Introduction
Overall transaction value and volume in the middle market in the fourth quarter of 2019 increased slightly from levels observed in the third quarter of the year, and deal value increased to its highest level over the observed historical period. Much of this increase was bolstered by generally favorable market and economic conditions in the U.S. throughout the fourth quarter including the Fed’s decision to lower its benchmark rate for the third time in 2019 at its October meeting. Overall deal value and volume in the fourth quarter was higher than that of the fourth quarters of 2017 and 2018, which have typically been the most active quarters in a given year over the period analyzed.
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