The investment bank
for infrastructure M&A.
Carleton McKenna & Co advises owners of middle market infrastructure businesses on sell-side M&A, ESOPs, and capital advisory. Civil and heavy construction, public works, utility services, and environmental remediation.
Infrastructure buyers
pay for the right things.
Infrastructure businesses are not commercial contractors. The buyers who pay the highest multiples for infrastructure businesses (infrastructure-focused private equity, utility holding companies, large public works strategics) underwrite on long-dated revenue visibility, multi-year contract structures, prequalification status, and predictable cash flow backed by public budgets.
Our practice covers civil and heavy infrastructure contractors, public works specialists, paving and pavement marking, utility services (water, wastewater, gas, electric), infrastructure inspection and maintenance services, and environmental remediation. We advise on sell-side M&A, recapitalizations, ESOP transactions, and capital raising for owners across the infrastructure economy.
Managing Director Chuck Fenske leads our construction, engineering, and infrastructure practice. He brings construction-native fluency to backlog quality, bonding strategy, surety relationships, and prevailing wage compliance, the diligence areas where infrastructure deals are won or lost.
Track record, not
marketing claims.
Infrastructure M&A,
answered directly.
What types of infrastructure businesses does Carleton McKenna advise?
Carleton McKenna & Co advises owners of civil and heavy infrastructure contractors, public works contractors, paving and pavement marking specialists, utility services providers (water, wastewater, gas, electric), infrastructure services (inspection, maintenance, monitoring), and environmental remediation businesses. The firm has experience with both publicly funded work and private infrastructure.
How do infrastructure funds and strategic buyers value infrastructure businesses?
Infrastructure-focused private equity and strategic buyers underwrite infrastructure businesses differently from commercial contractors. Long-dated public sector visibility, multi-year contract structures, recurring service revenue, bonding capacity, prequalification status with major public agencies, safety record, and union or workforce stability all drive premium multiples. Infrastructure funds in particular pay for predictable cash flow profiles backed by public budgets.
Who buys infrastructure businesses?
Active buyers include infrastructure-focused private equity funds, larger strategic public works contractors expanding geographically, utility holding companies, ENR-listed acquirers, and selectively, infrastructure investment trusts. Each buyer type values infrastructure businesses on different metrics, and process design should reflect which buyer pool will pay the most for a specific business.
What size infrastructure businesses does Carleton McKenna work with?
The firm focuses on the middle market: infrastructure businesses 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.
How does prevailing wage and public works exposure affect valuation?
Prevailing wage and public works exposure are neutral to positive in most buyer underwriting, because they correlate with predictable revenue and contract terms backed by public budgets. The diligence work is in proving labor cost recovery, certified payroll compliance, prequalification status across public agencies, and the firm's track record on Davis-Bacon and state prevailing wage projects. See our construction M&A glossary for definitions of these terms.
Can an infrastructure business owner use an ESOP as an exit?
Yes, often with substantial advantages. ESOPs preserve bonding capacity, retain skilled labor and key project managers (critical for prequalification continuity), and deliver significant tax advantages. Carleton McKenna structures and executes ESOP transactions for infrastructure businesses as an alternative or complement to a strategic or infrastructure fund sale.
infrastructure business?
Start with a confidential conversation. We will share what infrastructure funds and strategic acquirers are paying for businesses like yours and what your path to closing looks like.