1. Executive Summary
The engineering and planning sector in Germany, Austria and Switzerland is currently undergoing profound structural change. Driven by digitization, ESG regulations and massive demographic pressure, business models and ownership structures are changing in an industry that has been organized in a stable and fragmented way for a long time.
Many engineering firms today face double transformation pressure: They must modernize their technological and organizational processes (BIM, digital collaboration, AI-based planning) and at the same time find succession solutions, as the average age of owners is over 55 years. This creates exceptional momentum for consolidation and professional growth — both in building construction and in technical building equipment (TGA) and infrastructure construction.
1.1 Structural drivers
The regulations provide clear guidelines:
- BIM commitment in federal construction until 2027,
- HOAI amendment (expected 2025/26) with greater digitization and price flexibility,
- EU Buildings Directive (EPBD-Recast) with requirements for renovation timetables, energy efficiency and “zero emission buildings”.
These requirements force investments in IT, process standardization and the expansion of competencies — an environment that favors large, well-capitalized groups of companies.
At the same time, demand remains robust: Public infrastructure programs in Germany, Austria and Switzerland ensure high base utilization over the years. In 2025, Germany is investing around €22 billion in infrastructure, including €10.5 billion in rail. The Austrian ÖBB framework plan comprises €21 billion by 2029, and Switzerland is investing CHF 16 billion (2025—2028) in rail infrastructure. In building construction, ESG-driven renovations, energy efficiency programs and municipal construction initiatives ensure sustained stable project volumes.
1.2 First wave of consolidation
After decades of fragmentation, the first serious wave of consolidation is currently taking place in the engineering sector. In addition to international strategists such as WSP or Drees & Sommer, private equity-based platforms in particular shape the dynamics of SMEs:
Encoviva (Greenpeak Partners): focuses on building construction and general planning; the aim is to establish an integrated group of specialized engineering firms in statics, TGA, building physics and project management.
Orara (Auctus Capital Partners): Buy-and-build strategy in building construction with a focus on civil engineering, structural planning and TGA; bundles medium-sized engineering offices in southern Germany and Austria.
Treysta Group: focuses on infrastructure and civil engineering planning; addresses major public investment programs in rail, water and energy as well as the increasing need for sustainable, digitally supported planning in municipal and industrial environments.
Alva Capital: founded by one of the people behind Treysta, aims at a buy-and-build in the area of technical building equipment (TGA) in building construction; focuses on digitization, energy efficiency and integrated planning as well as the merger of successful specialist planning offices into a medium-sized group with joint resources in personnel, purchasing and administration.
These platforms are the pioneers of a wider consolidation movement: They create regional competence hubs (e.g. South, West, AT, CH) and bundle specialized engineering firms under a joint holding structure with a central back office, recruiting, IT and tender management. This is the first time that scalable corporate networks are being created on a larger scale in a market that has so far been heavily influenced by individual practices and partnerships.
1.3 Economic logic
The economic attractiveness of the sector is based on several factors:
- High basic demand due to public construction programs and ESG-driven renovations,
- Recurring revenue from long-term projects and service contracts,
- solid margins (typical 10—15% EBIT in building construction),
- Low economic sensitivity, as planning services are required in all construction cycles
- Digitalization levers (BIM, AI, process automation) that allow efficiency gains and scalability.
Valuations are currently in the 6.5—9.0× EBITDA range, with premium multiples for digitally mature, growth-oriented companies with a stable public procurement base. Family offices and specialized funds are increasingly competing with traditional PE funds for attractive targets, as the sector offers resilient cash flows and ESG compatibility.
1.4 Outlook
The momentum in the engineering sector will continue in the coming years. Digitalization, ESG requirements and a shortage of skilled workers will continue to put pressure on smaller offices, while larger groups expand their position through economies of scale and brand strength. At the same time, investment programs in the public sector create long-term planning security and order stability.
For medium-sized entrepreneurs, this results in two key options for action:
- Strategic merger or sale to a growing platform to secure succession, capital and digitization,
- Your own consolidation strategy to become a regional player or expert leader yourself.
2. Market structure & demand
2.1 Overall market and economic significance
Engineering firms are among the pillars of the German construction and real estate industry. With an estimated total annual turnover of €55—60 billion in the DACH region (including over 75% in Germany), they form the planning and management level between public authorities, the construction industry and real estate developers. Around 50,000 engineering and architecture firms in Germany employ a total of over 300,000 specialists — from structural planners and TGA specialists to project managers, building physicists and test engineers.
