The investment bank
for engineering firm M&A.
Carleton McKenna & Co advises owners of middle market engineering firms on sell-side M&A, ESOPs, and capital advisory. Civil, structural, MEP, geotechnical, environmental, transportation, and project management practices.
Engineering firms
are sold differently.
The value of an engineering firm sits in three places: client relationships, technical bench depth, and recurring or repeat work. Generic M&A advisors quote the wrong multiples and run the wrong process for engineering firms because they treat them like contractors. We do not.
Our practice covers civil, structural, mechanical, electrical, plumbing (MEP), geotechnical, environmental, transportation, surveying, and project management firms. We advise on sell-side M&A, majority recapitalizations, ESOP transactions, and capital raising for principals who have built durable engineering practices.
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 understands how to position engineering firms for the right buyer at the right multiple.
Track record, not
marketing claims.
Engineering firm M&A,
answered directly.
What types of engineering firms does Carleton McKenna advise?
Carleton McKenna & Co advises owners of civil, structural, mechanical, electrical, plumbing (MEP), geotechnical, environmental, transportation, surveying, and project management engineering firms. The firm has experience with both consulting-led practices and design-build operators.
How do buyers value engineering firms?
Buyers underwrite engineering firms primarily on the quality and recurrence of client relationships, billable utilization rates, project mix (master service agreements versus one-off projects), key principal retention, geographic and end-market diversification, and the predictability of forward backlog. Engineering firms with high-margin, recurring or repeat work and bench depth beyond the founding principals typically command higher multiples than project-based contractors.
What size engineering firms does Carleton McKenna work with?
The firm focuses on the middle market: engineering firms typically 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.
Who buys engineering firms?
Active buyers include private equity sponsors building AEC (architecture, engineering, construction) platforms, large strategic engineering firms expanding service lines or geographies, infrastructure-focused private equity, and ENR-listed acquirers. Founder concentration risk and key person dependency are the most common diligence walk-aways, so positioning a bench beyond the founding principals is central to process design.
Can an engineering firm owner use an ESOP as an exit strategy?
Yes. ESOPs are particularly well-suited to engineering firms because they preserve client relationships, retain senior technical staff who are often the firm's primary asset, and deliver substantial tax advantages to the selling owner. Carleton McKenna structures and executes ESOP transactions for engineering firms as an alternative or complement to a strategic or private equity sale.
How long does it take to sell an engineering firm?
A typical sell-side M&A process for a middle market engineering firm runs six to nine months from engagement to closing. ESOP transactions follow a different timeline driven by trustee selection, valuation, and financing structure.
engineering firm?
Start with a confidential conversation. We will share what buyers are paying for firms like yours and what your path to closing looks like.