Introduction
Overall transaction value and volume in the middle market dropped in the first quarter of 2019 from levels seen at the end of 2018. In our view, the circumstances surrounding this falloff in deal value and volume were the continuation of a trend often observed in the first quarter of a given year (with 2018 being an exception). Further, deal value and volume typically drops quarter-to-quarter after any unusually strong quarter, such as the fourth quarter of 2018. This trend can be seen at several points in the chart to the right.
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