Despite its macroeconomic relevance, the sector remains highly fragmented: The majority of offices generate less than €5 million in turnover per year, and many are owner-managed and locally organized. This structure ensures proximity to customers, but limits investment capacity, scalability and digitization speed.
Overall, the market can be divided into three major segments:
- building construction and building planning (including TGA, statics, building physics) — around 55% market share,
- infrastructure and civil engineering planning (roads, railways, water, energy) — around 30%,
- Consulting engineering services (project management, controlling, environmental technology) — around 15%.
In all three areas, there is growing pressure to digitize processes, prove sustainability and attract skilled workers. At the same time, public sector requirements for documentation, tracking and transparency are increasing — factors that favor larger groups of companies.
2.2 Economy and investment environment
Following the highly inflationary years 2022—2023, the construction industry stabilized in a transitional mode in 2024/25. While private residential construction continues to suffer from high financing costs, public and commercial projects are noticeably increasing. The construction index of the Federal Chamber of Engineers has shown a slight recovery since mid-2024, supported by energy and infrastructure projects.
In the public sector in particular, the new special fund “Climate Protection and Transformation” (KTF) and the special fund for the Bundeswehr and infrastructure projects have an impact on the demand for engineering services. By 2030, the Federal Government plans to channel over €600 billion in funding and investment funds into climate protection, energy efficiency, transport and infrastructure. More than €45 billion of this is expected to flow into transport routes, bridges, railways, waterways and energy infrastructure in the period 2025-2027 alone.
These public programs act as economic stabilizing anchors, in particular for engineering firms with a focus on civil engineering, infrastructure planning and energy-efficient building renovation. State investment companies and municipal building authorities are also increasingly relying on external engineering services, as internal planning resources are scarce.
At the same time, demand for commercial building construction is growing: companies are modernizing existing buildings, constructing energy-efficient logistics and production areas and investing in sustainable office and research buildings. Here, engineering firms act as a technological interface between architecture, ESG consulting and construction — a field of activity with increasing margins.
2.3 Building Construction Segment: Sustainability, Energy and Shortage of Skilled Workers
Building construction remains the highest volume segment in engineering, but also the most challenging.
Demand is increasingly shifting from new construction projects to renovations and modernizations. The background is:
- EU requirements for CO₂ reduction and building efficiency (EPBD-Recast),
- national programs such as BEG (federal funding for efficient buildings),
- and the planned renovation obligation for non-residential buildings from 2030.
This is shifting the focus from “planning new spaces” to “transforming existing buildings.” Engineering firms with expertise in energy consulting, building automation, TGA, building physics and life cycle analysis benefit disproportionately.
Digitalization as a competitive factor:
Since 2023, working with Building Information Modeling (BIM) has been standard for public building projects. By 2027, it is to become mandatory in all federal projects. BIM is fundamentally changing planning processes: from linear sequences to networked, simultaneous processes with 3D/5D data models, cost tracking and follow-up management.
According to industry surveys, companies that have fully integrated BIM achieve up to 20% efficiency gains in planning and coordination — a significant margin factor.
Skilled workers as a bottleneck:
Staff shortages remain the biggest impediment to growth. According to ZDI NRW, there will be a shortage of over 50,000 qualified specialists in civil engineering alone by 2030, particularly in the areas of TGA, building physics and structural planning. Larger groups of companies can counteract this through central HR programs, training partnerships and their own academies — a central driver for buy & build strategies.
2.4 Infrastructure & Civil Engineering: Growth through Government Investment
The infrastructure and civil engineering sector is at a multi-year high of investment. After years of rehabilitation backlog, considerable public funding is flowing into transport routes, water management and energy infrastructure.
Germany:
- The federal budget 2025 provides for over €22 billion in infrastructure investments.
- Focus areas: railways (Deutsche Bahn infrastructure, >€10.5 billion), bridge renovations, waterways and energy transport networks.
- The federal government's special fund specifically supplements these funds to accelerate transformation and sustainability projects — such as electrification of railway lines, charging infrastructure and hydrogen networks.
- The National Hydrogen Strategy (update 2023) also provides for investments of over €18 billion in planning, transportation and storage by 2030.
Austria:
- The ÖBB framework plan 2024—2029 comprises a record volume of €21 billion, in particular for high-performance lines and station modernizations.
