Spring 2026 M&A Update
Middle market M&A activity rebounded in the fourth quarter of 2025 following the typical late-summer slowdown experienced in the third quarter. Surveys conducted by GF Data® captured 84 transactions in 4Q25, representing a 25% increase from 3Q25, though activity remained below prior-year levels. Despite the sequential improvement in announced transactions, valuation multiples moderated during the quarter, with the average all-industry EBITDA multiple declining to 6.9x from 7.5x in 3Q25. On a rolling trailing twelve-month basis, multiples dipped slightly to 7.2x, reflecting continued selectivity among buyers and sensitivity to earnings quality, leverage capacity, and sector dynamics. During 2025, announced transaction volume totaled 297 deals, down from 388 in 2024, underscoring that overall activity remains below peak levels despite signs of stabilization late in the year.
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