---
title: "Electrical Contractor M&A Stats 2025–2026: 40+ Cited Data Points"
description: "A reference page for electrical contractor M&A statistics in 2025–2026 — PitchBook's 13% YoY volume growth and 75% PE share, GF Data 6.2x–7.8x EBITDA multiples, MYR Group's $328M Valley Electric / Comet Electric deal, Apex Service Partners' $10B Apollo valuation, BizBuySell's 45%+ price increase, and the Goldman Sachs–projected 66 GW data-center power demand by 2027. Every figure linked to its primary source."
slug: "electrical-contractor-ma-statistics"
canonical: "https://mainstreetwealth.ai/resources/electrical-contractor-ma-statistics"
collection: "resources"
collection_name: "M&A Resources & Insights"
author: "Sukhrobjon Ismoilov"
category: "market-trends"
date_published: "2026-06-02T15:41:16.407Z"
date_modified: "2026-06-02T15:41:16.696Z"
token_estimate: 5888
source: "https://mainstreetwealth.ai/resources/electrical-contractor-ma-statistics.md"
---

# Electrical Contractor M&A Stats 2025–2026: 40+ Cited Data Points


> A reference page for electrical contractor M&A statistics in 2025–2026 — PitchBook's 13% YoY volume growth and 75% PE share, GF Data 6.2x–7.8x EBITDA multiples, MYR Group's $328M Valley Electric / Comet Electric deal, Apex Service Partners' $10B Apollo valuation, BizBuySell's 45%+ price increase, and the Goldman Sachs–projected 66 GW data-center power demand by 2027. Every figure linked to its primary source.

**Author:** Sukhrobjon Ismoilov  
**Published:** 2026-06-02  
**Updated:** 2026-06-02  
**Canonical:** https://mainstreetwealth.ai/resources/electrical-contractor-ma-statistics

> **Headline stat (2024):** Per PitchBook data cited by [BMI Mergers & Acquisitions](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/), **lower-middle-market electrical contractor M&A volume rose 13% in 2024**, with average deal sizes nearly tripling year over year.

> **Headline stat (2025):** [PitchBook's Q3 2025 analyst note](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting) reports that **PE deals in electrical construction during the first half of 2025 already exceeded the full-year 2024 total**, with private equity now driving roughly **75% of all electrical contractor M&A**.

This page is a single, citation-backed reference for electrical contractor M&A activity in 2024–2026 — deal volume, EBITDA multiples by tier, the active PE-backed platforms, named platform deals, public comps, BizBuySell benchmarks for the smaller end of the market, and the structural demand drivers (AI data centers, electrification, technician scarcity) underwriters are pricing into 2026 deals. Every figure links to its primary source.

**Last updated:** June 2026. We refresh this page quarterly as new PitchBook, GF Data, BMI Mergers, BizBuySell, IBISWorld, and BLS data is published.

## Why electrical contracting became one of PE's most-active trade categories

Three compounding tailwinds drove a record run of electrical contractor consolidation in 2023–2026:

- **AI infrastructure demand.** Goldman Sachs Research now projects U.S. data-center power demand will **rise from 31 GW in 2025 to 66 GW in 2027** — more than doubling in two years (per [The Street summary of Goldman Sachs Research](https://www.thestreet.com/technology/goldman-sachs-issues-warning-on-ais-surging-power-demand)). Roughly three-quarters of the ~$600B global AI capex projected through 2026 is tied directly to data-center buildouts ([Interesting Engineering](https://interestingengineering.com/research/how-ai-infrastructure-demand-is-stress-testing-the-engineering-industry)). That capacity has to be wired by electrical contractors.
- **Electrification & grid investment.** Long-cycle programs around EV charging, heat-pump conversions, solar interconnects, and grid hardening are creating multi-year backlogs at commercial and industrial electrical contractors. NASDAQ-listed [MYR Group](https://www.myrgroup.com/) has explicitly cited electrification and AI as the basis for its long-term master service agreement (MSA) growth.
- **Recurring service & MSA mechanics.** Service-revenue-heavy electrical contractors look to PE buyers more like B2B SaaS than traditional construction — recurring inspection, maintenance, and emergency-call revenue is reliable, contracted, and high-margin.

