Middle Market Weekly Outlook

Overall M&A activity is on the rise and could reach its highest level in over three decades. But Forbes reports that deal volume in the middle market has pulled back. They speculate that “the recent variability [could be] primarily driven by what private equity buyers have been doing.”

Insights

• More than $1 trillion of M&A was announced in the third quarter
• …but middle market M&A trended downward
• M&A deals could reach highest level in 35 years
• Should we be concerned about mid-market M&A?
• Boutique advisory firms are thriving

Transactions

• Madison Dearborn sells Aderant Holdings (and triples its money)
• OpenGate sells TV Guide Magazine to NTVB Media LLC
• Gannet Co Inc. buys Journal Media
• The Stagwell Group acquires PR and consulting company SKDKnickerbocker
• Morgan Stanley Private Equity acquires a majority stake in professional employer organization CoAdvantage
• Art specialty lender Athena Art Finance raises $280 million led by The Carlyle Group and Pictet Group
• KKR to invest $100 million in Africa
• Pearl Energy Investments and Natural Gas Partners invest $123 million in Wild Wind Petroleum

Forum Features

• Do you know these do’s and don’ts of deal sourcing?
• Axial CEO Peter Lehrman outlines four ways PE can outflank strategic buyers

This Week in History… Alonzo T. Cross patents the first ballpoint pen. Imagine signing all those deal documents with a quill. (1880)