Middle Market Weekly Outlook

Axial
June 22, 2015

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Good morning, all. Thomson Reuters data indicates that U.S private equity deal volume has fallen 8 percent as of June 11. This contrasts U.S M&A trends in general, which only fell slightly as valuations increased about 46 percent.

Meanwhile, Harvard Business Review explores private equity in depth–looking granularly at all stages of the investment process. Among the findings, private equity firms indicate a general divergence from typical finance research models when deciding to invest in a company.

Transactions

Vista Equity to buy EagleView Technology
Investor group offers to buy Qihoo 360
Lone Star Funds to buy Balta Group
GTCR-backed AssuredPartners acquires StoudAdvisors
SunEdison buys Globeleq Mesoamerica Energy
Ampersand Capital buys Protein Technologies
Ares, Varagon Capital form J.V to make middle market loans

Opinions

U.S private equity deal volume falls 8 percent
When private equity firms give retirees the short end
Expectations for financial services M&A are high, but there’s less irrational exuberance
Considering alternatives investments? Factor in illiquidity
Tough choices for succession in the family business
Big banks’ deal-making days aren’t done
The CVS/Target deal is just the beginning: why retail is ripe for more mergers and acquisitions
Credit tops equity in distressed-energy investing, managers say
PE backed company senior executives could greatly benefit from wealth maximization planning
As stocks rise, regulations tighten, private equity shops see smaller slice of leveraged loan pie
SEC scrutinizing stapled transactions
Tired of buying other companies, PE firms now look to acquire each other
Private equity hunts for oil deals outside the U.S
Direct investors a growing force in private markets
Behind the crazy idea that investors can make money and change the world at the same time
Why 2015 could be the best year for M&A since the financial crisis
Hold size matters in frothy M&A market
What private equity investors think they do for the companies they buy

This week in history…AT&T buys cable heavyweight Tele-Communications Inc. for a reported $48 billion, in a move to return to the local phone service game (1998).