Deal Lawyers Download Podcast — 2023 Survey of Middle Market M&A
Deal Lawyers
OCTOBER 26, 2023
Late last month, I blogged about Seyfarth Shaw’s recently published “Middle Market M&A SurveyBook,” now in its ninth edition.
Survey: Middle Market Deal Terms
Deal Lawyers
SEPTEMBER 25, 2023
Seyfarth Shaw recently published the ninth edition of its “Middle Market M&A SurveyBook,” which analyzes key contractual terms for 105 middle-market private target deals signed in 2022 and the first half of 2023. The survey focuses on deals with a purchase price of less than $1 billion.
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Trending Sources
Five Lower Middle Market M&A Trends In 2023
Benchmark International
SEPTEMBER 8, 2023
The lower middle market is a highly dynamic and active segment of the M&A landscape, characterized by companies with enterprise values up to $100 million. In early 2023, several key trends appear to shape the lower middle market M & A landscape.
Recent Trends in Private Credit
JD Supra: Mergers
AUGUST 13, 2024
What began as an outlet for companies with riskier credit to raise debt, the private credit asset class has morphed into a viable alternative lending source for middle-market and, increasingly, large-cap companies. trillion in assets as of June 2023. By: Troutman Pepper
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Packaging Newsletter - Q2 2023
TKO Miller
AUGUST 30, 2023
middle market valuation multiples and deal volume are down slightly through Q2 of 2023. this year through June 2023, but middle market valuations are down approximately 8% based on the TKO Miller analysis. TEV/EBITDA) Source: TKO Miller's Proprietary Middle Market Packaging Index
Planning a Transaction in an Election Year? Stay The Course and Get Prepared
JD Supra: Mergers
SEPTEMBER 19, 2024
increased 6% over the same period in 2023, according to the Pitchbook Q2 2024 Global M&A Report. Though a noticeable improvement, deal activity has not yet grown at the pace that many anticipated, especially in the middle market. In the first half of this year, transactions in the U.S.
FOCUS Investment Banking Named Number One Investment Bank for Lower Middle Market M&A in 2023
Focus Investment Banking
FEBRUARY 1, 2024
2023 was a bit of a slower year for middle market M&A, with deals taking far longer than what we’ve become accustomed to. Both the market and FOCUS demonstrated characteristic resilience, setting up a very robust 2024 for middle market M&A.”
FOCUS Investment Banking Named #1 Lower Middle Market M&A Advisor In Q2 2023?
Focus Investment Banking
JULY 27, 2023
Washington, DC, (July 27, 2023) – FOCUS Investment Banking (“FOCUS”) a national middle market investment banking firm providing merger, acquisition, divestiture, and corporate finance services, is thrilled to announce its exceptional achievement of being named #1 on Axial’s second quarter 2023 lower middle market investment bank league table.
06-22-2023 Newsletter: Navigating Layoffs in Investment Banking
OfficeHours
JUNE 22, 2023
You can get into a proper upper-middle-market PE shop quite nicely from management consulting and investment banking alike. The Officehours Guide To Private Equity Part 4: Megafund Vs. Middle Market Private Equity Discover the world of Middle Market Private Equity with expert insights and guidance.
Mizuho Eyes Bigger Slice of U.S. Middle Market
The Deal
FEBRUARY 7, 2024
middle market for expansion and will continue to evaluate acquisitions following a pair of high-profile deals in the past two years. market is to be in the top 10,” said Michal Katz, head of the investment and corporate banking unit at Mizuho Americas LLC. “We Capstone, too, has a penchant for middle market deals.
FOCUS Investment Banking Named a Top 100 Investment Bank for Lower Middle Market M&A in 2023
Focus Investment Banking
OCTOBER 2, 2023
Washington, DC, (October 2, 2023) – FOCUS Investment Banking (“FOCUS”), a leading national middle market investment banking firm providing merger, acquisition, divestiture, and corporate finance services, is excited to be named among the Top 100 Lower Middle Market Investment Banks of 2023 by Axial.
