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.