Summer 2026 M&A Update
FEATURE ARTICLE: Preparing For A Successful Transaction: A Guide for Private Business Owners
During the first quarter of 2026, deal volume (as measured by Cap IQ) and average pricing in middle market M&A (as measured by GF Data®) increased in tandem for the first time in five quarters, reversing a recent trend. Surveys conducted by GF Data® captured 80 middle market M&A transactions in 1Q26, representing a 5% decrease from 4Q25. Despite the slight decline in announced transactions in the GF Data® surveys, valuation multiples increased during the quarter, with the average all-industry EBITDA multiple rising to 7.3x in Q126 from 6.9x in 4Q25. On a trailing twelve-month basis, multiples dipped slightly to 7.1x, reflecting continued selectivity among buyers and sensitivity to earnings quality, leverage capacity, and sector dynamics. In the trailing twelve months ended 1Q26, announced transaction volume totaled 316 deals, down from 353 in the trailing twelve-month period ended 1Q25 (which was primarily driven by heightened deal volume in mid-to-late 2024).
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