Q3 2026 Built Environment Update: PE consolidation intensifies as investors back structural growth themes
The Built Environment Consulting sector remained highly active throughout Q3 2026, with private equity investors continuing to pursue acquisition-led growth strategies across a strong and increasingly attractive market. Long-term demand drivers, including infrastructure investment, energy transition, sustainability continue to support baseline level of M&A activity with demand for assets with exposure to digital infrastructure and data centre market tailwinds in high demand.
Our latest Built Environment Market Update explores how financial sponsors and strategic acquirers are targeting specialist consultancies to build scale, deepen sector expertise and expand service capabilities. The sector continues to benefit from supportive market fundamentals and a growing need for quality advice across increasingly complex projects with genuinely multi-disciplinary and end-market specialists positioned to gain market share.
Key themes from Q3
Strategic consolidation continues across the industry
The latest phase of consolidation is being shaped by sustainability, digital infrastructure and data centre investment. Both strategic acquirers and private equity-backed platforms continue to pursue specialist businesses that enhance capabilities and provide exposure to attractive growth markets.
Private equity activity continues to accelerate
Sponsor-backed activity within the Built Environment sector has intensified significantly in recent years, supported by resilient financial characteristics, technology enablement opportunities and attractive buy-and-build dynamics. Private equity investors are increasingly focused on building scaled, multidisciplinary or highly specialised consulting platforms.
Infrastructure and energy transition remain key growth drivers
Generational underinvestment in critical infrastructure is creating significant demand for specialist consulting services. At the same time, investment in energy transition, power generation, grid reinforcement and digital infrastructure continues to create long-term opportunities across the sector.
Technology and AI adoption
The rapid growth of data centres and AI-enabled computing is increasing demand for power, connectivity and supporting infrastructure presents a wide range of opportunity for specialist consultancies. Successful market participants are investing in their technology and AI development roadmap to transform their customer proposition and workflows to improve project delivery, enhance productivity and drive operational efficiencies.
Valuations remain resilient
While public market valuations remain below long-term averages, driven predominantly by the perceived impact of AI disruption, private market valuations have remained robust. Recent transactions continue to achieve “teen” EBITDA multiples, reflecting strong investor appetite for high-quality businesses operating in attractive end markets with strong client relationships leading to repeat project engagements, specialist expertise and scalable operating models.
During the quarter, we advised Dalcour Maclaren shareholders on its majority sale to MML Capital Partners and our large-cap colleagues advised Horizon Capital and the management shareholders of Ridge & Partners on the majority investment from CVC. Both transactions highlight continued investor appetite for market leading Built Environment consultancies with strong market positions and attractive growth prospects.