The combination is why a 13% YoY volume increase in 2024 ([BMI Mergers](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/)) accelerated again in H1 2025 ([PitchBook](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting)) and is why we keep seeing the same names — Truelink Capital, Platte River Equity, MFG Partners, Bernhard Capital — recur on acquisition dockets.

## Electrical contractor deal volume

| Metric | Value | Source |
|---|---|---|
| Lower-middle-market electrical contractor M&A volume change (2024 vs. 2023) | **+13% YoY** | [PitchBook via BMI Mergers](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/) |
| Average deal size change (2023 → 2024) | **Nearly tripled** | [BMI Mergers / GF Data](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/) |
| H1 2025 PE deals in electrical construction | **Already exceeded full-year 2024 total** | [PitchBook Q3 2025 Note](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting) |
| Share of electrical contractor M&A driven by PE (2024) | **~75%** | [TNMA / industry research](https://www.tnma.com/resources/industry-insights/commercial-electrical-contracting/) |
| MYR Group acquisition of Valley Electric & Comet Electric (October 2025) | **$328M** | [Yahoo Finance / MYR Group](https://ca.finance.yahoo.com/news/myr-group-acquire-valley-electric-184900920.html) |
| Apex Service Partners platform valuation (May 2026, includes electrical platform) | **~$10 billion** enterprise value | [Reuters](https://www.reuters.com/legal/transactional/apex-service-partners-nears-minority-stake-sale-10-billion-valuation-source-says-2026-05-27/) |
| Apex Service Partners brands across HVAC, plumbing, electrical | **75 local brands across 46 states; 13,000+ employees** | [Morningstar / Business Wire](https://www.morningstar.com/news/business-wire/20260528216487/apex-service-partners-and-alpine-investors-announce-strategic-minority-investment-from-apollo-funds-in-apex) |
| Q4 2025 PE deal count, construction & engineering (broad sector) | **458 deals**, record on PitchBook's dataset | [PitchBook](https://pitchbook.com/news/reports/q4-2025-construction-engineering-report) |

### What the deal-volume numbers actually mean

The 13% YoY figure cited by BMI Mergers is the cleanest published lower-middle-market benchmark because GF Data (the underlying source) only counts closed transactions backed by senior debt — i.e., real institutional deals, not asset purchases or distress sales. The PitchBook H1 2025 figure picks up the broader PE deal flow including platform add-ons that BMI's GF Data slice tends to underweight. Both directionally agree: electrical contractor M&A accelerated in 2024 and accelerated again in 2025.

For owners considering an exit, the cleanest takeaway is the **MYR Group $328M Valley Electric / Comet Electric deal** in October 2025. A single public strategic deploying $328M for two regional commercial electrical contractors in markets with data-center and infrastructure exposure tells you exactly how the buyer universe is pricing scarcity. We unpack the buyer landscape and process in detail in our [electrical contractor M&A overview](/industries/electrical-contractor).

## Electrical contractor valuation multiples (2024–2026)

| Source | Tier / Definition | EBITDA Multiple |
|---|---|---|
| [GF Data via BMI Mergers](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/) | $3M–$8M EBITDA electrical contracting deals (2024) | **6.2x – 6.4x** average |
| [GF Data via BMI Mergers](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/) | $8M+ EBITDA electrical contracting deals (2024) | **7.8x** average |
| [BMI Mergers — Construction Industry Multiples (Dec 2024)](https://www.bmimergers.com/construction-industry-valuation-ebitda-multiples-2024/) | Generic electrical contractor mean multiple example | **5.0x** (illustrative example: $1M EBITDA → $5M value) |
| [Clearly Acquired](https://www.clearlyacquired.com/blog/ebitda-multiples-for-hvac-plumbing-and-electrical-contractor) | Electrical contractors, full size range | **2.55x – 7.8x** |
| [GF Data via Forvis Mazars](https://www.forvismazars.us/forsights/2025/09/q2-2025-middle-market-m-a-insights-signs-of-potential-recovery) | All PE-backed mid-market (cross-sector benchmark, YTD 2025) | **7.2x** TEV/EBITDA average |

