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Capstone Headwaters Reports: Aggregates Industry Shows Signs of Recovery as Construction Resumes

Capstone Headwaters Reports: Aggregates Industry Shows Signs of Recovery as Construction Resumes

Posted: July 2, 2020 | Tradewinds

Capstone Headwaters released its Q3 Rock Products Coverage report June 30, 2020 reporting that as shelter in place orders are lifted and state and local economics begin to reopen, optimism in the Aggregates industry has been supported by a resumption of construction projects and hiring activity towards the close of Q2.  Following the lowest recorded backlog level in April (7.8 months), the Associated Builders and Contractors’ construction backlog indicator increased to 7.9 moths in May, with infrastructure and heavy industry projects experiencing month-over-month activity growth.

Merger and acquisition (M&A) activity has expectedly slowed in Q2, as industry players have focused on safeguarding internal assets, assessing their workforce, and defending revenues in the early stages of the pandemic.  Through Q1 2020, total volume was slightly below 2019 levels at 26 transactions compared to 31.  However, the 33 transactions through year-to-date (YTD) are markedly behind the 63 transactions in YTD 2019.

Capstone Headwaters is one of the largest and most active independent investment banking firms in the United States.  The firm has a rich 18+ year history of achieving extraordinary results for middle market entrepreneurs, business owners, investors, and creditors.  The firm offers a fully integrated suite of corporate finance services, including merger & acquisition, debt & equity placement, ESOP advisory, corporate restructuring, valuation & fairness opinion, and financial advisory services.  Headquartered in Boston, Capstone Headwaters has over 170 professionals across 17 offices in the U.S. with 16 dedicated industry groups. Capstone has been recognized consistently as one of the top investment banks to work for and “U.S. Middle Market Firm of the Year.” For more information, visit

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