Q4 2022 Middle Market M&A Update

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GCG’s Q4 2022 Middle Market Update provides an overview of the latest trends in the market, including the recent performance of select sectors and the state of the middle market M&A environment.

Key findings include the following:

    • During 2022, the S&P 500 index was down 20 percent. This compares favorably to the Greenwich Capital Group Middle-Market index, which was down over 25 percent during the same period.
    • Rising rates and expected economic headwinds have depressed revenue and EBITDA multiples. Over the past year, EBITDA multiples are down in excess of 17 percent while revenue multiples have declined 44 percent.
    • 4th quarter middle-market M&A volume and value of transactions have both increased from the 3rd quarter. The 3rd quarter was the low point of M&A during the past year.
    • While Industrial and IT M&A transactions were the 2 largest industry segments during the 4th quarter of 2022, they are both down significantly from the 4th quarter of 2021.

Click here for the full update.

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