Q1 2023 Middle Market M&A Update

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GCG’s Q1 2023 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:

    • Over the last 12 months, the S&P 500 is down 9.6 percent. This is favorable compared to the 33 percent drop for middle market public companies as measured by Greenwich Capital Group’s middle market index.
    • During the last 12 months, no industry segment in the middle market outperformed the S&P 500. The Business Services index was down 22 percent (the best performing sector) while automotive was the worst performing sector dropping over 72 percent.
    • The current economic headwinds are having a negative impact on middle market M&A. M&A activity was 25 percent lower in Q1 2023 than Q1 2022. A significant portion of this decline is due to sellers holding off on approaching the market in the current economic environment.
    • Middle market activity by sector has remained relatively stable over the past year. The biggest changes are a decline in the percentage of deals in the IT sector as well as the increase in healthcare and financial services deals.

Click here for the full update.

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