IMAP Germany Technical Building Services Report 2026
Sector Deep Dive: German Market for Sewerage Rehabilitation and Drain Cleaning Services
We are pleased to present the latest edition of the IMAP Technical Building Services (TBS) Report.
Driven by the ongoing modernization of buildings, increasingly stringent energy and environmental regulations, and a stabilizing construction cycle, demand for technical building solutions remains strong. Investments in sustainable building technologies and infrastructure continue to support growth prospects, even against a backdrop of macroeconomic uncertainty. In this environment, the M&A market continues to attract strong interest, both from private equity investors and strategic players. Transaction activity remains robust, with valuation multiples ranging from 5.0x EV/EBIT to 10.0x EV/EBIT. Consolidation strategies, buy-and-build models, and regional roll-ups are increasingly shaping the market.
For the first time, our comprehensive study expands its scope to include the adjacent pipe and sewer rehabilitation and cleaning market, providing in-depth insights into M&A activity, market trends, and investment opportunities within this resilient and dynamic sector in Germany — one that is fundamentally driven by trends similar to those in the TBS market.
Key Highlights: Pipe and Sewer Rehabilitation
- Highly fragmented market with strong local players – Numerous small and mid-sized companies serve regional and municipal clients. Strong reputations and technical expertise create barriers to entry, making the market particularly attractive for buy-and-build strategies.
- Aging infrastructure as a key growth driver – Ongoing maintenance, inspection, and rehabilitation needs generate stable, recurring revenues that are largely independent of economic cycles (as they are funded through wastewater fees rather than municipal budgets).
- Technological advancements enhance efficiency – The use of advanced technologies (such as CCTV inspections, robotics, and trenchless rehabilitation methods) improves efficiency and performance, enabling service providers to deliver best-in-class solutions to their clients.
- Expansion along the value chain – From routine sewer cleaning to industrial waste disposal, companies can unlock additional revenue streams and deepen customer relationships.
Our recently completed sale of Rohrsanierung Jensen to Hannover Finanz underscores the strategic attractiveness of this market for platform-based M&A strategies. The report analyzes market structure, key trends, leading platforms, and transaction activity, offering investors and market participants a detailed overview.
Gain valuable insights into the M&A dynamics and market forces shaping the German pipe and sewer rehabilitation and cleaning market with our latest report.
Jurgis V. Oniunas
IMAP Chairman
At the start of the year, the outlook for Q1 was highly optimistic, with expectations of slowing inflation, lower interest rates, and improving growth projections. Unfortunately, we live in interesting times. Early in the year, speculation around the disruptive impact of AI on traditional SaaS business models triggered a significant revaluation in parts of the Software sector. More recently, escalation in the Middle East conflict has introduced fresh volatility – pushing oil prices higher, adding upward pressure on inflation, and creating supply-chain uncertainties. While it is too early to tell how these new shocks will eventually affect the global M&A market, we can be sure that our dealmakers around the world are on the ground every day – negotiating, re-evaluating, adjusting positions, and adapting to whatever the environment throws at them to deliver the best outcomes for their clients. They’ve done it for over 50 years, and that’s exactly what they’ll continue to do, no matter the conditions.
