Fall 2023 M&A Update
Middle market transaction activity fell in the second quarter of 2023, continuing an ongoing decline in transaction activity in the middle market. The decline was seen across the entire market – as activity by both strategic and financial buyers declined in the quarter.
Pricing multiples, which had shown resiliency in recent quarters, declined with overall deal activity – hampered by further interest rate increases and general economic uncertainty in the second quarter. We’ll take a look at these trends and more in the following sections.
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