### What drives the spread

The 2.55x–7.8x range is not noise. It tracks five buyer-underwriting variables specific to electrical contracting:

1. **Service-vs-project mix.** Recurring service and emergency-call revenue trades 1–2 turns higher than pure new-construction work. Buyers pay for revenue that doesn't depend on a backlog refresh every 12 months.
2. **Vertical specialization.** Data-center, healthcare, mission-critical, semiconductor, and industrial-controls work consistently command premium multiples vs. generic residential rewires or tract-home electrical. Per [PitchBook](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting), high-growth, technical, and fragmented segments are where PE is concentrating capital.
3. **Bonding capacity & backlog quality.** A clean single-project / aggregate bonding capacity, a 6–18 month signed backlog, and documented project-margin history materially de-risk diligence. Concentration above 25% in any single GC is the #1 cause of LOI retrades.
4. **Master electrician & qualifier depth.** Multiple state-licensed qualifiers on staff (not just the owner) keep state and municipal licensing transferable and remove key-person risk.
5. **Technology stack & job-cost data.** ServiceTitan, Procore, BuildOps, AccuLynx, and integrated project-management systems produce diligence-ready exports. Spreadsheet-run electrical contractors still transact, but with longer prep cycles and tighter retrade exposure.

For a deeper walkthrough of how a specialized sell-side process captures the upper end of the multiple range, see [working with an electrical contractor business broker](/industries/electrical-contractor-business-broker).

## What's actually selling on BizBuySell (smaller end of the market)

For sub-$5M-revenue electrical contractor transactions that don't show up in PitchBook's PE-backed dataset, [BizBuySell](https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/) is the largest public dataset:

- **Median value of electrical and mechanical contractor businesses sold on BizBuySell increased 45%+ from $595,000 in 2020 to $875,000 in 2024**.
- The primary drivers per BizBuySell: consistent revenue growth in the underlying businesses plus rising market valuation multiples.
- Closed business-for-sale transactions across all categories on BizBuySell hit **2,599 deals in Q3 2025**, up **8% YoY** ([BizBuySell Q3 2025 Insight Report](https://www.bizbuysell.com/news/bizbuysell-2025-third-quarter-insight-report/)).

This is the cleanest proxy for the smaller, owner-operated end of the electrical contractor market that institutional capital generally overlooks.

## The active PE-backed electrical contractor platforms (representative, not exhaustive)

The electrical contractor roll-up universe is now dominated by a small number of well-funded platforms and public strategics. A non-exhaustive list of named acquirers tracked in trade press:

- **Apex Service Partners** — Alpine Investors-backed; minority investment from [Apollo at ~$10B EV](https://www.apollo.com/institutional/insights-news/pressreleases/2026/05/apex-service-partners-and-alpine-investors-announce-strategic-mi) in May 2026. Operates [75 local brands across 46 states](https://www.morningstar.com/news/business-wire/20260528216487/apex-service-partners-and-alpine-investors-announce-strategic-minority-investment-from-apollo-funds-in-apex) across HVAC, plumbing, and electrical.
- **Truelink Capital** — Active platform builder in commercial electrical contracting per [PrivSource](https://www.privsource.com/acquisitions/electrical-services).
- **Platte River Equity** — Denver-based; closed [Team UIS investment](https://www.privsource.com/acquisitions/private-equity-backed-acquisitions/electrical-services) in partnership with existing owners.
- **MFG Partners** — New York-based; [investment in Regency Electric](https://www.privsource.com/acquisitions/electrical-services/2025) (1986-founded Denver/Englewood commercial electrical contractor).
- **Bernhard Capital Partners** — Utility, infrastructure, and specialty electrical services. Established a [utility engineering & consulting platform](https://www.bernhardcapital.com/bcp-establishes-utility-engineering-consulting-platform-through-techserv-acquisition/) through TechServ acquisition; backed United Utility Services' [acquisition of BHI Power Delivery](https://www.bernhardcapital.com/bernhard-capital-backed-united-utility-services-completes-acquisition-of-bhi-power-delivery/).
- **Huron Capital** — Launched a [mission-critical electrical services ExecFactor platform](https://www.huroncapital.com/news/huron-capital-invests-in-rk-electric/) with the RK Electric investment in March 2024.

