Introduction
Transaction volume in the middle market continued its upward climb during the fourth quarter of 2018 and across the second half of 2018 on the heels of a still-healthy economic outlook for the U.S. Certain macroeconomic risks began to materialize in the latter half of the year, especially in the fourth quarter, forcing owners to perhaps expedite an anticipated transactional event. After deal volume and values fell to lows over the period analyzed (Q3-2016 through Q4-2018) in the second quarter of 2018, deal activity in the middle market reversed in the third and fourth quarters of the year, further extending the ongoing “seller’s market” environment observed over the past several years.
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