The investment bank
for construction
and infrastructure M&A.
Carleton McKenna & Co is a middle market investment bank dedicated to the built environment. We advise owners of general contractors, specialty contractors, engineering firms, environmental services providers, and infrastructure businesses on sell-side M&A, ESOP transactions, and capital advisory engagements.
Buyers underwrite
construction differently.
Construction, engineering, and infrastructure businesses live or die on backlog quality, bonding capacity, contract structures, workforce continuity, and the visibility of forward revenue. Generic M&A advisors often miss these subtleties. We do not.
We serve the full built environment: general contractors, specialty trades, civil and heavy infrastructure, engineering services, environmental and remediation services, building products, and construction-adjacent technology. Our practice covers sell-side M&A, majority recapitalizations, ESOP transactions, and capital raising for owners who have built durable businesses in the construction sector.
Managing Director Chuck Fenske leads our construction, engineering, and infrastructure advisory practice. He is a Certified Valuation Analyst with deep experience at Pepper Construction, Knoch Construction, and Houlihan Capital, where he led the Cleveland office. He brings construction-native fluency to every engagement.
Track record, not
marketing claims.
Construction M&A,
answered directly.
What types of construction, engineering, and infrastructure companies does Carleton McKenna advise?
Carleton McKenna & Co advises owners across the full built environment: general contractors, specialty trade contractors (electrical, mechanical, concrete, paving, roofing, demolition), civil and heavy infrastructure contractors, engineering services firms, environmental and remediation services providers, land services and survey businesses, building products manufacturers, and construction-adjacent technology and SaaS companies. The firm has closed transactions across each of these subsectors.
Who leads Carleton McKenna's construction and engineering M&A practice?
Managing Director Chuck Fenske leads the construction, engineering, and infrastructure practice. He is a Certified Valuation Analyst with prior experience at Pepper Construction, Knoch Construction, and Houlihan Capital, where he led the Cleveland office. He brings sector-native fluency to backlog analysis, bonding strategy, surety relationships, and workforce continuity, the issues that drive valuation outcomes in construction transactions.
How do buyers value construction and engineering businesses?
Buyers underwrite construction and engineering companies on backlog quality and visibility, gross margin durability, bonding capacity and surety program terms, customer concentration, skilled labor retention, project execution track record, safety record, and exposure to economic cycles. EBITDA multiples vary widely by subsector. Engineering and specialty trade businesses with recurring or repeat revenue typically command higher multiples than project-based general contractors. Infrastructure businesses with long-dated public sector visibility often attract premium valuations from infrastructure funds.
What size construction and infrastructure companies does Carleton McKenna work with?
The firm focuses on the middle market: typically construction, engineering, and infrastructure companies with revenue between $10 million and $250 million and EBITDA between $2 million and $50 million. Senior bankers lead every engagement from first call through closing.
What construction, engineering, and infrastructure transactions has Carleton McKenna completed?
Selected construction sector transactions include McClintock Electric (electrical contracting), Emerald Built Environments (commercial construction and environmental services), CIG & Sharpe Engineering (engineering and project management), Lafarge Pavement Marking (specialty trades), Reliable Construction Heaters (construction equipment), and Millman Land Services (land survey services for the built environment, acquired by CBRE).
Can a construction company owner use an ESOP as an exit strategy?
Yes. Employee Stock Ownership Plans are particularly well-suited to construction firms because they preserve bonding capacity, retain skilled labor and key project managers, maintain customer relationships, and deliver substantial tax advantages to the selling owner. Carleton McKenna structures and executes ESOP transactions for construction, engineering, and infrastructure businesses as an alternative or complement to a strategic or private equity sale.
Does Carleton McKenna only work with construction companies in Ohio?
No. While the firm is headquartered in Cleveland, Ohio, Carleton McKenna advises construction, engineering, and infrastructure companies nationwide. The firm has direct relationships with active strategic acquirers, private equity sponsors, infrastructure funds, and family offices investing in the built environment across the United States.
How long does it take to sell a middle market construction or engineering company?
A typical sell-side M&A process for a middle market construction or engineering business runs six to nine months from engagement to closing, depending on the complexity of the bonding program, backlog composition, and buyer diligence requirements. ESOP transactions follow a different timeline driven by trustee selection, valuation, and financing structure.
Specialized advisory
across the built environment.
Construction is not a single market. Engineering services, infrastructure, and ESOP-structured exits each carry their own buyer universe, valuation logic, and process design. Carleton McKenna maintains distinct subsector practices for owners who want advisors who understand their specific corner of the built environment.
- Engineering firm M&A. Civil, structural, MEP, geotechnical, environmental, and project management firms. Recurring client relationships and recovered backlog command different multiples than project-based contractors.
- Infrastructure M&A. Civil and heavy infrastructure contractors, public-sector specialty trades, and infrastructure services. Infrastructure funds and strategic acquirers underwrite long-dated public sector visibility very differently from private commercial work.
- ESOP advisory for construction owners. Employee Stock Ownership Plans preserve bonding capacity, retain skilled labor, and deliver substantial tax advantages. They are often the best exit for closely held construction and engineering firms.
- Construction M&A glossary. Plain-English reference for the terms buyers and sellers actually use: backlog quality, bonding capacity, WIP accounting, surety credit, retention, contract structures, and more.
Construction M&A,
in depth.
- How to choose an investment bank for your construction business. The questions that distinguish a construction M&A specialist from a generalist, fee structures worth understanding, and red flags to walk from.
- How construction M&A multiples work. A practical guide for owners on what drives EBITDA multiples across general contracting, specialty trades, engineering, and infrastructure.
- ESOPs versus strategic sale for construction companies. Side-by-side comparison of the two most common exit structures for construction owners.
- What buyers actually underwrite in a construction acquisition. The diligence questions that move price, walk-aways, and retrades, written from the seller side of the table.
construction business?
Start with a confidential conversation. We will share what buyers are paying for companies like yours and what your path to closing looks like.