- At the same time, the federal and state governments are investing in hydraulic engineering and flood protection (including Danube and Mur projects).
Switzerland:
- Parliament has approved an infrastructure programme worth 16.4 billion CHF for the period 2025—2028 (national roads and railways).
- It is supplemented by the Building Renovation Climate Program with a funding volume of 3 billion CHF.
These projects ensure the basic workload of many engineering firms in the long term. Special skills in transport route construction, tunnel construction, hydraulic engineering, environmental technology and energy infrastructure are particularly in demand. Companies with expertise in sustainable materials, resource-saving construction or integrated planning are increasingly winning tenders.
2.5 Outlook: Stable demand but increasing requirements
The market outlook for engineering firms in the DACH region remains fundamentally positive, but with increasing polarization:
- Growth opportunities exist for digitally savvy, specialized and professionally organized offices.
- On the other hand, margin pressure is hitting smaller, staff-dependent offices without economies of scale or succession strategy.
The coming years will be heavily influenced by three guidelines:
- Public investments from special funds and ESG programs ensure stable base utilization.
- Digitalization & automation create efficiency and scalability — a prerequisite for margin stability.
- Consolidation & cooperation are becoming key success strategies to secure succession, skilled workers and capital.
As a result, the engineering sector is facing a structural reorganization: away from individual offices towards professional, technology-driven corporate associations. Market demand remains high — but it increasingly requires system capability rather than individual expertise.
3. Consolidation & M&A Trends in Engineering
3.1 Starting point: From partner office to platform model
The engineering sector, traditionally characterized by partnerships and individual companies, is entering a new phase of consolidation. Until 2020, the market consisted primarily of independent, regionally based offices with a few dozen employees. Today, this picture is changing rapidly:
In a short period of time, several private equity-based platforms have been created that are specifically launching the market — comparable to the development that the tax consulting and environmental technology sector has already undergone.
The background is a structural imbalance between succession requirements, investment pressure and growing complexity:
- The average age of owners is over 55 years.
- Digitalization, BIM and ESG reporting require investments that overwhelm many individual offices.
- Public clients are increasingly demanding certifications, IT security and scalability — requirements that large associations can better meet.
This creates an ideal environment for M&A activities: investors with strong capital offer succession solutions, bundle competencies and professionalize processes.
3.2 The new buy-and-build generation: strategies and players
In the last three years, a first wave of consolidation has emerged with clear profiles. It differs from classic mergers due to its strategic clarity, long-term scaling goals and a high degree of professionalization in integration and governance.
1. Encoviva (founded by Greenpeak Partners)
Focus: Building construction and general planning
Strategy: Establishment of an integrated group of engineering and planning offices with a focus on statics, building physics, TGA and project management.
structure: Platform with centralized back office (finance, HR, IT) and decentralized operational responsibility.
Objective: Efficiency through standardization and joint brand positioning as an integral general planner for ESG and restructuring projects.
2nd Orara (Auctus Capital Partners)
Focus: Building construction and structural planning in medium-sized companies
Strategy: Buy-and-build in southern Germany and Austria.
Special feature: Emphasis on partnership — local brands are retained but are strengthened by central structures (e.g. BIM Academy, recruiting).
Objective: Market leader in statics and construction planning with Europe-wide expertise in existing construction.
3. Treysta Group
Focus: Infrastructure and civil engineering planning (transport, energy, water)
Strategy: Development of a European engineering network in the public infrastructure sector.
Special feature: 2024 Entry of a US sustainability fund to finance growth; strong ESG orientation, decentralized organizational structure and clear positioning as a long-term partner of public clients within the framework of the government special fund for infrastructure projects.
4. Alva Capital
Focus: Technical building equipment (TGA) and energy efficiency in building construction; addresses the growing demand for sustainable, digitally connected buildings and integrated specialist planning
Founder: A former member of the Treysta management team
Strategy: Buy-and-build in the TGA segment with a clear focus on digitization, automation and ESG; merger of successful specialist planning offices (electrical, HVAC, building automation, fire protection) into a medium-sized group with central resources in personnel, purchasing and administration.
Objective: Development of a new, future-oriented TGA group of companies that combines efficiency, energy saving and intelligent building technology — from planning to operation.
These four platforms are pioneers of a new engineering industry:
They combine capital, technology and entrepreneurship and create scalable structures for the first time in a market that previously consisted of sole proprietorships.
