Summer 2023 M&A Update
Middle market transaction activity, as measured by both deal value and deal volume, fell again in the first quarter of 2023. This was to be expected on two fronts. First, we typically observe a decline in transaction activity in the first quarter of any given year from the fourth quarter of the preceding year given the desire of buyers and sellers to get deals done before year end. While this seasonal effect may have contributed to the decline in activity in the first quarter of 2023, tighter financial conditions took a much more exacting toll on transaction activity in the middle market, which should come as no surprise to keen observers. We’ll walk through the how and why of these effects and more in this quarter’s Middle Market Transaction Update.
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