### Public strategic comparables

- **IES Holdings (NASDAQ: IESC)** — Diversified electrical contracting holding company across commercial, industrial, residential, and communications. Per [CB Insights](https://www.cbinsights.com/investor/integrated-electrical-services), IES specializes in electrical contracting services within commercial, industrial, and residential sectors covering design, installation, maintenance, and servicing.
- **MYR Group (NASDAQ: MYRG)** — Specialty electrical contractor; recently announced the [$328M acquisition of Valley Electric and Comet Electric](https://ca.finance.yahoo.com/news/myr-group-acquire-valley-electric-184900920.html) (October 2025), explicitly citing data-center and electrification demand.
- **Comfort Systems USA (NYSE: FIX)** — Mechanical and electrical contracting platform; consistently cited as the public comp for premium MEP roll-ups.
- **Quanta Services (NYSE: PWR)** — Specialty electric power and infrastructure contractor; widely tracked as the institutional comp for utility-scale electrical contracting.

For the full set of PE-backed electrical platforms, [PitchBook](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting) is the canonical subscriber-only source.

## Industry context: market size, electricians, fragmentation

A few structural data points round out the picture:

- **U.S. electrical contractor industry revenue**: estimated at roughly **$240B in 2024** ([IBISWorld](https://www.ibisworld.com/)).
- **U.S. electrician employment**: **762,600** electricians employed in 2022, with **+11% projected growth through 2032** — meaningfully faster than the all-occupations average ([U.S. Bureau of Labor Statistics](https://www.bls.gov/ooh/construction-and-extraction/electricians.htm)).
- **Annual electrician openings (2022–2032)**: **~73,500 openings per year**, the majority driven by retirements rather than net growth ([BLS](https://www.bls.gov/ooh/construction-and-extraction/electricians.htm)).
- **Industry establishments**: ~219,000+ U.S. electrical contracting businesses, generating an estimated $179B in revenue with a 2.6% five-year growth rate per the Census-derived [Peak Business Valuation summary](https://peakbusinessvaluation.com/valuation-multiples-for-an-electrical-company/).

## The AI data-center demand layer

The single biggest structural driver of buyer underwriting in 2025–2026 deals is AI infrastructure:

- **U.S. data-center power demand projected to grow from 31 GW (2025) → 66 GW (2027)** — more than doubling in two years per [Goldman Sachs Research](https://www.thestreet.com/technology/goldman-sachs-issues-warning-on-ais-surging-power-demand).
- **AI infrastructure capex (~$450B globally) is roughly 75% of total tracked AI spend** ([Interesting Engineering](https://interestingengineering.com/research/how-ai-infrastructure-demand-is-stress-testing-the-engineering-industry)). The vast majority is GPUs, servers, networking, and the data centers to house them — and every megawatt has to be wired.
- **The data-center frenzy is creating a blue-collar jobs boomlet**: per [CBS News](https://www.cbsnews.com/news/ai-data-center-jobs-construction-technician/), the rapid AI data-center buildout is driving electrician demand to multi-decade highs.
- **Electrician shortage as a national issue**: per [Fortune](https://fortune.com/2026/03/02/ai-data-centers-electrician-shortage-gen-z-training-careers/), the AI data-center boom is creating a "dire electrician shortage" that has become an opportunity for Gen Z entrants to the trade.