In addition to these core platforms, strategic buyers are also active:
- Drees & Sommer, WSP and Dorsch/ RSBG are specifically consolidating smaller specialist planners in order to increase their regional density.
- Family offices are examining targeted investments in the sustainability and infrastructure sectors.
3.3 Assessment levels and deal dynamics
The valuation multiples for engineering firms in the DACH region are currently in the range of 6.5 — 9.0 × EBITDA, depending on size, specialization and degree of digitization.
Premium multiples (8.5—9.5×) are used for offices with
- stable public procurement base,
- sophisticated BIM/ERP setup and
- strong management team paid.
Standard multiples (6—7×) apply to solid, owner-managed SMEs with stable but not yet digitized structures.
Deals below 5× are increasingly rare, as even smaller companies are able to achieve a minimum value due to the high demand for succession solutions.
Deal volume:
Since 2023, the number of completed transactions has risen by around 30%. Platforms that pursue cluster strategies — i.e. several smaller acquisitions in the same region or specialization to reach critical size, are particularly active.
Financing environment:
The ECB's interest rate cuts in summer 2025 have significantly reduced acquisition financing costs.
Debt funds are once again showing increased appetite for smaller LBO transactions in the range of €5—20 million enterprise value.
The combination of abundant available capital, high succession requirements and a solid demand base is leading to a lively market that is likely to last for several years.
3.4 Integration models and value levers
The experience of previous platforms shows that value creation in engineering is achieved less through cost synergies than through process and technology integration.
Central value lever:
1. Digitalization & Standardization
- Introduction of standardized ERP and BIM systems.
- Centralization of tendering, controlling and HR processes.
- Economies of scale in purchasing and software licenses.
2. Employer Branding & Recruiting
- Development of joint academies, trainee programs and employer brands.
- Use of central HR tech solutions (e.g. digital onboarding tools).
3. Brand architecture & market presence
- Platforms are increasingly operating under a uniform umbrella brand in order to achieve tendering capacity for large projects.
4. Succession & participation models
- Entrepreneurs often receive 20-40% reinvestment shares to ensure management continuity.
- A combination of cash exit and long-term investment is standard.
5. ESG and energy expertise
- Integration of sustainability, certification and energy efficiency teams as a differentiator in public tenders.
These models create sustainable added value because they transform the structural weaknesses of individual offices — lack of staff, lack of IT, lack of succession — into group strength.
3.5 Perspective for medium-sized entrepreneurs
For owners of medium-sized engineering firms, this market situation opens up three key strategic options:
1. Sale to a platform (buy-side consolidation)
- Quick access to capital, orderly succession, participation in future value growth.
- Ideal for offices with a stable project pipeline but limited scaling resources.
2. Cooperation or merger on equal terms
- Merger of several offices of equal standing in order to act together as a “mini platform.”
- Attractive to be able to negotiate at investor level.
3. Own buy-and-build strategy (sell-side consolidation)
- For growth-oriented entrepreneurs with an ambition to expand.
- Relevant factors: Equity base, management capacity and clear strategic positioning (e.g. TGA specialist or general planner).
Regardless of which path you choose, preparation is crucial. Clean financial statements, reliable KPIs (EBITDA ratio, workload, turnover per employee) and documented processes are a prerequisite for attractive valuations.
3.6 Outlook: Professionalization as a new currency
The consolidation of engineering offices in the DACH region is just beginning. Industry experts expect that 20-30% of medium-sized offices will be integrated into group structures over the next five years.
The future market leaders will be those who
- combine professional structures with entrepreneurial culture,
- actively shape digitization,
- and work strategically with capital instead of passively waiting for successors.
For entrepreneurs who act now, this phase offers exceptional opportunities:
The combination of stable demand, political investment programs, high investor interest and limited supply of qualified targets creates a market window that will only remain open for a few years.
4. Valuation logic and deal structures
4.1 Basic principles of business valuation in engineering
The valuation of engineering and planning offices generally follows the rules of the classic income value or multiplier procedure (EBITDA multiple). Nevertheless, there are industry-specific features that are as pronounced in hardly any other sector:
- the project-related nature of the sales,
- dependence on key people,
- and the high impact of process maturity and digitization on scalability and margins.