FOCUS Investment Banking Named a Top Investment Bank for Lower Middle Market M&A in Q3 2023
Focus Investment Banking
OCTOBER 30, 2023
Washington, DC, (October 30, 2023) – FOCUS Investment Banking (“FOCUS”), a leading national middle market investment banking firm providing merger, acquisition, divestiture, and corporate finance services, is honored to be named among the Top Lower Middle Market Investment Banks for the third quarter of 2023 by Axial.
Benchmark International Named Best Global Middle Market M&A Specialist
Benchmark International
APRIL 12, 2023
Corporate America Today has named Benchmark International the Best Global Middle Market M&A Specialist 2023.
How Do Economic Conditions Affect The Lower Middle Market?
Benchmark International
MAY 19, 2023
How do Economic Conditions affect the Lower Middle Market? The lower middle market is typically defined as companies with an enterprise value (EV) between $5 million and $100 million.
Debt Capital Market Update - Q3 2023
TKO Miller
OCTOBER 3, 2023
in Q2 of 2023 (as shown in the below graph). Debt remains most available in the lower middle market sector. Debt / EBITDA, decreased from 4.0x in 2021 to 3.5x Total Debt/EBITDA Multiples Source: GF Data
06-12-2023 Newsletter: The Role of Private Equity Firms in New York City’s Economic Landscape
OfficeHours
JUNE 13, 2023
Support for Small and Mid-Sized Businesses: Private equity firms, especially those focused on the middle market and lower middle market, often focus on investing in small and mid-sized businesses, which serve important roles in New York City’s economy. Click Here to Learn More Are you focused on recruiting in 2023?
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10-31-2023 Newsletter: October 31st PROMO!
OfficeHours
OCTOBER 31, 2023
The post 10-31-2023 Newsletter: October 31st PROMO! Getting someone to listen Read More Blogs Visit OfficeHours Blog and follow us on our social media accounts: Instagram , YouTube , TikTok , and Twitter for our latest updates. appeared first on OfficeHours.
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07-11-2023 Newsletter: Diversity Events at Megafunds Have Started…
OfficeHours
JULY 11, 2023
Are you focused on recruiting in 2023? You can get into a proper upper-middle-market PE shop quite nicely from management consulting and investment banking alike. You can get into a proper upper-middle-market PE shop quite nicely from management consulting and investment banking alike.
08-18-2023 Newsletter: From Student Athlete/IB/PE to Incoming MBA
OfficeHours
AUGUST 18, 2023
Most recently, he thrived as a Private Equity Associate at Sverica Capital Management – a prominent growth-oriented lower middle market private equity firm with an impressive $2.0 While other The post 08-18-2023 Newsletter: From Student Athlete/IB/PE to Incoming MBA appeared first on OfficeHours.
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07-04-2023 Newsletter: July 4th PE Platform Sale!
OfficeHours
JULY 4, 2023
The post 07-04-2023 Newsletter: July 4th PE Platform Sale! Getting someone to listen Read More Blogs Visit OfficeHours Blog and follow us on our social media accounts: Instagram , YouTube , TikTok , and Twitter for our latest updates. appeared first on OfficeHours.
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2023 FOCUS Year in Review
Focus Investment Banking
FEBRUARY 13, 2024
With 2024 in full swing, we take a quick look at the 2023 market dynamics as they affected middle market M&A and how FOCUS performed over the year. Both the market and FOCUS demonstrated characteristic resilience, setting up a very robust 2024 for middle market M&A.
Sun Acquisitions Honored with Axial’s Top 20 Advisors Lower Middle Market List
Sun Acquisitions
FEBRUARY 24, 2023
CHICAGO, IL – February 23, 2023 — Sun Acquisitions, a Chicago-based mergers and acquisitions firm, has been recognized as a Top 20 Advisor, Lower Middle Market by Axial Network, Inc. (“Axial”). “With over 20 years of experience, we have successfully completed over 450 transactions.