For electrical contractors with documented data-center, semiconductor, healthcare, or mission-critical capability, this single tailwind is supporting valuations 1–2 turns above the GF Data benchmarks.

## Methodology and limitations

- **PitchBook** is the canonical source for PE-backed electrical contractor deal counts; the H1 2025 figure (PE deals already exceeding all of 2024) is the most quoted because it is the least debatable.
- **GF Data** (cited by BMI Mergers) is the cleanest source for actual closed-deal multiples by EBITDA tier in the lower middle market because it only counts senior-debt-backed transactions.
- **BizBuySell** data is heavily weighted to sub-$5M-revenue businesses. It captures the small-business end of the market, not the institutional PE flow.
- **Multiples** vary widely because public ranges combine main-street businesses (sub-$1M EBITDA) with platform-quality companies. Always cite the underlying sample and tier.
- **BLS** projections are pre-AI-data-center boom; the actual 2024–2027 electrician demand curve is now widely seen as steeper than the official 11% projection.
- **Apex Service Partners' $10B valuation** spans HVAC, plumbing, and electrical — not a pure-electrical comp. It's included as a directional signal of capital flowing into MEP roll-ups.

## How owners should interpret 2025–2026

Three takeaways for electrical contractor founders considering an exit:

1. **The buyer universe is unprecedented in depth.** A single public strategic (MYR Group) deployed $328M for two regional commercial electrical contractors in October 2025. Add Truelink, Platte River, MFG, Huron, Bernhard, and the long tail of MEP roll-ups, and a competitive auction can realistically clear 100+ qualified institutional buyers. [Run a process](/industries/electrical-contractor-business-broker), don't take the first call.
2. **Multiples are tier-driven.** Per GF Data (via [BMI Mergers](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/)), the spread between $3M EBITDA shops (~6.2x) and $8M+ EBITDA platforms (~7.8x) is 1.6 turns of EBITDA — a $2M EBITDA gap can mean ~$15M+ of enterprise value. Hitting the $8M+ EBITDA threshold (organically or through tuck-ins before sale) is one of the highest-ROI moves a pre-sale founder can make.
3. **AI data-center exposure is the biggest premium driver of 2026 deals.** Documented capability in data-center, mission-critical, healthcare, or industrial-controls work is now worth 1–2 turns of EBITDA in buyer underwriting. If you don't have it yet but are 24+ months from sale, building it deliberately is a defensible value-creation thesis.

## Use this data

We update this page quarterly. If you cite a specific statistic, please link directly to the section heading and credit Main Street Wealth alongside the primary source.

If you own an electrical contracting business and want to translate this market data into a confidential exit conversation, see our [electrical contractor M&A overview](/industries/electrical-contractor) or learn how a [specialized electrical contractor business broker](/industries/electrical-contractor-business-broker) runs a sell-side process for $1M+ EBITDA founders.

