Introduction
Transaction volume continued at a reduced pace during 2017 – with most market commentators contributing this diminished activity to business owners “waiting” for the impact of the business-friendly tax and regulatory reforms that had been promised by the Trump Administration. Most signs pointed to strong buyer demand during 2017, for both strategic and financial buyers, as pricing multiples remained elevated during the year.
U.S. deal volume and value declined in Q1 of each of the last several years, relative to the prior Q4. This is typical as there is often a push to complete transactions prior to the year-end. Deal volume in 1Q18 remained steady and deal value actually picked up a bit on the heels of the passage of the tax reform legislation, which lowered the corporate tax rate to 21%.
FEATURE ARTICLE
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