We are pleased to share our Fall 2026 Newsletter, featuring our latest perspectives on the middle-market M&A environment and the forces shaping deal activity as we head into the final months of the year.
The deal market continues to improve, but the environment remains complex. In this edition, we look at the factors influencing M&A activity, shifting investor appetite across sectors, and the continued evolution of private capital markets.
Key Highlights
The M&A market continues to thaw. Deal activity has improved, with more businesses coming to market and a broader range of deal profiles beginning to transact, even as geopolitical uncertainty, inflation and higher interest rates continue to weigh on the environment.
Deal-by-deal investing is gaining ground. Growing investor demand for direct, single-asset opportunities is fueling the rise of independent sponsors and changing how capital is raised and deployed across the lower middle market.
AI is reshaping investor appetite. Buyers are increasingly evaluating businesses through the lens of AI, creating meaningful differences in demand across software, services, industrials, healthcare and other sectors.
Download our Fall 2024 Newsletter to view market data, insights and perspectives.
We are pleased to share our Fall 2026 Newsletter, featuring our latest perspectives on the middle-market M&A environment and the forces shaping deal activity as we head into the final months of the year.
The deal market continues to improve, but the environment remains complex. In this edition, we look at the factors influencing M&A activity, shifting investor appetite across sectors, and the continued evolution of private capital markets.
Key Highlights
The M&A market continues to thaw. Deal activity has improved, with more businesses coming to market and a broader range of deal profiles beginning to transact, even as geopolitical uncertainty, inflation and higher interest rates continue to weigh on the environment.
Deal-by-deal investing is gaining ground. Growing investor demand for direct, single-asset opportunities is fueling the rise of independent sponsors and changing how capital is raised and deployed across the lower middle market.
AI is reshaping investor appetite. Buyers are increasingly evaluating businesses through the lens of AI, creating meaningful differences in demand across software, services, industrials, healthcare and other sectors.
Download our Fall 2024 Newsletter to view market data, insights and perspectives.
We are pleased to share our Winter 2026 Quarterly Newsletter, offering our perspective on where the middle-market is heading as we enter what we believe is a durable and opportunity-rich upcycle.
After several years of uncertainty and suppressed activity, momentum has returned—and this cycle looks fundamentally different than prior peaks. In this edition, our team explores how shifts in capital flows, investor behavior, and technology are reshaping the deal environment.
Key Highlights
The M&A market is open again—and gaining momentum. Buyers are active, capital is available, and many transactions that stalled over the last few years are moving forward again. We believe this is the start of a strong, multi-year cycle rather than a short-lived rebound.
The private equity model is evolving. The dynamics of private capital markets are being redrawn, with more transparency, efficiency, and direct investing—a fundamental restructuring that will permanently change how deals get done with middle market companies and PE firms.
2026 will reward preparation and positioning. With more buyers returning, more capital seeking deployment, and more sellers coming to market, companies that are well-positioned—operationally, strategically, and financially—will have the greatest opportunity to achieve strong outcomes.
We are pleased to share our Summer 2025 Newsletter, offering our perspective on the shifting deal environment and strategic insights as we move into the second half of the year.
In our last newsletter, we anticipated an upcycle on the horizon. That moment has arrived.
Key Highlights
Momentum Has Returned to the Middle Market: The M&A market has reawakened after more than two years of slowed activity. With tariff fears easing and economic fundamentals holding strong, sellers are racing to the market and buyers are aggressively pursuing a shrinking pool of high-quality assets.
A Market Defined by Urgency and Selectivity: Deal volume is surging—but so is selectivity. Capital efficient, domestically focused businesses are commanding exceptional valuations. In this high-stakes environment, "good" is no longer good enough—only A+ companies are getting prioritized.
Sector Signals and What to Watch: Business services, food and ag, and domestic healthcare continue to outperform. Consumer brands are adapting to trade headwinds through regionalization. Fairness opinion demand is rising fast as buyers and boards seek confidence and protection in a hot market.
