For the M&A markets, 2021 was a boom year. Potential increases in capital gains taxes, pent-up demand from 2020, and liquid capital markets contributed to both strategic and financial buyers being extremely active. Multiples for sellers, especially in the “hot” end markets of utilities, telecom, and water/wastewater, increased significantly. Private equity again played a major role as new platforms were created or existing ones executed a high volume of add-on acquisitions. The second half of 2021 was one of the busiest the industry has ever seen, and this pace shows no signs of slowing down as we enter 2022.