Aggregates M&A Valuations Hit 9.4x EV/EBITDA – What This Means for Equipment Suppliers

Why record-high valuation multiples in the aggregates sector signal a strategic opportunity for quarry equipment buyers and suppliers alike

The aggregates industry is experiencing a surge in investor confidence, reflected in historically high merger and acquisition (M&A) valuations. According to Capstone Partners’ latest Rock Products Sector Update, transaction multiples in the aggregates sector have averaged 9.4x EV/EBITDA from 2024 through year-to-date 2026. This is half a turn higher than the 8.9x EV/EBITDA average recorded between 2022 and 2023, marking a clear upward trajectory in how the market values aggregate production assets.

For quarry operators, aggregate producers, and equipment buyers, this valuation trend carries important implications. When industry assets command premium multiples, it signals strong underlying demand, healthy margins, and a positive long-term outlook for aggregate production. It also means that operators looking to expand through acquisition are paying more for quality assets – which in turn drives demand for reliable, high-performance crushing and screening equipment to maximise the value of those investments.

What’s driving the valuation surge? Infrastructure, data centers, and pricing power

The sustained strength in aggregates M&A valuations is underpinned by several powerful demand drivers. The phased deployment of the Infrastructure Investment and Jobs Act (IIJA) has helped maintain aggregates demand despite weakness in residential construction. At the same time, the rapid commercialisation of artificial intelligence solutions has fuelled a boom in data center construction, which in turn accelerates power infrastructure development. These trends are expected to persist, creating sustained demand for aggregates well beyond the current cycle.

Pricing power has also been a critical factor. Sustained pricing strength in 2025 helped operators insulate margins and offset pockets of end-market weakness. This pricing power has translated into stronger financial performance among public players in the rock products sector, upheld by the ongoing roll-out of federal, state, and local infrastructure funding for road and bridge construction projects.

Asset-rich businesses command premium valuations

Not all aggregates businesses are valued equally. According to Capstone Partners, asset-rich businesses and divested operations with synergistic portfolios and strategic market share coverage have garnered premium prices – a trend expected to persist throughout 2026. This means that operators with well-located quarries, substantial reserves, and integrated logistics capabilities are attracting the highest valuations.

For equipment buyers, this trend reinforces the importance of investing in equipment that maximises the value of these strategic assets. Crushers, screens, and washing plants that deliver consistent product quality, high throughput, and low operating costs directly contribute to the profitability and attractiveness of aggregate operations.

What record valuations mean for equipment demand

When aggregates companies are acquired at premium multiples, the new owners typically invest in upgrading and expanding their operations to realise the full value of their investment. This creates direct demand for new crushing, screening, and washing equipment – particularly for modern, energy-efficient machines that reduce operating costs and improve product quality. The trend toward vertical integration and regional market share consolidation also favours operators who can supply a complete range of aggregate products, driving demand for versatile, multi-product processing lines.

China’s equipment export opportunity

For equipment suppliers, the sustained strength in aggregates M&A valuations presents a clear opportunity. Chinese crushing and screening equipment exports have been growing rapidly, with the first four months of 2026 seeing nearly 11,500 sets of crushers exported – a year-on-year increase of 42.7%. In 2024, China’s crusher exports reached $1.87 billion, growing 11.2% year-on-year, with primary destinations including Southeast Asia, Africa, and Latin America. The 2026 first-quarter data shows crushing and screening equipment exports grew 18.7% year-on-year, continuing a three-year trend of rapid growth.

As global aggregates demand remains strong and valuations support further investment in production capacity, Chinese equipment manufacturers are well-positioned to supply the high-quality, cost-effective solutions that operators need to maximise the value of their assets.

Sample aggregates M&A valuation data (For reference only)

All figures and recommendations are for reference only and are continuously updated. For the latest parameters, please consult our online customer service. Prices are for reference only and are subject to change based on configuration and market conditions. Actual results may vary depending on feed characteristics, operating conditions, and maintenance practices. OCP Mechanical reserves the right to update technical data and pricing without prior notice.

Why OCP Mechanical is your partner for high-value aggregate operations

With over 40 years of manufacturing experience, OCP Mechanical combines engineering excellence with a deep understanding of the global aggregate industry. We are a factory-direct supplier, meaning you avoid the markups charged by dealers and intermediaries. Our comprehensive range of crushing and screening equipment – PE Series jaw crushers, HST Series cone crushers, and VSI 6X sand making machines – is built with high-quality components and is designed for reliable performance in the most demanding applications. We provide comprehensive after-sales support, including spare parts availability, technical assistance, and on-site training. Our logistics team has extensive experience shipping to global destinations, ensuring timely delivery of equipment and parts. We are committed to helping you achieve efficient, productive crushing that supports your business growth.

Conclusion – Record valuations signal sustained demand for quality equipment

The aggregates industry’s 9.4x EV/EBITDA valuation multiple reflects strong underlying demand, healthy margins, and a positive long-term outlook. For quarry operators and aggregate producers, this means that investing in modern, reliable equipment is more important than ever to maximise the value of their operations. OCP Mechanical offers the equipment, expertise, and factory-direct pricing you need to succeed. Our online customer service team is available 24/7 to provide free consultation, technical data, and a customised quotation for your operation. Click the chat button now – let us help you build a more valuable, productive aggregate operation.