- Atlas Technical Consultants, Inc.
- GI Manager L.P.
- Calspan Corporation
- TransDigm Group Incorporated
- Kimball International, Inc.
- HNI Corporation
- Winsight, LLC
- Informa plc
- CareerBuilder France / Broadbean Technology Pty Ltd / Broadbean, Inc.
- Veritone, Inc.
- i3 Product Development, Inc.
- Helios Technologies, Inc.
- Gem Certification & Assurance Lab, Inc.
- Sarine Technologies Ltd.
- Yijia Group Corp.
- RemoteMore USA Inc.
- Professional Diversity Network, Inc.
- U.S. Retirement & Benefits Partners, Inc.
- The Vistria Group, LLC
Other Financial Buyer Transactions Closed
- Packaging Compliance Labs LLC
- SV Health Investors, LLC
- Joint Research And Development, Inc.
- Broadtree Partners
- Japs-Olson Company Inc.
- Monomoy Capital Management, L.P.
- Creative Planning, LLC
- AdminAssist, LLC
- VentureCount, LLC
- Richwood Industries, Inc.
- Argosy Capital Group, Inc.; Stone River Capital Partners, L.L.C
- Kurtzman Carson Consultants LLC
- GCP Capital Partners LLC
- Business of CLS Consulting, LLC
- Clearstead Advisors, LLC
- Nursery Supplies, Inc.
- Mill Point Capital LLC
- Enercon Services, Inc.
- Oaktree Capital Management, L.P.
Other Strategic Buyer Transactions Closed
- Bev's Auto Tags, LLC
- Keystone Agency Partners LLC
- Thruue Inc.
- TiER1 Performance Solutions, LLC
- Baseline Controls, Inc.
- Precision for Medicine, Inc.
- Digital Vending Solutions, LLC
- RockItCoin, LLC
- MarqMetrix, Inc.
- Thermo Fisher Scientific Inc.
- Bedford Recycling Inc.
- Metal Source, Llc
- Parallax Team, Inc.
- Michael Graves Architecture & Design
- Wally Two, Inc.
- Kaas Wilson Architects, LLC
- James & Co. LLC
- United Talent Agency, LLC
- Pharmaceutic Litho & Label Company, Inc.
- Resource Label Group, LLC
Source S&P Capital IQ as of 7/6/2023 and PCE Proprietary Data
This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.
EBIT - Earnings Before Interest and Taxes