Q4 2023 Middle Market M&A Update
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GCG’s Q4 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:
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- GCG’s middle-market index has shown improvement, with year-over-year returns close to 0 percent. This is much better than prior year-over-year returns during the past year.
- The S&P 500 index continues to outperform the middle market. Smaller companies have not seen the valuation growth that the larger companies have experienced.
- Trading multiples have stabilized, which is consistent with the financial markets stabilizing. Expectations that rate increases have ended have alleviated the downward pressure on multiples.
- Industrials continue to dominate the middle market deal activity. The tailwinds in the industrial sector are significant, and we are expecting continued strength.
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