Great Lakes regional M&A update: Q1-2017

Baker Tilly Capital, LLC’s Great Lakes regional M&A update provides a recap of middle-market transactions where the target is located in Illinois, Indiana, Michigan, Minnesota, Ohio or Wisconsin. The “middle-market” for purposes of this newsletter is defined as transactions with enterprise values between $10 and $200 million.

Middle-market M&A transactions in the Great Lakes region with reported transaction values between $10 and $200 million experienced an increase in the total amount of deal volume, but experienced a decrease in aggregate deal value. As illustrated below, the number of deals with reported values increased to 31 during 2017’s first quarter (Q1-2017). During the last 12 months, an average of 31 deals closed per quarter. During Q1-2017, the aggregate value of deals with reported transaction values reached its lowest point since the first quarter of 2013. This continues the downward sloping trend through each of the last five quarters. This downward trend is partially explained by the cooling off of the strong M&A market during 2014 and 2015. While the trend line for number of transactions and deal value have been downward sloping, higher EBITDA multiples are continuing. Anticipated tax reform is expected to increase M&A activity.

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