Investors therefore rate engineering firms less on their past, but on their level of maturity and future viability. The decisive evaluation factor is: “How stable and reproducible is the income level? ”
An engineering firm with clear processes, a strong second management level, a high level of IT integration and a broad customer base usually achieves 1—2 more evaluation multiples than a similarly profitable but more personal office.
4.2 Current Assessment Ranges (DACH, 2025)
Based on market analyses, PE transactions and valuation studies, the current picture for engineering firms in the DACH region is as follows:
These multiples reflect the status of Q3/2025. However, the market is selective: Top ratings are paid exclusively for digitally mature, growth-oriented and successful companies.
4.3 Value drivers in engineering
1. Digitalization & process maturity
The level of digitization is the most important lever for premium valuation.
Investors pay particular attention to:
- Building Information Modeling (BIM) expertise
- Using digital tools for project management, time recording and reporting
- Interfaces to customer portals and funding platforms
- IT security & cloud readiness (requirement for public projects)
Offices that have implemented BIM processes in a standardized way achieve up to 20% higher EBITDA margins and are considered to be significantly easier to integrate into platform structures.
2. Sales quality & order mix
It is not the amount that is important, but the predictability of sales. A high proportion of recurring projects with public or institutional clients reduces risk.
Investors prefer:
- Long-standing framework agreements with municipalities or energy suppliers
- Recurring inspection and maintenance orders
- Low dependence on individual customers (no customer > 20% revenue share)
3. Management & succession
An office without a clearly regulated succession is risky for investors. Therefore, ratings rise significantly when:
- there is a second management level,
- know-how is distributed across systems and processes,
- The founder is still available as an advisory board or managing director for 2-3 years.
A lack of succession, on the other hand, can cost 1—1.5 multiple points.
4. Specialization & ESG expertise
Engineering firms with expertise in energy efficiency, sustainability certification (DGNB, LEED) or infrastructure planning enjoy structural demand advantages. The combination of ESG focus and technical depth (e.g. TGA optimization, CO₂ accounting) increases both company value and exit attractiveness for strategic buyers.
5. Margin & scalability
The typical EBITDA margin in engineering is between 10 — 15%. An above-average margin profile points to efficient processes and digital maturity.
Investors pay particular attention to:
- turnover per employee (> €130,000 = benchmark for efficiency),
- low overhead ratio (< 25%),
- stable load (> 85%).
4.5 Earn-outs, Roll-Overs, and Management Involvement
Almost all current transactions in engineering involve variable components.
Typical models:
- Earn-out: Seller receives part of the purchase price (10—30%) depending on future sales or earnings development over 2—3 years.
- Roll-over: Seller reinvests 20-40% of sales revenue into the buyer's holding structure.
- Management participation: Key people receive virtual shares or participation programs to ensure continuity.
This structure is attractive for investors as it creates loyalty and incentives for management. For entrepreneurs, it offers the opportunity to participate in the growth of the platform, i.e. to benefit from the “second exit.”
4.6 Evaluation processes and transaction preparation
A professionally managed sales process significantly increases the value of the company.
Key steps:
- Financial readiness: adjustment of the balance sheet, clean EBITDA presentation, proof of recurring income.
- Commercial readiness: presentation of the USP — specialization, references, customer structure, ESG expertise.
- Organizational readiness: Evidence of a stable second level of management, structured processes, documented IT systems.
- Vendor due diligence: Our own preliminary audit to prepare for investor questions.
The better prepared these factors are, the lower the risk discount in the evaluation process — and the higher the multiple.
4.7 Conclusion: Value is created through sustainability
The evaluation of engineering firms depends less on the past than on their ability to shape the future. Digitalization, ESG, succession and professionalization are the four value drivers of the coming years.
Companies that actively address these issues earn significant valuation premiums and benefit from a market environment that is more favourable than ever before: high investor demand, government investment programs and a structural generational change.
5. Outlook & recommendations for action for entrepreneurs
5.1 The engineering market is facing a reorganization
The engineering sector in Germany, Austria and Switzerland is at a turning point. The structural drivers — digitization, ESG regulation, shortage of skilled workers and the need for succession — will fundamentally change the market image over the next five years.
Where tens of thousands of individual offices existed side by side so far, professional corporate associations are increasingly emerging, with uniform brands, central processes and clear growth strategies.
This phenomenon can be observed in real time: Platforms such as Encoviva, Orara, Treysta or Alva Capital show that the traditional engineering firm is turning from a pure service provider into a scalable technology and planning company.