We are pleased to share our latest newsletter, designed to provide you with market updates and insights as you navigate the remainder of 2024 and look ahead to 2025. In our previous newsletter, we highlighted a cautiously optimistic outlook for the macroeconomic landscape facing American businesses. While uncertainty persists in some areas, we continue to see potential opportunities on the horizon.
Key Highlights:
Moderate Resurgence in M&A Activity: The M&A and financing markets are showing signs of gradual improvement, with a growing pipeline of opportunities. Family-owned businesses and private equity portfolio companies are preparing to go to market earlier, but are delaying an official launch until clearer signs of recovery, which many anticipate to be Q2 or Q3 2025.
Resilience Amid Economic Mixed Signals: Stabilizing inflation and prospects for rate cuts are positive signs, but mixed signals persist, with industry outlooks varying widely. We currently view the likelihood of a national recession as low, with more upside expected in 2025. Our focus is on pinpointing sectors best positioned for success in this complex environment.
Emerging Growth in Business Services: There is a notable interest in capital-light companies, particularly within sectors like digital transformation and business services. We have expanded our Business Services practice to align with these trends, identifying it as one of the strongest sectors for 2025.
Navigating Market Shifts: As the private equity landscape evolves, we foresee a significant rise in M&A deal volume in 2025, likely leading to more selective investment activity. Our insights are designed to help you anticipate and respond to these market changes effectively.
Download our Fall 2024 Newsletter to view market data, insights and perspectives.
As this extraordinary year draws to a close, we are seeing no end in sight for the current supercycle. The boom in growth and activity continues, fueled by unprecedented technology innovation, a surplus of cash, and low interest rates. Rising inflation and the prospect of upcoming interest rate hikes have not deterred dealmakers.
In our Winter Newsletter, we review the key factors fueling the current market dynamics and we provide three 2022 business resolutions and tips for companies looking to transact in the year ahead. We also take a closer look at the pandemic’s effect on the dealmaking environment and share how we are working with our clients to dissect their financials and identify what we call their COVID valuation gap.
As we enter the second half of 2021, the deal market continues to get hotter. Higher prices and robust activity are drawing out even more sellers who want to take advantage of the opportunity. We believe the boom in growth and activity happening how is a supercycle that could last several years - through at least 2022 and probably into 2023.
In our Summer Newsletter, we review the key factors fueling the current supercycle and what this means for business owners and entrepreneurs. We also highlight specific sub-sectors that are skyrocketing and seeing increased investor and buyer interest.
In this newsletter, we share our thoughts on the current M&A and capital markets, as well as potential implications for your business. We also provide some of the latest data that supports our thinking.
For our "In Focus" section, we take a deeper dive into what is driving increased private equity activity, specifically in the Technology sector.
Enjoy this quarter's newsletter and if we can be of any assistance to you, please don't hesitate to contact us.
We are pleased to share our Fall 2026 Newsletter, featuring our latest perspectives on the middle-market M&A environment and the forces shaping deal activity as we head into the final months of the year.
The deal market continues to improve, but the environment remains complex. In this edition, we look at the factors influencing M&A activity, shifting investor appetite across sectors, and the continued evolution of private capital markets.
Key Highlights
The M&A market continues to thaw. Deal activity has improved, with more businesses coming to market and a broader range of deal profiles beginning to transact, even as geopolitical uncertainty, inflation and higher interest rates continue to weigh on the environment.
Deal-by-deal investing is gaining ground. Growing investor demand for direct, single-asset opportunities is fueling the rise of independent sponsors and changing how capital is raised and deployed across the lower middle market.
AI is reshaping investor appetite. Buyers are increasingly evaluating businesses through the lens of AI, creating meaningful differences in demand across software, services, industrials, healthcare and other sectors.
Download our Fall 2024 Newsletter to view market data, insights and perspectives.
