Guide

Investment Banking M&A Reports

Investment Banking
Transaction Advisory
auditing financial data

Current Investment Banking Report

How is Middle Market M&A trending? View the most current report to gain an understanding of current activity and valuation trends, industry segment happenings and private credit markets.

View the Current Report

Glimpses Into Prior Reports

  • Q2 2025 showed signs of recovery with completed transactions up from Q1, though year-to-date activity remains down from H1 2024.
  • Valuation multiples faced downward pressure in the broader market, yet premium assets continued commanding strong prices in an increasingly bifurcated landscape.
  • Private credit markets remained robust with abundant liquidity.
  • The pessimism that invaded the market in 1H is cautiously turning to optimism as geopolitical and the macroeconomic environment stabilizes.
Download 2025 Q2 Report
  • After a hot start to the year, geopolitical and economic uncertainty iced activity.
  • Lack of supply pushed multiples upwards, especially for stronger assets.
  • The competition for new money deal flow has compressed credit spreads and pushed more aggressive structures.
  • As spring turns to summer, the pessimism that invaded the market is turning to optimism as the macroeconomic environment stabilizes.
Download 2025 Q1 Report
  • 2024 had the most deal activity since 2021, despite a tepid second half of the year.
  • While overall valuation multiples were flat compared to 2023, there were meaningful multiple expansion and contraction within specific industry segments.
  • In the lending markets, the competition for new assets have compressed credit spreads and pushed more aggressive structures.
  • With the table set for an active start to 2025, recent shifts in global government policies may rattle investors in the near term.
Download 2024 Q4 Report
  • The third quarter saw a slight pullback in deal volume, though 2024 is still expected to outpace 2023 by a healthy margin.
  • Deal multiples compressed slightly but remain higher than the historical average.
  • Recent decisions by the Federal Reserve to cut the federal funds rate is anticipated to bolster market activity.
  • Commercial banks have returned to the table and are aggressively looking to take back market share in the credit markets.
Download 2024 Q3 Report
  • M&A activity recovery continues through the first half of 2024
  • Valuation multiples expanded across all size segments except for deals in the $100MM to $250MM range.
  • Valuation multiples increased across most industry segment in Q2 2024. However, Healthcare and Technology saw a meaningful decline.
  • Excess liquidity in the leverage markets has ignited competition, driving down spreads and increasing leverage metrics.
Download 2024 Q2 Report
  • M&A activity is seeing an uptick, yet a broad recovery remains elusive.
  • As overall multiples contract, the lower middle market segment remains resilient, especially for transactions under $100mm.
  • There is a broad decline in multiples across all industry sectors, while relative strength continues in the TMT sector.
  • The return of commercial banks to the credit markets created competition resulting in spread compression.
Download 2024 Q1 Report

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