The change is irreversible — and it not only creates challenges, but above all opportunities: Entrepreneurs who act now can actively shape their market position instead of reacting to consolidation.
5.2 Three strategic options for action
Option 1: Partnership or sale to a platform
For many entrepreneurs, selling or partially selling to a growing group offers the best balance between security, continuity and future prospects.
Typical benefits:
- Orderly succession and securing the employee base,
- access to capital for digitization, growth and recruiting,
- opportunity to participate in the further increase in value through re-investments,
- Professionalization of structures through central resources (HR, IT, controlling).
However, good preparation is a prerequisite: clear financial data, documented processes, defined succession. Anyone who creates these foundations achieves above-average ratings.
Option 2: Merger on equal footing
An alternative to investor involvement is the merger of several SMEs, which join forces to form a joint holding or partnership.
This model (“SME buy-and-build from within”) offers:
- greater tendering capacity,
- joint use of BIM systems and IT,
- Better employee retention through a wider range of career opportunities,
- Higher negotiating power vis-à-vis clients and banks.
Such alliances are particularly attractive for engineering firms with regional proximity or complementary competencies (e.g. statics + TGA + project management). Clear governance is important so that decision-making processes remain efficient.
Option 3: Your own buy-and-build strategy
Entrepreneurs with growth capital and ambition can become consolidators themselves. With targeted acquisitions of regional specialists, a powerful group of companies can be built up in a short period of time. Success factors are:
- focus on defined areas of expertise (e.g. ESG restructuring, TGA, infrastructure),
- professional M&A setup with legal and financial support,
- Integration team that unifies processes, brands, and IT.
Many family offices or institutional investors today also participate in co-sponsorship models in which the entrepreneur retains operational management while the family office contributes capital and deal experience.
5.3 Success factors in succession and sales
Experience in recent years shows that the difference between a good and a very good exit rarely lies in the market environment — but in preparation.
Five key levers for entrepreneurs:
- Early planning (3-5 years before exit): Establish succession, management structure and process organization.
- Transparent financial and performance data: document adjusted EBITDA, revenue per employee, order backlog and pipeline.
- See digitization & ESG as a value lever: Systematically expand BIM readiness, energy efficiency consulting, sustainability certifications.
- Communication and culture: Involve employees early on, create trust, address succession openly.
- Structured advice and litigation: Support from specialized M&A consultants, tax experts and lawyers to professionally manage deal structure, tax optimization and communication.
5.4 Perspective: From engineering tradition to an industry of the future
The engineering sector was the backbone of construction and infrastructure development for a long time — now it is itself becoming an engine of transformation. As a result of technological change, government investment programs and increasing ESG awareness, the need for partners with strong planning and processes is growing.
The future belongs to engineering firms that combine three characteristics:
- Technological expertise — use of digital tools and data.
- Entrepreneurial vision — building scalable structures.
- Cultural strength — maintaining engineering identity despite growth.
In five years, the market will look different:
- 20-30% of medium-sized offices will be part of larger groups
- Platforms with 300-1,000 employees will dominate major projects.
- Assessment margins will differ more by professionalism than by size.
Conclusion: Now is the time for strategic action
The engineering market is facing its biggest structural change in decades. Stable demand, government investment programs and capital interest meet an aging ownership structure — a constellation that has never existed before in this density. For entrepreneurs, this means that anyone who is prepared today has a choice. Between sales, partnerships or your own expansion — and thus the opportunity to actively shape things instead of having to react. The coming years will decide who shapes the new generation of engineering. Digitalization, sustainability and succession are not risks, but tickets to a new era of engineering entrepreneurship.