06-27-2023 Newsletter: Murmurings of On-Cycle 2025
OfficeHours
JUNE 27, 2023
That’s the minimum time we recommend allocating to PE prep to be competitive for a megafund or upper middle market placement during on-cycle. The post 06-27-2023 Newsletter: Murmurings of On-Cycle 2025 appeared first on OfficeHours. IS IT WORTH IT? Our customers get jobs that pay $200-$500K. We certainly think so.
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Food & Beverage 4Q 2023 Report
Focus Investment Banking
JANUARY 31, 2024
Food & Beverage sector experienced subdued dealmaking activity in 2023. Market-wide deal volume declined due to a scarcity of both buyers and sellers, coupled with fluctuating valuations amid prevailing economic uncertainties. The post Food & Beverage 4Q 2023 Report appeared first on FOCUS Investment Banking LLC.
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Top Private Equity Firms for Associate Opportunities
OfficeHours
JUNE 2, 2023
Below, I will outline some of the best private equity firms to work for in 2023. GTCR: Moving to the Windy City, GTCR is one of the most well-known and established middle-market private equity funds in the world. However, middle-market private equity firms are often overlooked when it comes to the post-banking recruiting world.
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Interest Rates, M&A, and Middle Market Trends
TKO Miller
APRIL 20, 2023
Unfortunately, data as of April, 2023 shows a continued decline in both volume and valuations across the board for almost all sectors and sizes of transactions. We have all seen the data about M&A valuations decreasing and deal volume falling in the second half of 2022.
US Publicly-Traded Buyers’ Interest In Acquiring Middle-Market Companies Increases
Benchmark International
SEPTEMBER 11, 2023
Thanks to the new 1% tax now being levied on any publicly traded US companies that buy back their shares, these larger, cash-rich companies have been given a strong incentive to seek acquisition targets.
Packaging Newsletter - Q1 2023
TKO Miller
MAY 11, 2023
EV/EBITDA) Source: TKO Miller's Proprietary Middle Market Packaging Index The BUZZ Around ChatGPT: But is it Accurate? ChatGPT is all the buzz. You see it in the news and cringe when you see kids using it to do their schoolwork.
10-16-2023 Newsletter: So you want to pursue a role in Private Equity?
OfficeHours
OCTOBER 16, 2023
The post 10-16-2023 Newsletter: So you want to pursue a role in Private Equity? Getting someone to listen Read More Blogs Visit OfficeHours Blog and follow us on our social media accounts: Instagram , YouTube , TikTok , and Twitter for our latest updates. appeared first on OfficeHours.
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Business Services 1Q 2023 M&A Report
Focus Investment Banking
MAY 9, 2023
1Q 2023 M&A Report: Inflation, rising interest rates and global economic uncertainty are the main themes for 2023 so far. Yet M&A deal activity in the middle market remains fairly steady as investors have plenty of capital to invest and continue to concentrate on quality assets.
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Benefits Of Selling Your Staffing Company In 2023
Benchmark International
JUNE 9, 2023
The lower middle market is an ideal space for mergers and acquisitions in the staffing sector, as this industry segment typically comprises small and medium-sized businesses. For staffing companies in this market, selling to a more prominent firm can offer a range of benefits.
07-08-2023 Newsletter: On-Cycle 2025 FAQs
OfficeHours
JULY 8, 2023
Case Study: Non-Target To Growth Equity I received an investment banking summer internship in the technology coverage group at a middle-market bank. The post 07-08-2023 Newsletter: On-Cycle 2025 FAQs appeared first on OfficeHours. GPAs+ get multiple offers during On-Cycle Processes?
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Technology Services M&A Report February 2023
Solganick & Co.
FEBRUARY 15, 2023
February 16, 2023 – Solganick & Co. We expect that cybersecurity, AI/ML competencies (particularly within cloud computing), DevOps, software development, digital transformation and immersive environments will be themes for 2023 in technology services M&A These segments are expected to grow significantly in the coming years.