## Primary sources

- [PitchBook — Q3 2025 Analyst Note: Deep Dive Into Electrical Contracting](https://pitchbook.com/news/reports/q3-2025-pitchbook-analyst-note-deep-dive-into-electrical-contracting)
- [PitchBook — Q4 2025 Construction & Engineering Report](https://pitchbook.com/news/reports/q4-2025-construction-engineering-report)
- [BMI Mergers — Electrifying M&A Market for Electrical Contractors: 2024 Recap](https://www.bmimergers.com/2025/02/19/electrical-contractors-2024-recap/)
- [BMI Mergers — Construction Industry Valuations and EBITDA Multiples (Dec 2024)](https://www.bmimergers.com/construction-industry-valuation-ebitda-multiples-2024/)
- [Reuters — Apex Service Partners $10B Valuation](https://www.reuters.com/legal/transactional/apex-service-partners-nears-minority-stake-sale-10-billion-valuation-source-says-2026-05-27/)
- [Apollo — Strategic Minority Investment in Apex (Press Release)](https://www.apollo.com/institutional/insights-news/pressreleases/2026/05/apex-service-partners-and-alpine-investors-announce-strategic-mi)
- [Yahoo Finance — MYR Group to Acquire Valley Electric and Comet Electric for $328M](https://ca.finance.yahoo.com/news/myr-group-acquire-valley-electric-184900920.html)
- [Huron Capital — Investment in RK Electric](https://www.huroncapital.com/news/huron-capital-invests-in-rk-electric/)
- [Bernhard Capital — TechServ Utility Engineering Platform](https://www.bernhardcapital.com/bcp-establishes-utility-engineering-consulting-platform-through-techserv-acquisition/)
- [Bernhard Capital — United Utility Services / BHI Power Delivery](https://www.bernhardcapital.com/bernhard-capital-backed-united-utility-services-completes-acquisition-of-bhi-power-delivery/)
- [PrivSource — Top Electrical Services Acquirers](https://www.privsource.com/acquisitions/electrical-services)
- [PrivSource — Recent PE-Backed Electrical Services Acquisitions](https://www.privsource.com/acquisitions/private-equity-backed-acquisitions/electrical-services)
- [Morningstar — Apex Service Partners and Alpine Investors / Apollo](https://www.morningstar.com/news/business-wire/20260528216487/apex-service-partners-and-alpine-investors-announce-strategic-minority-investment-from-apollo-funds-in-apex)
- [Alpine Investors — Apex $3.4B Single-Asset Continuation](https://alpineinvestors.com/update/single-asset-continuation-transaction-apex-service-partners/)
- [TNMA — Why Buyers Are Acquiring Commercial Electrical Contracting Businesses Right Now](https://www.tnma.com/resources/industry-insights/commercial-electrical-contracting/)
- [The Street — Goldman Sachs on AI Power Demand (66 GW by 2027)](https://www.thestreet.com/technology/goldman-sachs-issues-warning-on-ais-surging-power-demand)
- [Interesting Engineering — How AI Infrastructure Demand Is Stress-Testing the Engineering Industry](https://interestingengineering.com/research/how-ai-infrastructure-demand-is-stress-testing-the-engineering-industry)
- [CBS News — Data Center Frenzy Spurring Blue-Collar Jobs Boomlet](https://www.cbsnews.com/news/ai-data-center-jobs-construction-technician/)
- [Fortune — AI Data Center Boom and Electrician Shortage](https://fortune.com/2026/03/02/ai-data-centers-electrician-shortage-gen-z-training-careers/)
- [BizBuySell — Electrical & Mechanical Contractor Valuation Benchmarks](https://www.bizbuysell.com/learning-center/valuation-benchmarks/electrical-mechanical-contractor/)
- [BizBuySell — Q3 2025 Insight Report](https://www.bizbuysell.com/news/bizbuysell-2025-third-quarter-insight-report/)
- [Clearly Acquired — EBITDA Multiples for HVAC, Plumbing, and Electrical Contractor](https://www.clearlyacquired.com/blog/ebitda-multiples-for-hvac-plumbing-and-electrical-contractor)
- [Peak Business Valuation — Electrical Company Multiples](https://peakbusinessvaluation.com/valuation-multiples-for-an-electrical-company/)
- [BLS — Electricians Occupational Outlook Handbook](https://www.bls.gov/ooh/construction-and-extraction/electricians.htm)
- [IBISWorld — Electrical Contractors in the US](https://www.ibisworld.com/)
- [GF Data via Forvis Mazars — Q2 2025 Middle-Market M&A Insights](https://www.forvismazars.us/forsights/2025/09/q2-2025-middle-market-m-a-insights-signs-of-potential-recovery)