1. Markt- & Strukturtrends
Bundesingenieurkammer (BIngK): Wirtschaftliche Lage der Ingenieure in Deutschland 2024
Statistisches Bundesamt: Baugewerbliche Umsätze und Beschäftigung 2023–2025
Lünendonk & Hossenfelder GmbH: Marktsegment Architektur- und Ingenieurdienstleistungen 2024
ZIA & Hauptverband der Deutschen Bauindustrie: Bauprognose 2025 – Entwicklung der Planungsleistungen im Hoch- und Tiefbau
Verband Beratender Ingenieure (VBI): Jahresbericht 2024 – Fachkräftemangel und Strukturwandel
Deloitte: European Engineering & Infrastructure Outlook 2025
Roland Berger: Future of Construction Engineering – Digitalisation & ESG as Value Drivers
2. M&A-Aktivität & Plattformbildungen
Greenpeak Partners: Encoviva Group – Strategy & Portfolio Overview (Press Release, 2024)
AUCTUS Capital Partners: Orara Group – Plattform für Ingenieurdienstleistungen im Hochbau (Deal Announcement, 2024)
Treysta Group: Corporate Presentation 2025 – Infrastructure Engineering Consolidation
Alva Capital Partners: Launch Release – Buy-and-Build Platform for TGA and Building Engineering (2025)
Mergermarket Database (Abruf Juli 2025): Engineering & Infrastructure Services Transactions – DACH Region 2023–2025
Pitchbook: Private Equity Engineering & Construction Report Q2 2025
InfraJournal Europe: Private Equity in Technical Services – Consolidation Wave 2025
Capital Finance / FINANCE Magazin (2025): Buy-and-Build-Trend erreicht Ingenieurbüros – Strategien von Encoviva, Orara & Treysta
Handelsblatt: Greenpeak baut mit Encoviva eine Ingenieurgruppe im Hochbau (Februar 2025)
Baunetz: Neue Player am Markt – PE-finanzierte Ingenieurgruppen übernehmen Mittelständler (Mai 2025)
3. Bewertung & Finanzierung
Argos Wityu / Epsilon Research: Argos Mid-Market Index Q2 2025
Kleeberg & Partner: Jahresrückblick Unternehmensbewertung 2024 – Mittelstand im Zinswandel
Rödl & Partner: M&A im Mittelstand 2025 – Bewertungs- und Finanzierungsumfeld
PwC: Valuation Multiples in European Engineering and Infrastructure Services (2024/2025)
Lincoln International: Mid-Market Engineering Services Transactions Report 2024
EY-Parthenon: European Construction Engineering Consolidation Trends 2024
Bundesbank: Zinsentwicklung und Investitionsbedingungen Q3 2025
Deutsche Beteiligungs AG (DBAG): Marktausblick für technische Dienstleistungen 2025
Preqin: Private Capital in Technical Services 2025 – Europe Focus
4. Regulatorik & öffentliche Investitionsprogramme
Sondervermögen „Klima- und Transformationsfonds“ (BMWK, Stand Juli 2025) – enthält Mittel zur Gebäudesanierung, Energieeffizienz und Wasserstoffinfrastruktur
Bundesministerium für Digitales und Verkehr (BMDV): Infrastrukturausgaben 2025 – Sondervermögen und Bundeshaushaltsposten – Investitionen i.H.v. 22 Mrd. € (davon 10,5 Mrd. € Schiene, 3,4 Mrd. € Straße, 2,1 Mrd. € Wasserbau)
Deutscher Bundestag – Haushaltsausschuss (Beschluss Mai 2025): Verwendung des Sondervermögens Infrastruktur
ÖBB Infrastruktur AG: Rahmenplan 2024–2029 (21 Mrd. € Investitionen)
Bundesamt für Raumentwicklung Schweiz (ARE): Infrastrukturprogramm 2025–2028 – Schiene, Wasser, Energie (16 Mrd. CHF)
EU-Kommission: Recast of the Energy Performance of Buildings Directive (EPBD, 2024)
Bundesministerium für Wohnen, Stadtentwicklung und Bauwesen: Digitalisierungsstrategie BIM Deutschland – Umsetzung bis 2027
HOAI-Novelle 2025 (Entwurf): Anpassungen an EU-Recht, Digitalisierung und flexible Preisgestaltung
5. Presse & ergänzende Branchenberichte
Handelsblatt Research Institute: Private Equity investiert in Planung und Bau – Marktüberblick 2025
Capital / WirtschaftsWoche: Neue Kapitalgeber im Ingenieurwesen: Der Mittelstand wird zum Ziel von Buy-and-Build-Strategien
Bauingenieur.de / Baunetz Wissen: Digitalisierung, BIM und Fachkräftemangel: Die großen Herausforderungen für Ingenieurbüros
manager magazin: Engineering wird Investmentthema – von TGA bis Infrastruktur
mandaco.de: Deal-Tracker Bau & Technik Q3 2025
FINANCE Magazin: Private Equity rollt Ingenieurwesen auf – aktuelle Deals und Bewertungen (August 2025)
