Q1 2024 Middle Market M&A Update

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GCG’s Q1 2024 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:

    • In a persistent pattern, middle market equities could not keep up with the performance of large cap stocks within the same period, as the S&P 500 index boasted a 12-month return of 33.0% compared to the Greenwich Capital middle market index return of -9.6% as of March 2024.
    • The rise in interest rates, the tight financing market, and ongoing economic uncertainty have noticeably tightened deal flow within the middle market.
    • In the trailing twelve months, EBITDA multiples have fluctuated, though consistently remaining in 8.0x territory. This plateau, in the context of heightened interest rates, suggests a predictable tightening of multiples could be on the horizon.
    • In Q1 2024, the distribution of deal activity across sectors showed notable shifts in market share compared to Q1 2023.

Click here for the full update.

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