Fall 2026 M&A Update
During the second quarter of 2026, deal volume (as measured by Cap IQ) and average pricing in middle market M&A (as measured by GF Data®) was relatively stable compared to prior quarters’ activity. Surveys conducted by GF Data® captured 85 middle market M&A transactions in 2Q26, matching the reported transaction volume in 1Q26. Valuation multiples declined modestly during the quarter, with the average all-industry EBITDA multiple decreasing from 7.3x in 1Q26 to 7.0x in 2Q26.
Also in This Issue
U.S. Deal Value & Volume
EBITDA Multiples
EBITDA Multiples by Buyer Type
U.S. Deal Volume by Industry
Debt Multiples
Number of Deals by Buyer Type
Mercer Capital's Recent Transactions