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PRESS RELEASE: TKO Miller, LLC Expands Capabilities With Three New Hires
TKO Miller
JUNE 21, 2023
TKO Miller, LLC, a middle-market investment banking firm based in Milwaukee, WI, announced three new additions to its team. Noah was a two-time competitor and 2023 finalist in the Association for Corporate Growth (ACG) Cup competition. MILWAUKEE, WI. – Griffin Oleszczuk, J.D., Noah holds a B.B.A
06-30-2023 Newsletter: Mastering the Paper LBO: A Crucial Part of the Private Equity Interview Process
OfficeHours
JUNE 30, 2023
Case Study: Non-Target To Growth Equity I received an investment banking summer internship in the technology coverage group at a middle-market bank. The post 06-30-2023 Newsletter: Mastering the Paper LBO: A Crucial Part of the Private Equity Interview Process appeared first on OfficeHours.
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Use Of Escrows In Lower Middle Market M&A
Benchmark International
AUGUST 11, 2023
An escrow account is a financial account managed by a third party, such as a bank or an attorney, and is used to hold funds or assets until specific conditions are met.
2023 Key Deal Highlights and Predictions for 2024
Tyton Partners
JANUARY 18, 2024
Tyton Partners 2023 Transactions K-12 Transactions The K-12 market continues to be an active sector as the ESSER funding cliff looms in 2024. We continued to serve our clients across the PreK-12, Higher Education, and Corporate Training and Continuing Education markets, as well as the broader TMT ecosystem.
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EBITDA Adjustments – 5 Of The Most Common Adjustments In Middle Market M&A
Benchmark International
JULY 21, 2023
Correctly calculating adjusted EBITDA is essential in an M&A transaction, and all parties must be familiar with the adjustments. EBITDA is used to evaluate a company’s profitability of its core operations by removing items dependent on capital structure, such as interest,
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Market Insights: Global Automotive Deal Volume Declines, Macro Challenges Continue – First Half 2023 Recap
Focus Investment Banking
JULY 28, 2023
Deal volume in the automotive aftermarket industry experienced a significant decline of 25%, to approximately 350 deals, in the first half of 2023. In terms of quarterly performance, Q1 2023 mirrored the trends seen in Q4 2022, while Q2 2023 showed signs of improvement, albeit at a slower pace compared to 2021.
Refinitiv Q1 League Tables Reveal Benchmark as The #1 Privately Held M&A Advisors Worldwide
Benchmark International
APRIL 21, 2023
Refinitiv, previously known as Thomson Reuters, has released their League Tables for Q1 2023, and Benchmark International was revealed as the #1 privately held M&A Advisor Worldwide and in the United States for the Middle-Market and Small Cap Markets.
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FOCUS Investment Banking Named a Top Industrial Industry M&A Advisor
Focus Investment Banking
JUNE 19, 2023
Washington, DC, (June 19, 2023) – FOCUS Investment Banking (“FOCUS”), a national middle market investment banking firm providing merger, acquisition, divestiture, and corporate finance services, has been recognized as a leading M&A advisor in the industrial industry.
Recap: 2023 Midwest M&A/Private Equity Forum
Focus Investment Banking
DECEMBER 26, 2023
His work includes business sales and capital raises for middle-market companies as well as buy-side services for acquirers seeking middle-market companies. The post Recap: 2023 Midwest M&A/Private Equity Forum appeared first on FOCUS Investment Banking LLC. Contact Bill at William.snow@focusbankers.com.
BDCs Find Familiar Partners in Face of Market Headwinds
The Deal
FEBRUARY 7, 2024
Though business development companies are performing well in 2023 relative to the prior two years, mergers among companies with shared managers that help reduce costs amid historic underperformance are still on the table. KKR) have elected to combine affiliated BDCs, which they set up to invest in middle market companies. (KKR)
Benchmark International Still Ranked the Number One Privately Held M&A Company in the World
Benchmark International
OCTOBER 20, 2023
Refinitiv , previously known as Thomson Reuters, has released their Global League Tables for Q3 2023, and Benchmark International was recognized with several high rankings in multiple categories. Also of note, for the year-over-year change in the number of deals both in the U.S.
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